Don't let money stop you from living a dream retired life

Retirement is perhaps the most anticipated phase of a working person’s life. Retirement is not a question of “if” but “when”. Ensuring the best education for kids, and providing the best food, clothing, and shelter, most people have struggled and postponed their own dreams. Retirement is the time for yourself - what you could never enjoy while providing for your family. I realized this when my father faced an illness and passed away. He did so much for us, and we wish he would have started spending on himself a couple of years earlier. Hence, it is crucial to plan well for your retirement.

When you retire from work, the flow of income stops but life and expenses do not, so it is necessary to plan ahead. Retirement planning is an important part of financial strategy.

You need to plan, put a goal, and when you reach that goal, take the time off and enjoy. You may work for your passion but then you do not have to worry about anything.

It is important to start your retirement planning early as it gives you enough time to build the corpus you decide as your goals. It is especially crucial for people employed in government or private organizations that have a fixed retirement age.

If you want to retire at 60 with a corpus of Rs. 6 crores, you will need a

SIP of 60,000 - if you start at 40 and SIP of 110,000 - if you start at 45

Every 5-year delay increases your required savings rate by 100%

So start early!

#mutualfunds #SIP #Goals

While financial planning is key to making sure that you live your golden years doing things you enjoy. One thing that most people wonder about is how much retirement corpus is enough so that they could live a comfortable life. There are various factors such as medical costs, lifestyle expenses, inflation, etc. that need to be evaluated while determining how much funds would be enough for you. An amount that may seem adequate today might not be enough in the future. Retirement planning requires number crunching to calculate the ideal retirement corpus. This is where a distributor/advisor comes to your aid.

A good distributor will help you plan your goals, determine schemes, provide information while investing and also plan systematic withdrawal. There are various ways a retirement plan can be made. It is vital to identify their benefits and choose the one that suits your needs the best.

Fincare Services focuses on the stories of everyday heroes who turned their life around through financial planning. Ridham and Ria’s story is about a couple who came to India in 2016 when their work visa expired and could not be renewed. Their emergency fund got utilized by 2017. Then they felt the need to create a proper plan to tide over such a crisis in the future and to make a rock-solid retirement plan. This is where they got in touch with Tejas and chalked out the plan. Today, they are happily investing, knowing that they have still 5 years to retire and are well provided for by their investments. Soon, it will become a steady source of income for them during retirement.

Get in touch now if you want to plan for your retirement.

Tejas LakhaniChartered AccountantPwC Alumni+919773687483