RETIREMENT PLANNING
Retirement planning is the process of planning and managing your short and long-term finances to help achieve your financial dreams both during your working years and retired life. It involves analyzing your financial objectives, current financial position and expected future cash flows to develop a comprehensive retirement roadmap.
Retirement planning helps you determine how much to save today for retirement; how to invest your savings to get the desired returns, how to protect your assets and howto make judicious use of retirement income post retirement.
Without a judicious retirement plan in place you run the risk of outliving your savings and not being able to maintain the desired lifestyle in your retirement years.
You also run the risk of not being able to accumulate enough corpus for your dependents owing to unfortunate and uncertain events like death, disability etc.
Retirement planning helps you maintain your desired lifestyle during old age.
It helps you plan for key life stage events leading upto retirement. It provides financial security to you and your dependents by enabling you to make prudent investments during your working years.
It also enables you to make the best use of your hard-earned money post retirement.
One of the key benefits of effective retirement planning is to cover for any contingencies arising from uncertain events which can compromise your ability to meet your financial goals.
