With Effective Retirement Planning - Save Now & Enjoy Later
by Surat Commercial Certified Financial Planner & AdvisorRetirement Planning is the process of
planning for a comfortable living after your earned income disappears. To avoid
trouble down the road it is important to understand the various aspects concerning
retirement planning.
Retirement
Income planning consists of Personal planning and Financial Planning.
Personal planning involves identifying hobbies and activities that you would want to pursue after your working life is over. Wherein financial planning is used to identify the investments that will fulfil your future expenses after Retirement.
Foolproof Steps To Retirement Income Planning
- Identify & compare your income and expenses to determine any shortfalls or surpluses.
- Use our online Retirement Planning Calculator to know how much upfront or SIP investment is required.
- Review & analyze the various retirement income strategies.
- Develop an action plan.
Investment
Avenues To Create Your Retirement Fund
When we look across all the investment avenues available to save for your Retirement, we apply a general filter of Safety of Investment that guarantees a payout as income. We also need to beat inflation by around 3-4% only. Keeping this in mind, let us look at a few options that you can consider as avenues to create your retirement fund –
Public Provident Fund (PPF)
National Pension Scheme (NPS)
Save
Now & Enjoy Retirement Later
If you’ve yet to start saving for
retirement, make 2019 the year you ramp up. That’s because the more time you
give yourself to grow your savings, the more you’ll get to take advantage of
compounding growth. That’s why with effective retirement planning, you can save
now and enjoy later.
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Created on Dec 4th 2019 03:43. Viewed 351 times.