Retirement planning is the process of determining retirement income goals, and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, sizing up expenses, implementing a savings program, and managing assets and risk. Future cash flows are estimated to gauge whether the retirement income goal will be achieved. Retirement planning is ideally a lifelong process. You can start at any time, but it works best if you factor it into your financial planning from the beginning. That’s the best way to ensure a safe, secure—and fun—retirement. The fun part is why it makes sense to pay attention to the serious and perhaps boring part: planning how you’ll get there. Retirement planning means preparing today for your future life so that you continue to meet all your goals and dreams independently. This includes setting your retirement goals, estimating the amount of money you will need, and investing to grow your retirement savings. Every plan for retirement is unique. After all, you may have very specific ideas on how you want to spend your retired life. This is why it’s important to have a plan that is designed specifically to suit your individual needs.
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Planning for retirement must be a non-negotiable part of everyone’s financial strategy. The future may be uncertain, but it can help to be prepared.
What is retirement planning?
What does Retirement Planning cover?
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Types of retirement plans:
Retirement Savings Plans – These plans help you grow your money over the years before retirement. With these plans, you can invest regularly over a period of time and build your retirement fund.
Retirement Annuity Plans – These plans help you get regular, guaranteed income throughout your life. You have the power to decide when you want to start getting your regular income. You can also choose whether you want your regular income every month, quarter, six months or year.
Benefits of retirement planning:
- Benefit from the returns on reinvestment – ‘compounding effect – Ideally, retirement planning should begin as soon as a person starts earning. In this way, you can set aside affordable amounts for a longer period and gain from the compounding benefit. That’s the compounding benefit that validates the premise as to why people should plan for retirement early enough.
- Plan for unforeseen expenses – In time there could be many reasons and situations that may require you to spend a large amount of money. It could be additional medical bills, treatment costs due to illnesses and other unexpected financial needs of your family. By planning for retirement, the corpus you build also serves as a safety net in times of unpredictable situations.
- Safeguard property and assets – Without a plan for retirement, people may be compelled to liquidate their assets to support their lifestyle during retirement or sometimes families have to rely on income from the sale of the property to deal with emergencies. By building a retirement fund, you can safeguard your property and assets and pass your legacy forward to your children and grandchildren.
- Deal with transitions smoothly – There are many changes in life that may need immediate execution within constricted timeframes. It could be a career change, a change in job location or relocating cities. If you already have a plan for retirement, it would be easier for you to accommodate other changes that may happen in life. During your working years, you might have to relocate for a new job or take a sabbatical for higher education, to raise your baby, or nurse an ailing parent. In either case, retirement planning ensures that the transition is seamless and doesn’t haunt your golden years.
- Rising costs – As an investor, you will need to account for rising costs. Inflation is a vital element to consider when planning your retirement. If you are unable to keep up with rising costs, you may have to compromise on your standard of living.
- Medical emergencies – Healthcare costs are pivotal to understanding the importance of retirement planning. While retail expenses continue to rise steadily, healthcare inflation is growing at an alarming rate. While other financial goals may be negotiable, health cannot be compromised.
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Why is retirement planning important?
Planning for retirement must be a non-negotiable part of everyone’s financial strategy. The future may be uncertain, but it can help to be prepared. Diversify your retirement corpus by investing in mutual funds, fixed-income securities, and other government-backed securities. Start as soon as you can so that your later years are relaxed. Although many people do not consider insurance an essential part of retirement planning, it is a vital and indispensable component. Life insurance is a cover for a surviving spouse. If you are no longer around, your spouse may struggle financially on their own. A good retirement plan should be segregated into investment, accumulation, and withdrawal phases. Until your early 50s, you should focus on investing and building your corpus. As you near retirement, you should be able to shift the money to safer avenues so that you can depend on dipping into it after retirement.
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