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Retirement Planning

The process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets.

What is 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 analysing your financial objectives, current financial position and expected future cash flowto develop a comprehensive retirement roadmap.

What is the process of Retirement Planning?

Retirement planning is not an art but a definitive science which requires taking a 360 degree approach to studying one’s current financial health, long-term goals and risk appetite to design a plan that addresses the retirement and other long-term goals of an individual.

It involves a step-by-step approach:

  • Identifying your financial and retirement goals
  • Analysing your current financial situation
  • Risk Profiling
  • Asset Allocation
  • Investment Allocation Strategy
  • Periodic Monitoring and Rebalancing
  • It is essential to seek expert / professional advice and create a comprehensive roadmap based on the different stages of your life to meet your financial requirements.

    When is the right time to Retire?

    There is no right time for retirement. Deciding whether or not to retire is a decision that only you can take. If your financial situation, health, age and feelings about your job all point towards retirement, it’s time to call it a day. Ideally you should work as long as you can. Based on individual requirements, financial stability and liabilities, you should plan your retirement accordingly.

    Why do I start early with my Retirement Planning?

    It’s never too early to start. Wealth creation is a time-taking process and usually lasts throughout your lifetime. So the earlier you start the more time your money gets to multiply. By starting early with your retirement planning you can benefit from the power of compounding, manage the longevity risk and maximise your returns from high-risk and aggressive investments options. It’s always wise to start saving early.

    If I start late, can I still plan my retirement?

    The early bird catches the worm. Starting late with retirement planning poses many difficulties for creating a strong corpus and sufficient wealth to see you through retirement. However, the good news is that it’s never too late to start. If you are late, all is not lost and you can cover for lost ground. You can take the following measures to make up for starting late:

  • Cut down expenses.
  • Seek expert advice / professional help to create a roadmap for you to maximise your savings without compromising your standard of living.
  • Choose investment options that give you higher returns.
  • It is good to have a working spouse to generate an additional income stream.
  • Look for additional income through another job / business simultaneously if possible.
  • Start immediately.
  • Why Do You Need Retirement Planning?

    Tax Benefits

    You enjoy tax benefits when you invest your money in financial products, which save for retirement and pension.

    A Good Retirement

    You have a good retired life, as these plans help you save for retirement. You save and accumulate money in your working years.

    Sufficient Pension

    The money you accumulate in your working years, ensures lifelong pension. You lead a good life, right till the end.

    Compounding Benefits

    The money you invest in retirement and pension products, give compounding benefits with time.

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