Financial security is the essence of a happy retired life. Planning for a content retired life in it requires careful planning.
Planning for retirement itself a life-long process.
When we get our first salary, our focus will be on two things. First, we focus on our career and secondly we focus on our family. In between these two things, we ignore the importance of planning for our retirement.
Because we think it is too early to plan for retirement.
If you are one of them, then remember, “It is never too early or too late to plan for retirement.”
WHAT IS RETIREMENT PLANNING?
Generally, retirement planning is planning your finances to achieve your financial goals after you stop working. It is a final part of your financial life. It will help you to live your desired lifestyle when you retire. It helps you to achieve your financial independence.
Retirement planning process include analysing your financial goals and objectives, your age, risk appetite, inflation, estimated expenses, life span, etc.,
Your retirement planning should ensure a stress-free retired life. That is why it is better to entrust this onerous task to a professional in retirement planning who is none other than a Financial Planner for Retirement.
WHY DO YOU NEED RETIREMENT PLANNING?
You need to plan for your retirement to meet your unplanned/unexpected situations.
Such as,
- If your estimated life expectancy is longer than you have planned
- To meet your unexpected medical expenses and other emergency expenses
- If you have to retire earlier than you planned
- If you have to depend on your children after your retirement
- If your savings cannot beat inflation
- If you have duties to fulfil for your family after your retirement
WHY RETIREMENT PLANNING IS IMPORTANT?
Just imagine,
- What if you have sudden health issues which require constant care and make you retire early?
- What if you lose your job due to unexpected situations? For instance, thousands of employees lost their job due to corona crisis. What if you are one of them?
- What if someone from your family needs your support? And what if you need to give up your job and retire early to take care of them?
- What if you have an accident and affect you in carrying out the regular duties you will be forced to retire.
- What if you have an occupational burnout that causes serious threat and forces you to retire?
Are you prepared to meet all these problems?
Having a holistic retirement plan can help you to prepare to manage all these crucial situations and will give you a clear idea of
- What lies ahead in your post-retirement financial life?
- What you should do in pre-retirement? And
- How can you live your post-retirement life FREE from ANY financial stress?
IF YOU THINK YOU DON’T NEED RETIREMENT PLANNING THEN YOU SHOULD TAKE THIS QUIZ!
1. How much money do you need per month (or) per year, when you retire?
2. What kind of Investment Strategy do you need to achieve your required retirement income?
3. Do you know…how to deal with your loans during your retirement?
4. Do you know…how to analyse your existing investment portfolio after your retirement? And, what is the most effective way to do it?
5. Since health becomes a major issue in old age. Do you have a good idea about your suitable medical insurance scheme after your retirement?
6. Do you have an effective tax planning strategy after your retirement?
If you have an answer to all of the above questions then you don’t really need to plan your retirement.
But, if you are not aware or unclear about at least 3 questions above, then it is the right time for you to consider implementing your Retirement Planning.
WHAT WILL YOU GET IN RETIREMENT PLANNING?
Retirement planning ensures you the solution to all the above problems.
Having a personalized retirement planning service including,
- Identifying your financial/retirement goals,
- Current portfolio analysis,
- Analysis of your current financial situation,
- Well planned investment strategy,
- Risk Analysis,
- Fresh Asset Allocation Planning,
- Tax planning,
- Emergency fund planning,
- Existing Asset Mix Analysis
- Planning for Retirement Corpus, and
- Cash-flow planning for post-retirement stage.
WHAT MAKES OUR RETIREMENT PLANNING SERVICE SPECIAL?
Along with the above retirement planning process, we can help you to build,
- Well structured pre-retirement/post-retirement financial planning
- Risk management plan which covers emergency as well as insurance planning.
- Align income, expense, asset planning, liabilities, and everything under one report
- Create achievable scenarios until you satisfy with one
- Concentrate on reducing tax
- Schedule discussions with our CFPs and advisors and clarify all the retirement plan & investment related queries.
- Providing step by step guide file with stipulated time for all the executions
- Two scheduled reviews in a year.
SOME ADDITIONAL BENEFITS ARE:
We will assist you in implementing the financial plan by handholding you in the documentation, preparing asset performance reports.
- Any number of reviews (if the situation demands)
- We will be accessible and responsive within 48 hrs
- Reviewing and Rebalancing investments allocation periodically
- Newsletters will be circulated periodically
- Scheduled progress-review discussions with Chief Financial Planner every year
- Exclusive Webinar with Financial Experts (Every month)
HOW OUR RETIREMENT PLANNING SERVICE CAN HELP YOU?
Our retirement planning service will help you to build enough retirement corpus you need during your retired life.
We will help you to,
- Achieve your financial independence
- Achieve your financial and retirement goals
- Plan your tax efficiency after your retirement
- Increase your savings rate
- Plan for inflation
- Live your desired retirement life
TOP 5 REASONS WHY PEOPLE ARE IN A TRAP OF ‘MAGICAL THINKING’ OF NOT PLANNING FOR RETIREMENT
People consciously believe that Retirement Planning is a necessary, But some inner thoughts lead people to fall in the trap of unplanned retirement:
1. My children will take care of me after my retirement…
Times are changing. Nowadays people prefer to live in a nuclear family. They have the responsibility of their own and their family, such as kid’s education, health-care, their retirement financial planning and so on!!
It is always recommended to plan your own retired life by creating a customised retirement plan suitable for you.
2. I’ll inherit enough money…
People are emotional about inherited properties, as they come as a result of the loss of loved ones. Relying on inheritance is risky due to 3 major limitations:
- The market value of the inherited property may get depreciated over time.
- Additional liability of repair and maintenance of the property.
- If the inherited property is supposed to be distributed, it may lead to unending disputes at the court level.
3. I’ll save once I have enough…
It’s never going to be enough to SAVE money. Saving requires discipline and major adjustment in lifestyle. Small saving now has a bigger impact as compared to saving a lot, years later.
So it is always recommended to keep ‘Saving’ as the first priority with a great sense of urgency.
As the investments grow over the period, then the power of compounding works like magic.
4. I think it’s TOO late now…
It is never too late!
The time you realize the importance of retirement planning may be close to your retirement age or you might be already retired by now. Even in such cases, not planning for the upcoming years will be an expensive deal for you in the long run.
In such cases, if you are unsure, it is recommended to take advise from a professional. It is never too late to revise your income distribution strategy.
5. I feel it’s TOO early to plan now…
It is never too early to plan for retirement.
It’s often difficult for us to clearly picturise where we’ll find ourselves in five to ten years. And, retirement seems too far in early ages. There is a common notion among people that you don’t need to plan for retirement until you are almost there.
But, time always slips fast.
Unplanned life is easy to pass by, whereas to live a planned life, it requires significant efforts and these efforts always pays off well.
A small sum of money under the right investment periodically can turn into crores through the power of compounding!!
People who start saving in their early 20s reap highest benefits.
The truth is, the sooner you start your retirement planning, the better chance you will have of living your dream retirement.
So don’t wait too long and start your Retirement Planning now.
If you have any queries with our retirement planning service please contact our Business Development Executive.
Call or Whatsapp to +919840764541
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