(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to mailfpc@ yahoo.com)
Only you retire, not your needs and wants....
We have never seen a single cricketer calling it a day with a broad smile on the face. But reality bites. All have to retire someday and the prudence lies in making mental and financial preparation to deal with retirement.
A recent survey on retirement in India throws interesting insights into the subject. Let's see the top concerns which have been listed in the survey responses:
- Health care in retirement years.
- Having to work in retirement years.
- Providing for long term needs.
- Outliving retirement money.
Why do we need retirement planning? Let's look at some of the numbers...
If you were to retire today and need Rs 50 lacs for the retirement fund, can you imagine what would you require to match the same amount 20 years later?
Rs 8.18 Crores
If you need Rs 30,000 for monthly expenses, can you imagine what would you require to match the same amount 20 years later?
Rs 4.90 Lacs
If one needs Rs 5 lacs for health care expenses now, can you imagine what would you require to match the same amount 20 years later?
Rs 81.84 Lacs
Remember, only you retire... Not your needs and wants.
(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to mailfpc@ yahoo.com)
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