What is retirement planning? Retirement Planning is the process of estimating the future goals and determining the necessary actions for achieving those goals. In financial context, Retirement Planning is allocation of savings or revenue for retirement. It is not advisable to depend solely on company pension schemes hence one needs to plan retirement skillfully.
While drafting retirement plan one needs to identify the sources of income, tax advantaged savings programs, etc. Also, one has to ensure regular income to meet day to day expenses for leading a comfortable life.
There are various factors which have to be considered for Retirement Planning.
- Estimate your Retirement budget.
- Estimate your healthcare cost.
- Draft a Retirement Plan.
- Determine your expected retirement income.
- Payoff your debts.
- Take a note of your savings.
- Keep your investments right.
- Plan out for your property.
- Prepare your emotional mindset.
- Learn the rules and regulations of your retirement account.