Have you planned for your retirement? If No, Then do it now!
Retirement planning is must-must; one should not make any compromises to plan for it. It should be planned after watching your cost of living & that’s for sure if you have planned you will found the amount you saved is less than your cost of living. After retirement year by year you will need your saved money so you will have to plan accordingly to it.
After retirement one needs to be conscious of his/her health too as your age is increasing year by year. If one lives for a longer period that great thing but illness & other medical problems do come along with it even if you care very well yourself but if one is doing yoga he/she can remain well and can fight from diseases.
I hope now you realize how important planning for retirement is? Every year commodities & other things are becoming expensive & so you have to plan your retirement for the coming future which is uncertain, but one thing is certain that you will retire. Have you thought what you will do after retirement? Are you satisfied with your pension? Don’t you want to make more money for your grandchildren, I believe you do? You need a happy life after retirement or a worried one it’s all your decision.
Bridge the Gap
There is a gap you need to fill it in a planned manner & the early you start the better it is. You have to check out the impact of inflation over a period of time. The best thing here is to invest in equities say a 20-30 years before you retire & you cannot deny that you wont retire one day & if you start saving from the day you retire you will be at loss as you have not bridged the gap that you could have bridged 20-30 years back.
But remember equities can boost your finances well only if you save for a long term a really long because you are investing in them for your better and secured future. If you invest in equities for short term you will erode your saving’s. I hope you get me clear why I am saying to invest in equities and for long term. Don’t go for share market directly invest in mutual funds instead as they are quite secured than shares.
Start Saving Early, Why so
Saving for retirement at an early age helps you out in a great way. The early you start saving for retirement you pay smaller amount & the late you save for it you give larger amounts. I think you are the better judge after knowing it that when you should start saving for your retirement.
If you want to make good investments then you should go for stocks and equities. And keep reviewing your financial plans on a regular basis as at time decisions need to be reviewed. May be some change is required at a particular time & yeah you should take your financial consultant for this job as he/she is best to guide you, if your are not aware of things. But remember no one is perfect in this world.
Important things to remember while investing & financial planning
One should be having a clear mind while investing. He/she should know why he/she wants to invest. Every one has some reason to invest and it can be anything at all. Investments are mainly done to accomplish your long term needs so you should save for long term. Here are few long terms financial needs:-
- Saving for Your Own Marriage
- Saving for Child Education
- Saving for Child’s Marriage
- Saving for Business
- Saving for Foreign Trip
- Saving for Gift to your Dears & Nears
- Saving for Retirement
When you know your objectives of investment, the next move will be planning to achieve these objectives. But do consider a Financial Advisor or Consultant because he/she can guide you better & that does not mean that you should not bother about anything & you become solely dependent on him/her. You should try to have knowledge too about the field prior if you have time & if you consider you don’t have time & frankly no one has time now days. Don’t think that your Financial Consultant knows everything about the field as it is his/her job but he/she can know few things as no one is 100 % perfect.
But, whatever they know they should let you know and if they don’t then they are at loss.
When you have decided to have an Investment Consultant to help you out, you should know that is the person fit for that job and if yes then up to which extent, the person is best suited. But, the question arises how you can say that the person is right for the job?
An Investment Consultant is not best if you see that you getting good returns but what services he/she is imparting to you. And honesty and trust of both the Consultant and Client is necessary if it is not there anyone from both can suffer.
And do remember you should invest for a long and really long term with full growth potential and you should not worry about the market movements just invest regularly and systematically and mind it patience is the virtue and patience pays. You should posses a good portfolio and it should be the best. You should save and invest to help out to meet you financial goals as it will meet you future goals too. And whatever you had planned you will achieve when only you save and invest but before that you have to plan and remember planning before rainy days come is very necessary as you never know when things go wrong.
Go Ahead and Have Happy & Secure Future.
Written by- Varun Vaid ( vaid.varun@yahoo.co.in )
