Thinking that expenses will reduce during Retirement is a MYTH.
To give an example: What were your parent’s monthly household expenses in 1986 and what are their current expenses? Have expenses increased or decreased?
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Proper retirement planning is absolutely necessary these days, as the majority of the citizens don’t have defined pension from employers.
If retirement is not planned well, a large % of today’s earning generation could face financial problems during the post-retirement period.