Posts Tagged ‘Debt’

Your Retirement

November 23rd, 2022

You have completed the fixed years in your service and its time to retire or you have a business or a profession other than a job and you have decided its time to bid good bye. T he process starts a little bit earlier than you think. The preparation begins before. Preparation is done by two entities – you and the government department responsible for handling retirements.

You prepare mentally to agree that you are old enough to rest and play with your grandchildren. Sometimes government does it for you. Prepare for the retirement before. It may be mentally, physically, emotionally, and socially. Plan for retirement and plan for afterwards. Your retirement planning includes how much money you want to have when you retire, what to do to get that much of money, where to invest when you get the money etc. In United States there is Social Security system to take care of the workers after their retirement. In India, there is no such organization or trust to look after you. You get your pensions from the respective departments. In some jobs you do not get pensions. After your retirement you get a good sum of money. Then what you do. Deposit it in the bank and occasionally take the needed money out.

Or fix a part of the money to get a double on that. You decide how much money you will need to live a good life after retirement. The total money needed can be calculated with the help of different retirement calculators available with the different companies. The amount will depend on many internal and external factors. Internal factors may include what is your earning and investment capability right now, how many years are there to your retirement etc. External factors are like inflation, rising living costs, any other adjustment etc. Pension plans are offered from various companies. Invest in such schemes after choosing carefully. You can invest in different schemes that are available with different companies. You can invest in shares and stocks, mutual fund, bonds or any other such investment options.