Retirement is like a vacation that brings a relief to those working hard daily in their 8-12 hour shifts. You will get time in the world to travel, have long lunches and pursue your hobbies. If you have a pension plan, you will be financially independent and free in this beautiful phase of life even if there is no incoming salary but for rest it is important to plan for retirement in advance. India’s consistently high inflation is noted as one of the big concern. This is why, timely investment in retirement plans is very crucial.
Why do we need them?
A retirement plan helps you accumulate enough funds to remain financially independent during your retirement years. It entails deciding your retirement age, how much money you will need for your monthly expenses during retirement and how much you need to set aside now to accumulate that corpus for retirement years.