Many a times, fulfilling present social and business obligations can be so engrossing that you completely ignore the importance of planning for your future needs. To be sure, planning for your future is as important as providing for your current needs.
So what are the future events you need to plan for? The most obvious answers would be -- buying a house, or providing for your child's education and marriage or even planning for that long overdue vacation. While there is no denying that all these are important and must be planned for, there is another important activity, and evidently the most overlooked one i.e. planning for your retirement.
Perhaps the reason for overlooking retirement planning is that most individuals find solace in their savings. Yes, you might have saved a bulk of money in your savings bank account and in fixed deposits.
You might also have investments in avenues like stocks and mutual funds. And then, if you are salaried, there is the added windfall on retirement in the form of your Employee Provident Fund (EPF).
But then there is a need to ascertain if all these savings and investments will be enough to cater to your post-retirement needs.
We present a 5-step strategy, which can help you ace your retirement needs. Read on . . .
Text: Personalfn.com
Image: Save for that old age! Indian investors react as they watch a trading screen outside the Bombay Stock Exchange in Mumbai. | Photograph: Sajjad Hussain/AFP/Getty Images
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