Retirement Planning

What is retirement planning?

Retirement planning is a financial approach followed by an individual to determine how much income will be required post retirement and taking decisions in regards to investment to achieve that financial goal. While doing retirement planning we need to identify all the sources of income, then we need to apply a plan to save regularly and finally investing & managing those assets.

If we talk about retirement planning in simple words, it means planning for your after-work life financially as well as non-financial aspects. Financial matters include the regular income required post retirement and non-financial matters include your lifestyle, holidays planned and the most important thing when to quit working. Rupeemakers being a single stop for all your financial needs performs the retirement planning for individuals in the best possible manner so, that you will enjoy the same lifestyle post retirement as well.

The focus on retirement planning keeps on changing throughout your life with changes in the life stages. Initially you should keep a specific amount aside to tackle your retirement needs over a period of time when your grow up the ladder in your career, you will start focusing on extra income generation avenues which will tackle your post retirement needs. As you start reaching the retirement age, your goal should be changed to accumulating all the assets and redirecting them to the regular income generation avenues.

Why Retirement Planning is important?

Retirement planning is one of the most crucial part of your life, there are so many real-life examples where individuals did not well plan their retirement and due to that they lived a miserable life when they were not earning. When actress Meena Kumari died she had no money to pay her hospital bills. Actress Praveen Babi, the king of pop music Michael Jackson all died penniless. If people like them who were millionaire at one point in time and get broke afterwards, now you can think about yourself.

Definitely it is a quite big concern which makes retirement planning an important aspect of your life. Rupeemakers being the best financial management firm takes care of all your worries related to financial investments and make your life stress free entirely.

There are lot of factors because of that Retirement planning is important:

  • The continuous rise in the average life expectancy, which means that people are living longer than compared to earlier, currently the average life expectancy in India is 68 years and it has grown 3 years in last decade. In future also, it will keep on increasing, hence you need to plan your financial accordingly.
  • Other than this you have a fixed time for your working life, you cannot work forever. As you grow older there will be a dip in the efficiency and things will be become tougher for you. So, you have to save for your future. Without a plan in place you will not be able to enjoy a post retirement life and will be struggling for finances.
  • The most important thing about retirement planning is that you need to start as early as possible, because the early you stat the lesser you have to contribute towards it. If you delay it for latter stages of your life, you have to pull large amount out of your income as there will be lesser timeframe for that money to grow further.

Considering all these factors we can understand the importance of retirement planning and Rupeemakers being the top financial planner also understand this concept and help you to enjoy the same life style post retirement as well.