I wish I had planned for my retirement is the most unfortunate statement a person can make in his life.
Is your Retirement Plan Inflation Proof?------How much money is needed?
While earning, you must save say atleast 35% of your monthly salary. If not 35%, alteast try to save 10% of your monthly salary.
Inflation of atleast 6% to 7% must be taken into account while deciding how much retirement corpus you would require.
Retirement is not a vacation. Neither is it a destination or a stopping point. It is just a completely different way of life than the 9 to 5 routine.
A transition is a more apt way to describe it, one that requires planning and adjustment.
What you have to figure out is the lifestyle you plan to lead. Someone might just want a car, you might want a Mercedes Benz. You might still want to purchase branded clothes and eat in posh restaurants. In that case, ensure your savings plan accommodates for such a lifestyle.
Take some time to map out what your expenses may be in retirement, and to make sure you're accumulating enough to support them.
Retirement planning requires a clear-eyed analysis of future needs and income.
During retirement, it is important to have money to support yourself & your spouse for basic and lifestyle maintenance. With increasing age, the medical & nursing costs will be high. Hence a significant budget should be allocated for these factors.
You need to financially prepare from today itself. Today you are having an income but after retirement regular income stops and you will have to depend only on your savings.
Start planning today itself. Don’t delay.
