The old adage, “Don’t put off until tomorrow what you can do today” is particularly true of retirement planning.
Funding retirement or staying within your budget during retirement demands commitment. Undoubtedly, it is an obligation that entails sacrifice and careful planning. Although this commitment is extremely important, few find the time to adequately address their future income needs.
The situation is compounded by the myriad of institutions claiming to have the solution. The outcome is typically confusion, which leads to inaction.
Our team can help you to create an understandable saving and investing strategy designed to provide a favourable retirement outcome.
f you’re someone looking to spend a quality retired life, then retirement planning should be on your priority list. Often in our busy schedules, we forget to foresee the future and keep delaying our plans. But what we need to realize at the outset is, the sooner we start, the more we shall be able to accumulate till retirement.
What is Retirement Planning?
Retirement planning is a process of setting retirement income goals and following them with the actions necessary to achieve those same goals.
An easy rule of thumb says that you’ll need to replenish 70% to 90% of your pre-retirement income to lead a good retired life. This means if you’re making ₹ 70,000 a month (before taxes), you might need ₹ 49,000 to ₹ 63,000 a month in retirement income so as to enjoy the same standard of living you had before retirement.
For example, if somebody plans to retire in next 15 years, then retirement planning would have to include creating a system to actually generate ₹ 49,000-63,000 per month income from year 2034 when they retire.
If you are targeting 70% of your pre-retirement income for post-retirement usage, then you need to not only save, but also invest properly. This would mean investing in high-return assets so that your savings grow at faster rate.
Here are seven reasons why retirement planning should be on your priority list:
- The money saved for your retirement can help you tide over any untoward circumstances, be it health wise or wealth wise, in the future.
- You will be able to meet the needs of your family –from education to monthly expenses– that may be dependent on you even after retirement.
- Not to forget, you can even fulfill your wish of travelling the world – all with the help of your own hard-earned money. This retirement fund will take care of your expenses.
- More than anything else, you will not have to depend on anyone financially if your retirement planning is spot on.
- You can be a big contributor to your family’s demands. From gifting something big to funding for your grandchildren, you can choose to help your loved ones all thanks to sufficient retirement funds.
- Gone are the days when the life expectancy was only 60. With change in lifestyle, the average life expectancy has increased as well. So, naturally, you will need more funds for your future.
- Most importantly, you may not have the zeal to work for long. If you have retirement planning done at an early stage, you can take a call to bid goodbye to your workplace as per your choice instead of the work bidding goodbye to you.
So what are you waiting for?
You can call us at 9962439282. Together, we begin to explore your retirement planning needs. If we think we may be able to help you, we’ll schedule a complimentary in-person consultation to evaluate your needs in more detail and determine what AssuredGain can do for you.
If you’d prefer to live out your golden years of retirement with the freedom to enjoy travel and many of life’s comforts, it’s imperative that you seek professional financial planning advice from a financial planner experienced in retirement financial planning.
The earlier you seek professional guidance for retirement, the greater your chances of success in meeting your retirement savings goals.
For further information, contact our financial adviser on 7200039282 for a free financial planning meeting in Chennai to see how we can help.