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Retirement is one of the important
life events many of us will ever experience. From both a personal and financial
viewpoint, realizing a comfortable retirement is an extremely wide procedure
that takes sensible planning and years of perseverance. Even once it is reached;
managing your retirement is an ongoing responsibility that carries well into
one's golden years. In this article we will discuss few things about retirement
planning that will help you in making proper decision on your retirement
planning.
Factors to be considered while Planning for your Retirement5 simple steps to
arrive at an ideal retirement plan
Below given are five simple steps to keep in mind while choosing retirement
plan.
Step 1: Decide how much income you require to live happily in your
post-retirement years. Remember to take into account factors like increased
medical expenditure, vacations, gifts for family, etc.
Step 2: Find out how much you need to save regularly, starting from
today. You can use retirement calculator to determine the retirement amount you
need.
Step 3: Select the right retirement plan that allows you to meet your
post-retirement requirements. Preferably invest in plans which can provide you
with potentially higher returns in the long run.
Step 4: Start saving now so you have time on your side and can enjoy the
power of compounding. The sooner you are starting the higher your savings will
be.
Step 5: Invest a fixed amount every month for your post-retirement years.
Systematically investment will help you to multiply tour investments multifold.
Following are the major factors to be considered while opting for a
retirement plan.
* Current Age
* Age of retirement
* Years after retirement
* Annual income at retirement age
* Rate of return on retirement corpus
* Inflation rate
Read the full article from IndianMoney
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