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Saturday, February 19, 2011


We all are living in present world and frequently we ignore the future. The way of life which we are maintaining in the early days of our career, will we be able to maintain same type of lifestyle during our retirement days. If you want to live the exact same kind of life style which you had maintained during early days of your earning, then you need to do planning for your finances. More early you will start planning for your finance, much more wealth in the form of savings you will have at your retirement age.

Need of Retirement planning is as significantly as, as of you wants a vacation to World tour. General mindset of individuals is they commence retirement planning only when they are into the last stage of their career.

Here I am outlying 5 steps, which can assist you in having perfect retirement planning:


Start early

When the word Retirement comes in mind, the initial factor strikes in mind is older age, and that’s the probably reason why people begin so late for retirement. If you want a lot more corpus at the end of your job, during your retirement you almost certainly want to commence as early as feasible in your earning days.

If the same investor had commenced his retirement planning exercise a small earlier, a lot of those complaints against retirement planning almost certainly would have evaporated. So the secret lies in making an early start. We have an illustration on how ’expensive’ retirement can turn out to be for the ’late riser’.

2. Make a plan

Planning is most important in your life.

Planning plays a main role in all small or big works that you do in your life which includes your day to day routines as we as, for future plans. Achieving your targets by means of planning is the entire sole objective for making a plan.

Just before you embark on saving for retirement, you need to have a plan in place. Even though a plan may sound fancy and even intimidating, rest assured it is not all that complex. Your retirement plan is merely your wishlist of how you wish to spend your twilight years.

three. Consult a financial advisor

Retirement Planning, no doubt demands a high level of involvement from your side. But it also requires involvement of some specialist who can guide you on your investments, where you ought to invest and for what time you really should invest how much amount. This specialist is your financial advisor. Financial advisor can certainly assist you in increasing your wealth through your investments. He can guide and let you know precisely wealth or cash in terms of numbers which you will have during your retirement.

4. Track and review your plan

Making a plan and the reviewing it to periodically to see what you are achieving is the nest step. You require to see that what has been framed in your plan, you are on the right track to achieve those life objectives. This requires effort for your advisor and you will need to take a feedback on your financial plan from him on standard basis.

He will actively monitor your investments, exit the investments that are not performing up to the mark and invest in alternative investments. Over time as you approach retirement; he will decrease allocation to risky assets like stocks and/or equity funds in favour of much more conservative avenues like fixed deposits.

5. Don’t dip into your retirement savings

If you want to successfully achieve all your goals for retirement planning, you want to show discipline in all your investments. It will need a continuous and disciplined action for your investments. You will need allocating some part of your earnings separately to invest for achieving your retirement goals. Another aspect of discipline relates to treating your retirement corpus as sacred.

1 significant reason which lets many people to withdraw their cash or discontinue their investments is because of the financial emergency, which suddenly comes in life. Your disciplined financial life will need that each time you are confronted by a financial emergency you need to not rush to withdraw from investments that are earmarked for retirement. Of course, if there is no way out, then you can withdraw from your retirement kitty, but make certain you make very good that withdrawal by putting an equal quantity at the next opportunity.

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