Currently, with the advancement in medical industry, the life span of people is increasing. This is leading to an increase in the population of elderly people. In India, many of them do not possess adequate or a retirement plan due to which they depend on their children. As a result, children get burdened and they end up not taking care of their parents, which leave these elderly people unsupported. Nowadays this has become quite frequent and so looking at this situation you should start planning for retirement as early as possible so that you don’t end up in such a situation. Further, with the present scenario of rising inflation, you should hold an adequate financial plan which will serve to fulfil your goals.
In short, you should have a portfolio which delivers inflation-beating returns or else the value of your savings will get eroded with time. Ideally, an individual should start planning for his retirement as and when he starts earning. This will enable him to create a huge corpus for his retirement. The power of compounding works like magic in the longer term. Retirement might seem too far, which is why most of us ignore and postpone the planning of retirement as there may be other various commitments to fulfil. However, ignoring or delaying retirement planning might put an individual in huge financial stress during the sunset years.
This story is from the January 03, 2022 edition of Dalal Street Investment Journal.
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This story is from the January 03, 2022 edition of Dalal Street Investment Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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