Unlike in most fairy tales and movies where people grow old and automatically live happily ever after, retirement in real life takes proper planning and a lot of discipline.
Retirement Planning
Keeping in mind the fact that India has no social security schemes or any other kind of government-sponsored elderly care, you’re basically left with three to four choices at best. While option one is to plan and invest for your retirement right now, the alternatives range from compulsory work post the age of 60, depending on your children, and in extreme circumstances, even living on charity. While the obvious choice here is option one, we have to factor number of elements such as your present age, how many years before you retire, present income, expenses, and more.
Other variable factors may include family members who are dependent on your income as well as your risk-taking ability with regard to investments. Further complications include life expectancy on the rise due to advancements in medicine, healthcare services becoming more expensive, and overall expenses taking a similar curve. This means that if the plan is to be completely self-reliant, not only do we need to account for a longer period post-retirement, we also need to account for inflation that could easily see expenses go up by 3-4 times exponentially during our retirement phase. The good news, however, is that all of this can be carefully accounted for and factored into your retirement plan with relative ease.
As far as retirement planning goes, we at Progressive Wealth have made it our mission to ensure everyone can have a comfortable retired life and managing over 2.5 billion INR for our clients in retirement funds already.
