Retirement Planning

Retirement planning Excerpts : Your age group will decide the starting point. Say 30-40, 40-50 or Above 50. Age Group 30-40 This is the right time to plan retirement. There are different models you can try. Every financial newspaper/magazine and sometimes lifestyle magazines, off and on discuss retirement planning. Issue/product-specific guidance is also available from Investment Advisers. Factors which should not be lost sight of include : 1 Present Asset-Liability status, taking into account a) Share from ancestral properties that may or may not come to you. b) Present savings c) Loans, outstanding and monthly outgo 2 Monthly income, expenditure and surplus 3 How much to save? Save upto 40 percent of your monthly income depending on the availability of surplus after meeting regular expenses. Except in exceptional circumstances, we should avoid borrowing for saving purposes. 4 Active service Considering the present longevity, depending on the post-retirement activities, 25 to 40 years of active earning life is considered reasonable. 25 years as first innings, of you plan an income-giving second innings (like practicing as a lawyer, establishing a consultancy, remaining self-employed in any other manner)


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