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Why do you need to plan for your retirement?
It is easy to cover your expenses as long as you are in the earning phase of your life. But post-retirement, you need to have enough money set aside to live the rest of your life without many compromises. Additionally, there is a problem of mounting medical expenses as one grows old.
It needs to cover your daily living expenses
All of us have to bear the necessary living expenses even after retirement. As life moves on, the absence of a monthly income could become daunting.
Not many people get pensions or gratuities post-retirement and even for those who do receive them; the amount is generally not enough to cover all of the expenses. By planning and building a sizable retirement corpus, you can ensure an adequate standard of living commensurate to one’s lifestyle.
To cover medical expenses
With age, the health issues and emergencies keep mounting, which create a huge impact on your finances because your health insurance policies may not be enough to cover all your medical exigencies. Therefore, your retirement corpus must be large enough to cover your and your family’s medical expenditure to avoid a sudden financial crunch in the sunset years of your life.
Inflation refers to the rise in the prices of goods and services. It erodes the purchasing power or value of money and a constant rise in the price of goods and services will continue to be on the rise until you reach the retirement age.
This means that you would have to pay more for everything in the future than you do it today. You need a sound retirement plan, that aims to establish an adequate retirement corpus accounting for inflation, life expectancy, rate of return, and so on.
Deal with exigencies
Life is unpredictable. It can sometimes throw us into adverse situations and circumstances which we may not have expected. Some situations have the power to create financial as well as emotional turmoil in your life such as natural calamities, loss of loved ones, financial difficulties in the life of family members, and so on. Having a significant corpus to take care of such contingent events is of utmost importance.
To meet your retirement goals
The retirement period is the time to pursue hobbies you never had time to. Be it opening a business venture, going on a world tour, buying your dream car, or that villa you always aspired to have, whatever you fancy. But to do that, all you need to have a strong Retirement Plan that’s feasible, scalable, and consistent.