Why is retirement planning important?

• Retirement is an important phase that all of us experience in life. Retirement planning has undergone a major shift in India. People now look at this phase as the opening of a whole new chapter where people can plan and do what they want to pursue. It is the best time to meet one's goals and dreams. The best time to convert your hobby into some productive use. Thus to have a comfortable retired life it is very important to save and build a good corpus. This can be done with the help of retirement plans offered by various private finance companies today.

• Retirement plans provide financial security and help organize finances for our future. Saving and investing with retirement plans for life after retirement is very important and there are many reasons which explain its importance.

• Some of them are stated below:• Personal goals: If you build a sufficient corpus with systematic

planning throughout your job cycle, you would easily be able to fulfill your personal goals or dreams that were left incomplete. Your dreams may include a new business, travel plans or a new property. You can do all that you want to do without compromising anymore.

• Financial security: Retirement is a stage where your employment ends just as the regular source of income. Thus investing in retirement plans provide you with the essential financial back-up that you need to live the same lifestyle throughout your life, without being dependent on anybody. Increased lifespan:

• The present generation has a longer lifespan as compared to the earlier ones due to advanced and better medical and health amenities. However, the improved healthcare services make us save more and be well prepared for their rising expenses in advance.

• Change in family structure: Due to the changes in family structure from a joint family to a nuclear family, there is a need to make one’s own savings. P people do not want to depend on relatives or children post retirement. In such a situation, savings via retirement plans helps to maintain a self-reliant lifestyle backed by financial stability.

• Lack or insufficient pension funds: • Today, pension funds and schemes are insufficient to maintain the similar

lifestyle post retirement. With rising prices, increasing expenditure, and inflation rates, many individuals find a need to supplement their pension funds with self-funded retirement plans.

• Unforeseen emergencies: Life is uncertain and after retirement, it becomes all the more important to prepare for unforeseen situations which can arise like medical emergencies in old age, health issues, etc. Such situations require you to prepare for the future contingencies.

• Therefore, taking the above points into consideration, it is very important for every individual to have a proper Retirement Pension Plan. To select the best plan you can take the help from a financial planner and take his expert views on the best retirement plan to live a comfortable life post retirement too.

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