Life Secure Solutions | Be Insured - Be Secured: Retirement Planning

PLANNING FOR RETIREMENT IS NOT AN OPTION BUT A NECESSITY ..!

Retirement planning is an essential part of financial planning. Planning for retirement not only ensures an additional source of income but also helps in dealing with medical emergencies, fulfill life aspirations and be financially independent.

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. Retirement planning doesn’t mean one should only concentrate on their finances. Retirement planning requires a combination of financial and personal planning. Personal planning determines one’s satisfaction during their retirement.

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.

Following are the reasons why retirement planning is essential:

• One cannot work forever.

• Inflation

• The average life expectancy is increasing.

• Medical Emergencies.

• Contribute to the family even during retirement.

Benefits Of Planning Retirement

· Stress-free life
· Money works for you
· Tax benefits
· Cost-saving
· Inflation beating returns

One has to start planning for retirement right from the time they start earning. Starting a retirement fund at early stages of life will help accumulate a sufficient corpus. People often postpone planning for retirement as they think that it’s 30 years away. But investing towards retirement in the early stages of life when the financial responsibilities are minimal helps reduce the burden of investing for it later.

Investing in the early stages of life not only helps in creating a huge corpus. But also reduces the financial burden of investing a lump sum amount in creating a retirement fund.