Saving For Retirement

Saving For Retirement
Retirement is a long way off; why think about it now?
This is what most of us think especially when we are in our 20s and 30s. While this is certainly true, retirement is indeed a long way off, but planning for it is not.
Just answer these 4 basic questions and you will know whether you need to start planning for retirement –
– Do you have considerable inherited and /or ancestral wealth coming your way in a few years?
– Is your current income such that you manage to save more than 50% of your salary almost every month?
– Do you plan to leave a very Spartan existence once you retire by moving to the Himalayas and living in an ashram there?
– Do you regularly buy a lottery ticket every other day hoping to hit the jackpot in the next few years?
If the answer to any one of these questions is YES, then sure you don’t need any retirement planning as either you won’t need much money to survive after retirement or you would have enough wealth without doing anything by the time you retire!
If your answers are mostly NO, then you do need to start thinking of retirement now and setting aside money for it today.
Traditionally, we Indians do not plan for retirement. It is the other goals like owning our own house, providing a good education to our children and arranging for a lavish marriage, especially a daughter’s marriage that take precedence.

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