Why Retirement Planning Is Crucial?

Retirement is an important and unavoidable stage of life.

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You get no fixed monthly salary as was the case during your professional life. Given the improved medical facilities, life expectancy is on the rise and it is reasonably safe to assume that you will continue to live 15-20 years more post your last working day.

This two-decade journey with no active income source can be a challenging phase if not planned well, especially in a rising inflation scenario. In order to sustain this period one needs to have a continuous cash flow to meet monthly expenses. Further, medical bills which tend to rise during such times tend to put additional burden on your finances. With provisions of pension being largely done away with and the rising trend of nuclear families, there is a lack of financial security/ safety net. In this scenario, often people tend to cut down their expenses which drastically hampers one's living standards, leading to resentment and disappointments. In order to avoid such eventualities, it is imperative to plan for retirement as early as possible.