While retirement may seem like something which is in the distant future to many, its never too early to plan for retirement. Needless to say the earlier you start the easier it is.
Retirement plan for our previous generation was us – their children. They were secure and assured of being taken care of . Which the changing family dynamics they same does not hold true for us, even if we want our children to be our support during our golden years, they may not be in position to support us. Given this, its important to factor in for the ever increasing inflation and medical expenses increasing at much higher rate than inflation. Failing to plan accurately and adequately may leave many of us in a lurch just when we expect to live life we have always dreamt of.
With increasing life spans it is quite possible you may end up living nearly one third of your life post retirement. Who do you intend to fund this? Planning for such a period would not only involve planning for your finances it would be equally important to plan for ways to keep yourself occupied. At Finwise we work with you closely to understand how you plan to spend your retirement days and design your plan accordingly.
How exactly do you go about planning for Retirement?
We will estimate the corpus required for retirement to maintain current standard of living taking into account your current age, age at retirement, life expectancy, current investments and assets & expected inflation
Once this is done depending on your cash flow we ascertain what needs to be set aside compulsoritly towards retirement savings. Depending on your preference we suggest asset classes and asset allocation to help you achieve your retirement goal
Most importantly we review periodically to see if your ideas regarding retirement have altered and factor in the changes. We assist you in focusing and implementing the plan agreed upon.