7 steps for successful retirement planning

steps for successful retirement planning
29 Jul, 2017, 08:48AM UTC by Jaydip Mehta

How many years left before your retirement??

If you have more than 30 years, start saving now!!

If you have less than 30 years, start saving even more!!

Retirement planning is important for everyone’s life as all of us won’t get pension.  After so long period of service, retirement gives you enough time to rejoice your life. So don’t let money become a barrier between you and your fun plans after retirement.

There are mainly two kinds of planning we all do for retirement. These two are –

  1. 1. Personal planning Sometimes we are forced by our circumstances and helplessly change our mind from what we want to do and start doing what is needed and demanded by situations. In cases like those we only can follow our true passion after retirement. Some people want to start their own business, some people want to join some volunteer role in different kind of schools or NGO, want to learn some different language or travelling around the world. Saving up for retirement could become a backup to pursue those passions of yours.

2.  Financial planning: Plan for your future and make adequate funds to support your retired life. Your life after retirement will be comfortable if you structure your investment properly. Because, how small it is a systematic and regular investment for a long time could earn you a fortune.

Planning your retirement is important. At the end of the day, your actions will reflect in your result.

So, without any further ado, let’s talk about the steps which will help you to plan your next joyous venture, i.e. Retirement.


Read More: All the answers about investing in mutual funds

Saving for retirement

  • Determine your monthly expenditure: First of all, calculate how much you are going to expend at the end of the month, so you can save for your old age. You can also start SIP from early age to save up for your future.
  • Retirement duration: Save as per your retirement duration. Suppose you got retired in 60 years of age and you are expecting to live let’s say up to 80 years. So your retirement duration is 20 years. You have to save for your expenditure planning for those 20 years.
  • Prepare your retirement plan early: It will be profitable if you start planning from the day you started your professional life. The early you make the decision, the better return you get in the future.
  • Decide retirement corpus: Once you know the monthly expenditure and retirement duration, then you can calculate the how much you have to invest in order to achieve your goals after retirement.
  • Save 10% income for retirement: Try to save from the day you starting your professional life. If you save 10% income every month for your retirement and invest it wisely, you will find it will be huge benefiting for you.
  • Increase your investment: Try to invest more whenever you are getting higher income. Keep the 10% ratio constant. After all it will be saved for your future.
  • Keep investing regularly: Try to invest regularly. A disciplined investment will bring you a huge amount of sum in return.

Read more: 10 advantages of SIP

A successful planning leads to a smooth execution. So, plan your retirement carefully and wisely. This is kind of a decision which will have a huge impact not only to you, also for your family and children.

In today’s scenario everyone should plan and save up for their retirement. Nowadays there are lots of schemes & funds where you can invest in order to get maximum return. But it is also necessary to know about the features and benefits of funds where you want to invest.

To get your personal retirement planning analysis report, click here.

Invest regularly and live a tension-free retired life.


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