Need For Retirement Planning

"For many, retirement is a time for personal growth, which becomes the path to greater freedom."

Robert Delamontague

Retirement is a stage in every working professional's life. It is an age (generally between 60-65) when a person is deemed eligible for retirement.

The age at which a person can retire varies by country, occupation, and retirement plan. Some people decide to retire early, while others choose to work past the legal retirement age. Retirement can also refer to the time following a person's retirement.

People retire for various other reasons such as: To spend more time with family Health concerns Forced retirement Need of time to follow other pursuits such as hobbies etc

While it is certain that most of us will retire by 60-65, what is alarming is that the majority have not planned for that period. Not all have enough financial cushion for the next 30 years of life after retirement. Most are so focused on the present, they spend what they have to buy a house, buy a new car, and education for kids, they are left with little to none to fend for themselves in their twilight years.It is critical to know that while you may live till 85 years or 90 years, you stop earning right at retirement. So only whatever you save while you are earning will help you when you are retired.

It is the need of the hour to wake up from this slumber and realize that we still have time to correct our mistakes, get out of ignorance and start safeguarding our future.