The word ‘retirement’ brings a relief and joy to many people who work hard daily. Retirement could mean relaxing at home. For some, it could be going on a road trip with friends. Yes, those are much-awaited days for professionals like you who work 8-10 hours every day.
In one word, retirement is an end to the daily struggle for money and have ample time for yourself.
Reasons why retirement planning should be on your priority list
Risk of outliving your savings due to increase in average Indian expectancy going up by 3 to 5 years for every decade
Average Long term inflation in India is between 7 to 8%. A 1 crore is valued only 40 lacs due to inflation in 10 years of if not invested properly
About 80% of households are only a single couple, with joint families going out of sight, one needs to be more retirement ready.
Your Future May Have More Financial Obstacles Than Your Past Or Present
You cant work Forever
Retirement mistakes you could be making…
- Always postponing it to “Tomorrow” which never comes
- Blindly purchasing low-yielding insurance policies for your retirement
- Saving only in products such as Provident Fund
- Frequently withdrawing from your retirement fund for short term “wants”
- Investing without a proper target in mind
- Giving retirement the least priority, compared to other financial needs
- Ignoring it altogether!