I, me & myself- the story moves around the same. Life has some limitations & few limited resources too. Time is one of them. Most of the times, our parents and guardians suggest us to save Time & Money. But the challenge here is that the time is moving at a regular speed& the Income varies at different stages of life. Another aspect is the needs/Desires, those increases day by day. If this is the cycle, should we plan our finances? Should we plan our future? The answer is absolutely YES.
In all such planning, we also plan our Retirement. It’s a common term across the globe. Now, let’s decide what the appropriate age of this planning is. If the same is late then will never get the desired outcome. For example, Someone started investments for post-retirement life after the age of 45, this way will not yield which he/she wants.
There are multiple options are available for the investments. It can be stock market, Insurance, Mutual Funds etc. At the time of investment, we should take assistance from the Financial Advisor. We plan the investments basis
the current expenses, but the expenses post-retirement will be decreased to 80 %. Before those expenseswill include your kid’s fees, Installments, these expenses will decrease post-retirement. After that our medical expenses will increase. So while planning, we should consider the expenses of that time.
“Americans used to be able to depend on their jobs to provide a stable retirement.” :- Keith Ellison
Finally, it’s not only the financial planning; it’s the time to spend with your life partner. He/She spends his/her entire life to make you happy for every single moment of life. Both the partners plan the vacations to fulfil each other’s desires.
There are some facts related to retirement planning, which you might not aware of:
- 40% of baby boomers plan to “work until they drop”, according to an AARP survey.
- 46% of all American workers have less than $10,000 saved for retirement.
- According to the Social Security Administration (SSA), 34% of American workers have no savings set aside specifically for retirement.