Our parents and peers always advise on how crucial it is to have adequate savings. This is because they know that in today's scenario when the inflation is uncontrollable, the standard of living is surging, healthcare costs are increasing, etc., all these factors could impact your finances at the time of retirement. Retirement is the phase when you don't want to mess around with monetary issues, and everyone expects to live a stress-free life without any financial worry. This is only possible when you do retirement planning.
Retirement planningis a process of earmarking your income goals for retirement years and taking steps to accomplish the goal. When it comes to planning for life's golden years, people are always facing confusion about when is the right time to prepare for retirement. It is best to begin at an early age. Let's understand this with an example.
For instance, Mr A is a 25-year-old, and he plans to build an estimated corpus of Rs. 2 crores. He plans to retire at the age of 60. For this, he starts investing Rs.3,500 per month at the interest rate of 12% and accumulates more than his targeted amount, i.e. Rs. 2.5 crores. However, he wouldn't be able to achieve the desired corpus if he delays this by five years. Beginning to save from the age of 30 years, he can build only half of the corpus that is Rs.1.2 crores by the age of 60. This indicates that the early you start planning, the better.
Early age is just one of the factors for accumulating wealth for retirement. You can make the process of retirement planning a little easy if you follow these five golden rules; these include:
- Plan for more than you need When it comes to retirement planning, you need to evaluate how much income you will need at the time of retirement. Note that while earmarking your income for retirement, it always should be more than what you need. To have a great retired life, you will need 70% to 90% of the current income. For instance, if you're earning Rs.70,000 monthly, your monthly earnings at the time of retirement should be nearly Rs.49,000 to Rs.63,000 per month to lead a financially stress-free life. If you're targeting 70% of current income for retirement, savings is not enough. You should start investing.
- The 4 per cent rule The rule of 4% refers to the withdrawal rate. Regarding this rule, experts further explain that a retiree who invests 50% in bonds and 50% in equity will not outlive the funds if he/she withdraws 4% from the account in the first year. After that, the withdrawal amount is then adjusted as per inflation rate in each year. The rule is based on the assumption that the portfolio should last for at least 30 years.
- Start retirement early Going by the 4% golden rule of retirement planning, if you withdraw Rs. 1 lakh in the first year of the retirement, you need to build a corpus of Rs.3 crores. To reach a target such as this, you need to start saving right in your 20s. In fact, you can venture into investments that would fetch high returns due to the power of compounding.
- Reverse Mortgage Many people often invest in a property to secure their future as real estate is known as the safest and best option for a regular income stream. This is common in India. You will find that seniors pledge their real estate property to banks or financial institutions in order to get periodic payments/income, which is also known as a reverse mortgage. The bank uses this property to disburse a loan amount by assessing factors like the demand for property, the current price of the asset, and its condition. The reverse mortgage loan ends when the owner dies or decides to sell the house. If the owner dies, their children can have a right over the property by repaying the loan, or the bank takes the possession. Note that such gains are entirely tax-free.
- Post Office Monthly Income scheme Post Office monthly income scheme is a secured scheme as it is backed by the Indian government, and it is recognized by the Ministry of Finance. It commits to offer fixed returns on investment. In terms of retirement planning, it is a safe option as compared to other equity shares and fixed-income securities. When you open a monthly income scheme, you can invest a maximum of Rs.4.5 lakh with a lock-in period of 5 years. Withdrawal during the lock-in period attracts penalty, depending on the time of redemption.
Steps for retirement planning:To enjoy the golden years of your life, you need to plan it very cautiously. Follow the below steps:
- Step 1: You need to define your retirement income goal.
- Step 2: Assess your current financial situation.
- Step 3: Estimate the amount of money you will need for retirement and try to build a corpus more than you need
- Step 4: Identify a suitable retirement plan. If you are actively putting your money in Provident Funds and Saving account, then you also need to explore investment options to get recurring income post-retirement
- Step 5: Set up a system which will generate regular income from the retirement corpus
Now that you know the golden rules of retirement planning, every financial need can be taken care of with confidence.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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No fee or consideration or economic benefit either directly or indirectly is associated for availing the assessment through MoneyForLife Planner and therefore it is not to be considered as an investment advice or financial planning and / or investment advisory services.
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If you come across any breaches/violation or offensive material you must report to us at email@example.com
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The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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