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Why Retirement Planning

Facts about Retirement Expenses

Most of us believe that our expenses will ease after retirement.

The fact is they are more likely to increase due to rising inflation, increasing healthcare costs and old-age medical expenses.

One of the greatest financial challenges is making sure that your retirement savings keep pace with inflation.

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Why Retirement Planning

To achieve your various life-stage goals and to maintain your desired lifestyle during your retirement years, you need to make prudent investments during your working years, putting your hard-money to work for you in your golden years.

Saving and Investing for Retirement: It is never early

The goal of retirement planning is to help achieve your financial dreams both during your working years and post retirement. Most people, particularly those in the early stages of their career, think retirement is too far to worry about. Planning for retirement often features last in our priorities, after planning for children's education, marriage, home-buying and even holidaying. While you may have decades to go before you retire, it’s never too early to start planning and setting aside savings for retirement.

Take for example an average middle class person like Ramesh who is 25 years old, single with no dependents. He would be able to comfortably manage his standard of living with about Rs. 25,000 a month. But 3 years down the line, this would go up to Rs. 50,000 per month. If Ramesh retires at 60 years, assuming inflation at 8% per annum, his total retirement budget would work out to be a whopping Rs. 1.03 crore per annum and Rs. 8.6 lacs per month.

Thinking about your future and how you will accomplish your financial dream?
Contact us to assess your financial goals today.

Have a question? Write to us at inquiry@principalindia.com.


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