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Retirement is Not the End of All Journeys But the Start of a New One!

  10/30/18 6:56 AM

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Seema and Suresh were sipping their masala chai on a Sunday morning. Suresh began a conversation on retirement, “Seema, how would we manage our expenses post retirement?”

Seema then replied, “Why are you worried about it now? There are years left for it. And I’m happy that once we retire we will have ample of time for each other which we are unable to give each other now because of our busy schedule.”

Suresh then said, “Retirement is a long journey, we need to make sure it’s planned well and worth wile to live

“There are reasons why we should immediately start planning for retirement. Few of them are;


  • Life Expectancy is increasing:

The Statistics released by the Union ministry of health and family welfare show that life expectancy in India has gone up by five years and will increase even further up to 10 years. Now this is definitely a good thing since there is advancement in the medical field as well however this means that if we retire at the age of 60 we need to accumulate wealth that would be sufficient for the next 20 years of our lives.

  • No good Social Welfare by Government:

Most of us work in private sectors where forget pensions even job security is rare. There is no welfare or any provisions made by the government or the employer that can ensure steady income post retirement. The provident fund accumulated may hardly suffice for a year or two.

  • High Healthcare costs:

Healthcare becomes a primary requirement as we age. The medical advancements and progressions have made healthcare accessible but at a very high cost. With an increase in chronic ailments like arthritis, diabetes and high blood pressure it is important that we set aside a fixed budget that will help us manage our healthcare costs smoothly.

  • Depending on children is unfair:

Our children will have their own responsibilities and liabilities. We wouldn’t wish to be one of their liabilities. While they would invest their time on us being a financial liability on them would be unfair to them.

  • Best time to fulfill lifelong aspirations:

Our hobbies, our dreams can be fulfilled when we begin our new journey. Being burdened with financial challenges will prevent us from enjoying our joyful little moments together. Hence, if we plan earlier in life, we can definitely live these hobbies without any financial worries. We can learn dancing and baking together.

In order to sustain our current lifestyle and to live comfortably for next 30-35 yrs, we should have at least 300 times our monthly expenses at the time of our retirement.

Suresh then continued, “Retirement is a long journey of 35-40 yrs now in India. Gone are the days, when people used to live for just 10-15 yrs. Our wealth should be managed properly so that we attain the desired income that will suffice our needs because if retirement planning fails then imagine what will happen if we outlive our wealth?”

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