Category Archives: Retirement Planning

A Letter to all Women – Take your Retirement Planning seriously

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Dear Woman,

You work, manage home, multitask between daily chores and so much more. You are financially independant and living life on your own terms. You are a diligent saver and a smart planner. As priorities, both personal and financial, change after marriage, you put your family goals, especially children’s ahead of your own. Gradually, your personal financial goals, particularly long term get sidetracked. I am talking about retirement planning here. I am sure you would want to continue to be financially independant even in your twilight years. However, I want to emphasis the fact that you are at a disadvantage compared to your spouse when it comes to your retirement corpus.

There are two reasons for this.

How you can earn a steady income in Retirement years?

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Retirement planning is the last thing on mind for working people. There are many goals to juggle in the 30s & 40s – buying gadgets, buying a house, home renovation, debt repayment, children’s education, international vacation, etc. Retirement thus takes a back seat until people enter their late 40s or 50s. They start to wonder whether their PPF, EPF & gratuity funds will be enough for retirement. Let me tell you it will not suffice. Firstly, there will be no pension to rely on for majority of the current generation who work in private sector or are self-employed. Then, there are some retirement challenges for the future retiree 

Would your Retirement Life be like your Parents? Challenges for a Future Retiree

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Your parents are retired, most of them receiving government pension and free of most financial responsibilities. A frugal lifestyle must have resulted in a huge retirement kitty. Many must be probably covered under the group health insurance scheme of the Central Government paying low premiums. They must be enjoying their golden years with your kids and offering you help in raising them. Morning walks, picking & dropping grandkids at the school bus stand, evening strolls with them, buying veggies from the market, reading, enrolling for spiritual courses, visiting temples, etc., would probably be their entire day’s routine.Now imagine how your retirement would be. One thing is for sure in the NextGen’s retirement life. There will be no pension to fall back on as a major chunk would be private sector employees.

When should you start your retirement planning?

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This is not a very important question many people would ask themselves, at least the young and the working. And, if I tell you retirement planning should ideally start right from day one of working, you would laugh it off. There are just too many goals to juggle in the working years – buying gadgets, buying house, repayment of loans, marriage, vacation abroad, children education, their marriage, etc. Retirement planning obviously does not figure on the priority list until late 40s and 50s for many people.