Retirement planning can be described as the process to determine the retirement income goal by managing and planning the long-term and short-term finances in order to achieve these goals. Retirement planning involves identifying different income source, analyzing the financial objectives, estimating the expenses, implying savings program and managing risk and assets. It is important to estimate the future financial objectives in order to determine the retirement income goal.
A. Make a rough estimate of your future financial goal(s)
B. Consider your current income and fix an amount to put towards the plan
C. Research the available plans, read the benefits offered post maturity and choose accordingly
D. Understand the product before jumping at the cheapest optione.
E. Do not choose a product only because of tax-friendliness.
A retirement plan is essentially a product of low liquidity. However, some companies allow withdrawal even during the accumulation. This will ensure funds to fall back on during emergencies without having to rely on bank loans or others for financial requirements.
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