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Retirement planning is a process of setting retirement income goals and following them with the actions necessary to achieve those same goals.
An easy rule of thumb says that you’ll need to replenish 70% to 90% of your pre-retirement income to lead a good retired life. This means if you’re making ₹ 70,000 a month (before taxes), you might need ₹ 49,000 to ₹ 63,000 a month in retirement income to enjoy the same standard of living you had before retirement. For example, somebody plans to retire in the next 15 years. The retirement planning would have to include creating a system to generate ₹ 49,000-63,000 per month income from the year 2034 when they retire.
If you are targeting 70% of your pre-retirement income for post-retirement usage, then you need to not only save, but also invest properly. This would mean investing in high-return assets so that your savings grow at a faster rate.
One day you are celebrating your first salary and in a few decades,a they are cutting a cake ton your retirement farewell. Yes, life moves that fast.
Before you know, you will be facing daily living expenses, grappling with medical costs, and fighting inflation. There are always emergencies in old-age. So, having a sufficient corpus to deal with all these is crucial. Retirement is an important reality for everyone. But it is easy to lose track of a long-term goal. This is why you need retirement planning.
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