8 AUG 2017
Importance of Pension Planning
There will be one fine day when you will wake up, and you will be no more working. Nobody knows when will that day come but it comes to all of us and it is always good to be on a track for that day. Pension planning is important for that morning and the several mornings which come after that.
Why is pension planning important?
Pension planning is the first step to know how much money will be enough for you to have a prosperous life after your primary income source stops.
Once you retire, your life will be different. It will be more peaceful and less hectic.
Once you retire, you retire from your work but not from the responsibilities towards your family. You still have to have money for your child’s marriage, money for your other child’s higher education.
You will also need some money for yourself, your vacations and your hobbies. All this you will have if you opt for a good retirement plan.
Most of us will have to plan what things we want to do once we will start living on a pension.
For different us, pensions too will come in different forms. Those with public service have a regular flow from the government. To some who have started saving for retirement through annuities or similar retirement plans will get a regular pension.
While planning our pensions, we must decide what will be the best course of action for us to do it with the money we will receive. We work so hard right now, making the right investments is essential to get a sizeable sum post retirement.
But the question which will arise is: will we be ready for such big amount to come to us?
Because average life expectancy has been increased in India, we believe everyone will enjoy at least decade or two as a retired person. This proposition makes you start planning in approaching your retirement years and prepare you for taking care of lifestyle expenses and other expenses for such a long time.
Retirement plans even are important because of the increase of the inflation. Things are getting expensive each passing day - it means you must choose the right plan that will help you manage your expenses accordingly.
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