Do you know what the first thing we all look for when we get a new calendar at the beginning of every year? See, holiday red spots. I try to understand exactly when a holiday is falling. There is a rush to plan a trip! If even a fraction of the interest and enthusiasm with which the common man plans to travel is devoted to retirement planning, then our overall retirement situation would be different today. I could have lived a very happy life financially even after retirement. But look, we don’t hesitate to make a proper plan to buy a house and flat, we proceed thoughtfully for the higher education of the child. We are not the only ones who think that retirement will come one day or the other, and proper planning must be done for it. Loans are no longer available for retirement! Think it over.
Those who are ‘Employed’, i.e. involved in the workplace in some way or the other, are also often not covered by the pension. So, keeping all aspects in mind, one should think about retirement from an early age. There is much to be lost by starting at an older age, as many have lost by starting late. As you know, the average life expectancy of Indians is increasing. As medical science has improved, we are living longer overall. The average life expectancy at independence is much higher today. Meanwhile, the lifestyle is different now, and the rate of inflation is also increasing. I’m talking about all this because it’s all working behind the scenes of retirement planning. From the beginning of life, be it a job or business, whatever you do, try to become frugal from the very beginning. A portion of your savings strategy should be earmarked for retirement. In this regard, remember to seek the assistance of a good investment advisor. Just saving isn’t enough. There is no need to explain that there is a need for proper investment. I have a few specific things to say about investing, one by one.
* Set specific deadlines. One’s ‘investment goal’ should be mastered at the right time, and the goal should be fulfilled. If not, be prepared to take drastic action.
*Be sure to diversify as much as you can. Diversify your wealth across different asset classes to stay somewhat safe.
*Gradually build massive wealth. Extraordinary people who suddenly win the lottery are not often seen. We all try to accumulate money consistently and build a big corpus by investing, that’s good.
*Especially when talking about retirement, try to understand how much wealth it is good to have on the eve of retirement.
* Plan accordingly, and fix the investment structure.
* Follow some known tricks. ‘SIP’, if necessary initiate ‘SWP’ (Systematic Withdrawal Plan) after retirement. All in all, your strategy should be simple.