RETIREMENT, a single word full of thoughts. What to do and what not to.Imagine you are 35 right now and you think it’s never too early to plan for your retirement .That’s what we call the Power of Compounding – if you start saving early it will have the potential to grow more. I believe that borrowings are for education and savings are for retirement.
Who doesn’t wants to have a happy life after retirement? Who doesn’t wants to have a stress free time after retirement? It’s always better to plan out everything .Change is a part of life so its very obvious that hindrances will come but that shouldn’t stop you from planning.
People usually get confused when they start planning for their retirement, so did I. What comes to your mind when you think of retirement? SAVINGS and SAVINGS and SAVINGS!!
We can’t totally execute someone’s retirement plan but we surely take ideas from them. Each of us has different goals, objectives, resources and circumstances. Let’s see what can be done regarding this, step by step:
- SAVINGS – Yes savings are the key element for any retirement plan. How much do I need to save? How should I save? These are few questions which pop in everyone’s mind. Savings should start from the day you start earning. Put your money into a retirement account. But you should know how much to put, right? The best way to do is calculating the exact amount you need to save through Retirement Calculator.
- MEDICAL EXPENSES – At an old age, there are maximum chances of not keeping well and doing up and down in the hospital. Let’s make it easy by applying different medical plans post retirement which is provided by different banks and institutions. Select the best plan and you’re done!
- INVESTMENT PLANS – Go for various investment plans. You should know how your savings is invested. Plan for your investments to get the maximum benefit out of it. The best way to do so is by putting your savings into different investments. This will help to spread your risk and get good returns.
- DON’T TOUCH YOUR RETIREMENT SAVINGS – The most important –don’t ever touch your savings. You are going to lose your principal and interest, your tax benefits. So just don’t withdraw your retirement savings.