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Questions (FAQs) on
What is Retirement Planning?
Retirement planning is a part of Financial Planning. Retirement planning is a process to meet your financial goal after retirement, financial goals like post retirement monthly expenses, planning for pilgrimage, foreign tours after retirement etc. to maintain the desired lifestyle after retirement. Retirement planning helps you to evaluate how much money have to save today and how much return required (inflation adjusted return) to meet your expenses after retirement and to accumulate enough corpus to make sensible use of retirement income post retirement.
What are the benefits of Retirement Planning?
Your hard earned money will work for you after retirement – Whether you retire or start taking an early pension, you will realize a deduction in income. If you are able to survive or work long enough to receive an exclusive benefit amount (till age 60), waiting for your owned monthly benefits might be more attractive. However, if you take pension or opt for voluntary retirement services (VRS), you have an opportunity to grab better benefits in your lifetime. This situation can be unavoidable for anyone whosoever want to spend some time with family or friends, can no longer work due to medical issues or injury. One of the major role of effective retirement planning is to cover for any uncertainties arising due to uncertain events which can compromise your potential to meet your financial goals post retirement.
When to start your retirement planning?
It’s never too late to start your retirement planning. Creation of wealth is long term process and work till you die. So, start early to make an enough corpus for your retirement and to get the benefit of power of compounding through early investing.
Rome wasn’t built in a day, start late for your retirement planning may arise more difficulties to achieve your retirement goals. However it’s always proven “it’s never too late to start”. If you need to take some measures like you need to cut down your expenses, seek expert/professional advice to plan your retirement with the better use of existing savings, choosing better options that gives you higher returns and start with immediate effect.
What is the process of retirement planning?
It is always essential to taken an expert/professional advice to create comprehensive retirement plan.
Process of Retirement Planning
How does professional retirement planner help me?
Retirement Planning is a scientific process and it requires ample amount of research and analysis and core knowledge of financial products. There are Certified Financial Planners who are professional, qualified, trusted and knowledgeable helps you to plan for your retirement. They analyze your financial, measure risk appetite and plan your retirement.