Essay On Retirement Planning

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Retirement planning is one of the most important aspects of financial planning. The primary goal of retirement planning is to achieve financial freedom in your retirement years while on the other hand; it is also a goal to maintain your current lifestyle even during your retirement years. Retirement planning is a very structured process, and the very first step to achieve your goal is to have a proper framework of the plan so as to ensure a worrisome retirement life ahead.
Ramesh, a senior manager at a textile store in Chennai, started worrying about his retirement when he turned 45 years. Currently, he is withdrawing a salary of Rs. 38,000/- per month post the deduction of tax. With the salary that he withdraws, he has his monthly expenditures
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Does Ramesh wants a quiet life in a less costly part of the country or does he plan to maintain an expensive home and travel the world? Will Ramesh completely stop working or continue on part-time? There are a lot of factors to be considered—and a few unknowns—so you may not have exact answers now. But it 's well worth your effort to think about these things in advance so that Ramesh and even you can come up with a realistic retirement savings goal.
Let’s look at some of the factors to be considered while planning for a successful retirement.
A start to estimate your yearly retirement expenses
You probably think that you will end up spending less amount during retirement. Once again it depends on you on how you plan for a safe and happy retirement life. Many people tend to believe that the expenses incurred by them are higher during their early years and gradually lower downs when they turn old.
Retirement is often seen as an incentive for a lifetime of hard-work. It is hard to believe that even post retirement you must look after your own requirements and not depend on anyone in the family. Therefore, to make the goal of early retirement you must not only plan for it but must be followed too.
From my perspective, I think it 's wise to assume that you 'll spend about the same in retirement as you 're spending now. You may end up spending less, but it 's a safe starting point for the sake of

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