Childhood
Life stage planning approach
Phase Characteristics
A phase of dependence on parents for all needs.
Secure your future with smart retirement planning
Retirement Planning Services in India: Secure Your Future with Early Planning
Retirement planning is a crucial aspect of financial management, especially for middle-class families. It ensures a steady flow of income when you can no longer actively work. With our Retirement Planning Services in India, we help you create a reliable financial plan that aligns with your lifestyle and future needs.
Retirement Planning Services in India:
Building Your Retirement Fund
Strategic planning to ensure financial independence in your golden years
The Retirement Planning Process
The retirement planning process starts during your working years. It involves:
Assessing Monthly Expenses: Calculate current household expenses to estimate future needs.
Setting a Retirement Fund Goal: Calculate the amount needed to maintain your lifestyle post-retirement.
Investing Regularly: Determine a monthly investment amount based on your retirement goal and starting age.
Starting Early: Begin as early as possible to reduce the burden of investment.
Consequences of Not Planning for Retirement
What happens when you don't plan for retirement
Forced to Work Longer: Without sufficient savings, you may need to continue working even when health or age prevents it.
Financial Dependence: You may rely on your children or family for basic needs, creating emotional and financial strain.
Compromised Lifestyle: A lack of funds can lead to cutting back on essential expenses and downgrading your standard of living.
Exhaustion of Savings: With no steady income, your savings can deplete quickly, leaving you financially insecure.
Stress and Anxiety: Financial challenges during retirement can lead to mental and emotional stress, affecting overall well-being.
Unmanageable Medical Expenses: Rising healthcare costs might leave you struggling to afford quality care.
Missed Life Goals: You may miss out on enjoying hobbies, traveling, or spending time meaningfully due to financial constraints.
Understanding Lifes Four Phases
Understanding the four key phases of life for better retirement planning
Study Life
Life stage planning approach
Phase Characteristics
Another dependent phase focusing on education and skill development.
Work Life
Life stage planning approach
Phase Characteristics
The earning phase where responsibilities toward family and self increase.
Retired Life
Life stage planning approach
Phase Characteristics
A phase where earning capacity diminishes, but expenses remain.
Why Starting Early for Retirement Planning is Important
Heres how starting early impacts your required monthly investment:
Starting Age
Retirement Fund
Monthly Investment
Investment Multiplier
25
2.63 Cr
750
83.5 times
30
1.97 Cr
1,400
40 times
35
1.47 Cr
2,500
19.5 times
40
1.10 Cr
4,700
10 times
45
82 Lakhs
12,100
3.75 times
50
61 Lakhs
26,400
1.95 times
55
46 Lakhs
62,000
1.25 times
25
Retirement Fund:2.63 Cr
Monthly Investment:750
Investment Multiplier:83.5 times
30
Retirement Fund:1.97 Cr
Monthly Investment:1,400
Investment Multiplier:40 times
35
Retirement Fund:1.47 Cr
Monthly Investment:2,500
Investment Multiplier:19.5 times
40
Retirement Fund:1.10 Cr
Monthly Investment:4,700
Investment Multiplier:10 times
45
Retirement Fund:82 Lakhs
Monthly Investment:12,100
Investment Multiplier:3.75 times
50
Retirement Fund:61 Lakhs
Monthly Investment:26,400
Investment Multiplier:1.95 times
55
Retirement Fund:46 Lakhs
Monthly Investment:62,000
Investment Multiplier:1.25 times
From the table, we can see that starting your retirement planning early makes it significantly easier and more achievable. When you begin early, the amount you need to save each month is much smaller, giving your money more time to grow. However, the later you start, the higher your monthly savings need to be, which can become difficult or even impossible for most families.
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