The paradigm shifts over the time have pushed a lot of people out of job, millions of people are turning obsolete on daily basis; with the job crisis increasing and the resources depleting, it gets important for people to devise a method that will keep them secure when they have no jobs or when they retire. A tool that can be revised by any individual and can protect against the worst-case outcomes is commonly referred to as Retirement Planning. The art of saving money for the days when there will be no steady income or sun to shine is what we call Retirement Planning.
Why Retirement Planning?
Governments from around the world have decided to reduce the expenditure they do in the name of Pension. With the government entities saving money on Pension, it is going to put a lot of pressure on people in mid-50s and mid-60s because their future is about to be doomed. Certainly, there are tools that promise to generate enough corpus that will last for years of retirement but none of them are capable to battle against Inflation and Recession. You will be put out of the job and then asked to buy things at increased rates, the matter will get only worse with time, the only way out is Planning, Retirement Planning.
The keys to efficient Retirement Planning
Well! Everybody wants to safeguard their life after retirement, everybody wants to put few eggs in another basket for the days when there will be no steady income but do all of them do it right? If yes, then why a lot of people end up compromising with their lifestyle?
Lack of efficiency puts them behind, inflation is one thing they never consider while planning for their retirement. The contemporary generation needs to look at inflation differently because it is not going to go anywhere, it will continue to eat up your savings and affect your lifestyle.
One must start early in order to beat inflation but if you have failed to make early moves then you will have to work harder, look for options and put your money in the right basket. PPF and EPF are good when it comes to generating a handsome corpus but they are not beating inflation, a return of 8% with an inflation of 6% will only generate visible gain of 2% whereas proper retirement planning with help of Life Insurance Corporation of India can generate returns that will put your life after retirement into the right direction.
It is said start early to reach before dawn! One must put their retirement planning ahead of all their financial goals, secure your retirement when you are 20 something and you will never have to compromise on anything once you retire. When you buy retirement planning early in life, you allow the investment and asset to grow by multiple times, you allow it to grow big enough to secure your and your families future.
Let your money work for you and not the vice versa.