“Money is a guarantee that we may have what we want in the future. Though we need nothing at the moment it insures the possibility of satisfying a new desire when it arises.”
— Aristotle
Enjoy a comfortable retired life - Retirement planning consulting from Prime Finvest Services
A good retirement plan (RP) provides an adequate corpus for the sunset years without compromising on the standard of living of the person. It also involves smart selection of retirement products to not only save for retirement but also help save on taxes.
Most people need to have answers to the following questions when they start thinking of retirement planning.
Why do I need retirement planning?
Retirement planning is about ensuring that there is adequate income to meet the expenses in the retirement stage of an individual’s lifecycle. You need retirement planning to live a tension free, economic-hassle free life post retirement. At the same time, there may be a larger outlay on other heads of expense such as medical and healthcare. A good Retirement Planning takes care of these needs, if done in a sound and prudent manner.
How much money do I need to have in order to retire?
Retirement planning involves making an estimate of the expenses in retirement and the income required to meet it, calculating the corpus required to generate the income, assessing the current financial situation to determine the savings that can be made for retirement and identifying the products in which the periodic savings made will be invested so that required corpus is created. The invisible enemy named “Inflation” should also be accounted for, before an individual decides upon his RP. At the time of calculating the income required, the value of the current expenses has to be adjusted for inflation to arrive at the cost of the expense at the time of retirement.
When can I start my retirement planning?
T O D A Y
Ideally, the retirement savings should start as early as possible so that smaller contributions made can also contribute to the corpus significantly with the benefit of compounding.
There are two distinct stages in retirement: the accumulation stage and the distribution stage. The accumulation stage is the stage at which the saving and investment for the retirement corpus is made. Investments made in the accumulation stage should ideally be growth-oriented. The distribution stage of retirement is when the corpus created in the accumulation stage is employed to generate the income required to meet expenses in retirement. Investment made at this stage is income-oriented primarily.
We help you to create retirement fund, with proper planning by following the below mentioned steps:
- Compute the retirement corpus required based on the estimation of expenses in retirement or income at retirement.
- Determine the periodic savings required to accumulate the retirement corpus
- Analyse the current financial situation to determine the savings possible
- Set in place a long-term savings plan based on the expected income
- Identify the investment products in which the savings will be invested
- Monitor the performance of the investment and the growth of the retirement corpus periodically. Review the adequacy of the retirement corpus whenever there is a change in personal situation that has an impact on income or expenses.
- Make mid-course corrections, if required.
- Rebalance the portfolio to reflect the current stage in the retirement plan
Everyone dreams of having a comfortable retired life. But does everyone succeed?
Contact
Arnab Mitra
- Call Us: +91 98300 09885
- Whatsapp: +91 7604094166
- Mail Us:guidance@primefinvestservices.com