At our prime, we plan for all kinds of financial goals – children’s education, a home, vacations – but retirement is often the last thing on our mind. However, looking at few hard facts you will realise that retirement planning is not optional anymore. It is a must do, and the sooner the better. In the old days, the average individual spent about 20-25 years in the retirement phase. This is changing with the millennial that aspires to retire before 50. Combine this with increasing life expectancy, and you have an average retirement phase of 35 to 40 years. Combine inflation, lifestyle changes, and this big retirement phase, and the average retiree has a lot to think about.

There are five basics that all of us can do in embarking on a journey towards a more -secured retirement.

1) Calculate what retirement is!!

2) Remember the cost of delay!!

3) Make the nest egg comfortable!!

4) Remember expenses rise!!

5) Don’t forget asset allocation: Asset allocation is often missed out while planning for retirement. What is a right mix for your portfolio? It depends on when you start. For those who have 20 years to retire, equity should be a large part of your portfolio.

Finally, don’t forget that retirement is a journey and this journey is incomplete without the support of a financial advisor.

अभिप्राय द्या!