30-30 Challenge in Financial Planning

Are you aware of 30-30 challenge? No,… then it’s high time you know and start thinking seriously about it.

25 years – 55 years :
EARN – SAVE – SPEND

55 years – 85 years :
SPEND – SPEND – SPEND

You have 30 years to earn, save, #invest and create #retirement corpus to be used over the next 30 years assuming life expectancy to be 85 years.

Inflation also plays havoc all the time by decreasing the buying power of your money. Hence there has been never a greater need of building a voluntary retirement corpus for overcoming the difficulties of post retirement period than today.

Due to better healthcare and progress in science, people are getting healthier and living longer. It would not be uncommon for people to live quite easily up to 85 years in the near future. Moreover the life span of fixed income paying jobs is on a decline. A reducing career span has resulted in a rise in entrepreneurship which means people would need an entrepreneurship corpus at some stage in their life.

If one assumes an average career start age of 25 yrs and an average retirement to catch up by the age of 55, then it means one has to work for 30 years and have to fend for 30 years on its own without any regular source of income. This is the ‘30-30 CHALLENGE’ that has to be surmounted.

This is why your retirement planning should start with your first pay cheque

Have you started #planning your #retirement, what are you waiting for?

Today is the best day, start retirement planning now.

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