It's never too late and the same goes with retirement planning. If you are nearing or have already reached 50 years of age and wish to secure your retirement financially, you can still do that. You can still build your stash - with the right moves, little research and planning. You'll also have to. You will have to take a few simple but certain steps based on your income, liabilities, future financial plans, and family commitments. Yes, you can start your retirement planning even now. Here’s how! However, let's first understand why retirement planning is important.
If you have not done the required financial planning for retirement, even in the 50s, you can still make it if you follow certain simple steps. The following steps can help you in an effective retirement plan, even when you are starting late.
Analyse your financial status
Review your steady flow income, monthly expenditure and the extent of liabilities. Also, examine your current investments to understand where exactly you stand. Your plan should take into account the standard of life or lifestyle that you would wish to continue. Ideally, you should not compromise with your lifestyle. Your plan should enhance protection and also let you live more comfortably.
Estimation of corpus
Assess the corpus you are looking to build up by the time you retire. Be realistic in your estimation since you have started late. Once you have figured out how much money you can spare after addressing your crucial needs, you can arrive at an estimate. You may also consider taking help of any online retirement corpus calculator.
Pay off debts
After you have derived your amount, allocate funds for your short term and long-term goals and pay off any other debts such as the repayment of your housing loan, vehicle loan, etc. It is equally crucial to cut down on unnecessary expenses and direct them towards building your retirement corpus.
Invest in a suitable pension plan
Now that you have organised your savings based on your goals and future retirement expenses, you can start investing in financial products including in a suitable pension fund. There are many different types of pension funds available and you may consider investing in the plan that suits your goals and requirements. It is advisable to take help from your financial advisor or you can call us at 9818510748 and one of our experts will help you in choosing the right pension plan for you!
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