What is Retirement Planning?
Retirement is a time when your regular income stops and you totally depend upon your savings. According to PTIC INDIA (Retirement Planner in Delhi), Retirement planning means saving sufficient funds for your future finances needs. A good Retirement Plan can secure your post-retirement life financially. In Retirement Planning you have to decide what is the right time to start saving and invest your money for future. Every individual has different retirement needs. To work this out, you have to think about how much time you have in retirement and what sort of life you are expecting to live.
When you getting close to your retirement, it is a good time to look out the daily expenses or monthly budget of your household. Your budget will determine the amount of money you can contribute to saving for the retirement plan. According to a study in financial planning, you should invest 10 percent of your income in your 20s, 15 percent in your 30s and 20 percent in your 40s for a healthy retirement.
Several benefits that come under Retirement Planning:
- A regular source of income
- Rest and relaxation for the lifetime
- Increase Life Expectancy
- Take care of your family in your absence