Retirement Planning
Retirement Planning
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Retirement planning involves preparing financially and psychologically for life after you retire from work. Here's what it typically involves:
Financial Assessment: Evaluate your current financial situation, including savings, investments, assets, and liabilities.
Setting Retirement Goals: Define your retirement lifestyle goals, such as where you want to live, what activities you want to pursue, and any travel plans.
Calculating Retirement Needs: Estimate how much money you will need for retirement based on your desired lifestyle, life expectancy, and inflation.
Saving and Investing: Develop a savings strategy and investment plan to accumulate the necessary funds for retirement, considering risk tolerance and time horizon.
Healthcare Planning: Plan for healthcare costs during retirement, including Medicare coverage and any supplemental insurance.
Estate Planning: Ensure your estate plan is up-to-date, including wills, trusts, and powers of attorney.
Monitoring and Adjusting: Regularly review your retirement plan, making adjustments as needed based on changes in your life circumstances, financial markets, and retirement goals.
A Small Case Study
A Small Case Study
Mr. & Mrs. Sharma is a retired couple. Mr. Sharma is 47 Yrs. and works in a private firm and Mrs. Sharma is also 47 Yrs. of age and a private school teacher. Generally this is the age when people start planning for their golden ages. Their current monthly expenditure is 25,000/- excluding all the EMIs and school fees etc.
Now, if we consider the average age expectancy as 80 Yrs. then Mr. & Mrs. Sharma need to survive for 20 years after their retirement from Job and if we consider the long term inflation as 7% p.a., this monthly expenditure of Rs. 25,000/- will reach at around 1 lac (Rs. 96,742/-) per month, i.e. 12 lacs a year and 2.4 Cr. in next 20 Yrs.
So, they will require Rs. 2.4 Cr. approximately for their survival and do remember that we have not calculated the future inflations during their retirement life of 20 years. Here we should also consider the following expenses:
Medical expenditure for routine check ups and all
Cost of Health insurance
Other incidental & miscellaneous expenses
Therefore, while planning for investment on account of accumulating our retirement corpus, we should consider the aforesaid framework.
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