Retirement Planning

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Retirement Planning

Retirement Retiring Wealthy is the most desired aspects of Retirement Planning. Thanks to the advances in modern science, the average life expectancy is continuously increasing. Changing trends show that the non-working life of an individual can be longer than his working life. While the social security systems in developed countries have evolved, the one in our country is virtually non-existent. Joint families, which inherently provided such security, are increasingly being replaced by 'nuclear families'. With increasingly stressful life every one wants to retire early but this requires right planning. For a 25 year old who needs Rs.30,000 per month today to run his household would require Rs. 1.28 lacs per month after 25 years if inflation is assumed at 6% [ ACTUALLY MUCH HIGHER ].  This comes to Rs.15.45 lacs per annum. Now if one assumes to earn 10% [ BANK F.D. GIVES LESS THAN 8 % ] return post retirement, he needs Rs.1.55 crores just to meet his monthly household expenses. Monthly Expense Rate of Inflat ion No of yrs for retirement Future Value Rs. 30000/- 6% 25 Rs. 1.28 lacs You need to plan for retirement because: Traditional avenue of savings are not sufficient to meet retirementexpenses. Rising cost of living. With higher life expectancy you need to provide for around 30 years of your retired life. Not all of us are covered under pension schemes. No social security system in India like in the USA.

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