Step 5: Engage the services of a financial planner
The steps we have discussed so far will become easier to follow, if you engage the services of a competent and honest financial planner. Your financial planner will be able to come up with an accurate retirement corpus, which can help you better negotiate your retirement.
More importantly, he can advise you, based on your risk profile, how you should go about so that you can achieve your retirement corpus.
Finally, remember that in the process of determining your retirement corpus, you have to make few crucial assumptions such as the inflation rate and the rate of return on your investments.
These factors are not fixed and are bound to fluctuate over time, thus impacting your calculations. Furthermore, the required retirement corpus could also vary based on changes in your lifestyle. Hence, it is pertinent that you regularly review your investment plans to ensure that you stay on track to achieve your retirement goals. Again, this is an area where the financial planner has a role to play.
Click here for Personalfn's Retirement Planner.
Image: Invest now for a happy retired life! Participants in a Laughter Club movement. | Photograph: Ami Vitale/Getty Images
Also read: How rising prices affect you
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