Retirement Planning is my favorite personal finance topic. Why not? It is the mother of all financial goals. If you have sorted out your retirement goal by investing in a well diversified portfolio of direct mutual funds, then technically speaking you do not have to ‘work’ for the rest of your life. Not that you will not work – there is no way i would suggest you to sit idle at home reading news papers or worse, swatting flies with newspaper rolls.
If you are very young, then you might wonder why is this being discussed now. Isn’t it a bit too early? But hey, hold on! An ‘early retirement’ means that you are free to pursue your passions and goals. That could be traveling the world, starting a music band or whatever.
Here are a few things to keep in mind while planning for that big financial goal of all – your retirement.
8. Are you investing via Direct Mutual Funds? A long term goal of retirement means that over the 30 or 40 year time frame you could be losing upto 60% of your money via annual commissions of 1% to 1.5% !
9. Have you factored in an adequate corpus for retirement assuming a sufficiently long life span? Need a Retirement planning for that.Average life spans in India are climbing and by the time you grow old they could easily touch 90.
10. Have you planned for an interesting life full of activities, passions and hobbies. This should start NOW and not when you approach 50 or 60. Then there is nothing called retirement. It is just a long happy and eventful life!
With adequate planning retirement or early retirement should be full of fun and zero financial worry!
Do have retirement planning before it done only. Don’t leave yourself counting on high returns to reach your retirement goals. When it comes to it, it’s best not to focus on short-term ups and downs you can’t control. Two things you can control: How much you save and how much of your return you keep in your pocket.
As individuals, we all have various milestones that we aspire to achieve in life. These…
Introduction Investing in the financial markets can be a great way to build wealth and…
As a financial advisor, it is important to understand that market volatility is a part…
As an investor, one of the most important steps towards achieving your financial objectives is…
Portfolio diversification is a crucial aspect of successful investing. By spreading your investments across various…
Are you looking to build long-term wealth? Do you want your money to work for…