Turn Retirement From Vague Dream Into Funded Plan

Move beyond I will manage someday to clear goals buckets and mutual fund powered income

- SUKANTA BHATTACHARJEE Mutual Fund Distributor

For most people, "retirement" is more of a feeling than a number. You imagine freedom from office mail, slower mornings, and a routine of your own. But the money side of that picture is often fuzzy. “I'll manage somehow” is not a plan, especially in a world of rising medical costs, longer lifespans and inflation that quietly eats into every rupee. Retirement planning comes down to one question: Who pays your monthly salary when you stop working? The earlier you answer that, the more control you have over your future.

Three Questions To Anchor Your Plan

Instead of starting with products, answer three basic questions.

• When do I want to retire? The difference between 55 and 65 is not just ten years of work; it is ten extra years for your money to compound.

• What kind of life do I want? Bare bones survival, comfortable middle class, or aspirational with travel and hobbies? Each comes with a different price tag.