Retirement can be a beautiful experience if we work objectively towards it. We believe that every individual should plan for their retirement as soon as possible. This ensures that they have a financially independent life even after they have retired from active work. The age of retirement may vary for different individuals some may prefer to retire early and enjoy life. There are others who may have enough wealth to retire but may choose to continue to work.
When it comes to retirement it is generally divided into 2 parts. The first part is to enough corpus to retire and the second part to dip into the retirement corpus to ensure that you maintain the lifestyle you had earlier. This calls for careful planning and it is never too late to start working on your retirement wealth. People often mistake their insurance amount as retirement fund. The amount that you would get after you have completed your insurance term would pale in comparision to what you would have earned if you had invested the money on the advise of a Higherhighs Wealthmakers financial planner.
The important thing over here is to decided the retirement corpus we need when we retire, ofcourse it would vary from individual to individual but a common yardstick to measure it would be that you should be able to maintain the same lifestyle that you have today. For eg. if your monthly expense is Rs.50000 today then we can arrive at the amount you would require at your retirement age by adding inflation number.
Planning for your retirement is non-negotiable it should be mandatory in your financial planning, this will give you the confidence to have a very fulfilled life ahead of you and you dont have to be dependent on anyone post your retirement.
With growing age another thing that will add up to your cost will be medical expenses, even though you might have medical insurance for hospitalisation expenses you would still require a good sum every month for your medicines
Also do not forget to have fun when you retire – Travel the world and marvel at things, there is always new places to see and experiences to endure
Get in touch with us to make a sound retirement plan