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      Retirement Planning: When Is The Right Time To Start?

      • 5 min read
      • Last Modified Date: August 30, 2023
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      To take advantage of compounding interest and provide a stable income for worry-free retirement life, you should start saving in a retirement plan while you are in your 30s.

      To take advantage of compounding interest and provide a stable income for worry-free retirement life, you should start saving in a retirement plan while you are in your 30s.

      People tend to pay little thought to long-term planning and retirement, supposing that they will always be on the planet to manage what is to come, while busy enjoying the happy minutes with their families and companions, routine issues, and numerous commitments. Nonetheless, time passes quickly and unnoticeably as I reflect on this year and how the next one is not far away. Stressing about what’s coming is never a good idea, but approaching retirement ready slowly and deliberately can calm you down, and you’ll spend your golden years living an acceptable, happy existence.

      When Is The Right Time To Start Planning Your Retirement?

      To avoid the wrath of inadequate retirement planning, it is strongly recommended that one begin retirement planning at the appropriate time. If you wait to save until you earn “a little more,” the day may never come, because your expenses are likely to rise in proportion to your earnings.

      To put it another way, even if you consider the traditional retirement age of 60, your 30s are an excellent time to start investing a small amount on a regular basis in a retirement or pension plan to reap the benefits of compounding interest and creating a corpus or steady income in your retirement years. Compound interest accelerates the growth of your wealth because it is calculated not only on the principal but also on the interest earned “over time.” The earlier you begin, the more “time” you have and the more you benefit from compound interest.

      The best time to begin planning and investing for your retirement is now, regardless of your age or financial situation. The sooner you begin investing for a specific goal, the more time your money has to compound. Assume you are 30 years old today and want to start a monthly SIP of INR 2000 for the next 30 years. Your money has plenty of time to compound and grow. Assuming a 12% annual interest rate, you can have a retirement corpus of 70 lakhs for an outlay of 7.2 lakhs over 30 years.

      Read this blog post to learn more about the best time to begin preparing.

      • Getting started as soon as possible is crucial.

      With so many expenses, there may be no such thing as a good moment to start planning for your retirement. Regardless, the earlier you get started, the easier it will be. You don’t have to set aside a percentage of your pay regularly; even the smallest amount of interest in your future may grow over time as money accumulate.

      Even if you finally stop putting money aside for retirement due to unforeseen circumstances, the amount you’ve successfully contributed will have grown by the time you depart. As a result, it’s only natural that you start looking into your options once you have a steady job. If your job provides you with worker annuity benefits, you should consider if they will be sufficient for your retirement.

      • Seek professional assistance with retirement planning.

      While learning about accounts is critical for your financial well-being, you may also hire a professional counselor to assist you in devising the ideal retirement plan for you. They can help you reduce your expenses, manage your debts, and plan for your retirement. Furthermore, if you’re inquisitive about the topic, speaking with a professional financial advisor will relieve your stress and prevent you from making a mistake.

      • Reduce your outgoings

      If you simply cannot stand to set away a significant sum of money for your retirement, you might try a variety of cost-cutting and investment-funding strategies. You’ll have more money to put into your retirement if you plan and eliminate unnecessary expenses. Furthermore, this will aid you in developing a strong financial proclivity that will ensure that your retirement fund lasts for years to come.

      • Finding your Retirement Paradise is a Must

      Making preparations for retirement also includes considering various housing options. You and your companion should consider whether moving to a different residence is the best option for you. You must start thinking about this aspect of retirement planning as soon as possible so that you have enough time to prepare.

      • It’s best to start when you’re in your forties

      If you’re in your 40s and haven’t planned for retirement, now is the time to establish a solid plan that will ensure your financial security throughout your golden years. You should start by looking at your current reserve money. You’ll be able to locate the correct approaches to create your retirement shop once you’ve gained a better understanding of your financial situation.

      Also Read: Retirement Planning: Traditional real estate method vs. Cryptocurrency?

      But, how crucial is retirement planning?

      Education, marriage, and having children are all important milestones in our lives, and retirement is no exception. Human life expectancy is growing rapidly as a result of greater medical treatment, higher health and cleanliness standards, and increased food supply. This indicates that, although our forefathers lived to be 77 years old on average in 1950, life expectancy has increased by nearly 10 years to 87 years old in 2010. When you combine our aim to retire approximately 10 years earlier – perhaps around the age of 50 – you’re looking at a solid 20 more years of retired life and perhaps 30-40 years without working or earning an income.

      This figure is almost certainly higher than the number of years you worked at your previous employer. If you want to retire solely from work and not from life, if you want retirement to include more than “needs,” such as “comforts” and “luxuries,” and if the terrifying prospect of cost-of-living hikes 30-40 years down the road has crossed your mind, retirement planning should be your top priority. Unfortunately, research reveals that most individuals put retirement planning last on their financial to-do list and that the majority of people don’t even think of it as a major event to plan for. However, if you are looking for an ideal option to invest, then the real estate investment opportunities with Assetmonk may be an ideal option for you.

      Best way to plan for retirement

      Consider the following phases in retirement planning:

      • Determine your retirement age:

      Whether you plan to retire at 60 or sooner will have an impact on the amount of money you’ll need to save. The lower the contributions are necessary the closer you go to your target retirement age because compounding interest will increase your money quicker.

      • Post-retirement lifestyle:

      A simple, easygoing way of life may necessitate less expenditure. On the other hand, if you want to establish a business tomorrow, you’ll need to save more money now.

      • Medical Crises:

      As people become older, they experience health problems and medical emergencies. When planning for retirement, keep such financial pressures in mind.

      • Calculate total retirement expenditures:

      Add up your annual living expenses, travel costs, and emergency expenses, then multiply by the number of years you’ll be retired (20, 25, or 30 years depending on when you want to retire). Add in one-time expenses like children’s college fees and prospective venture charges, plus inflation, and you’ve got a rough estimate of how much money you’ll need to live comfortably in retirement.

      • Begin investing as soon as possible:

      If you start at the age of 30, the investment necessary for a retirement corpus of Rs. 1 crore will be significantly less than what you’d have to invest at age 40 or later. When you start early, the compounding interest you receive will be substantially higher over a longer period.

      • Decide on a retirement plan:

      Finally, decide on a retirement plan and begin saving regularly. For individuals planning for retirement, the HDFC Life Systematic Retirement Plan is one of the best options on the market. It has a short premium payment period for systematic premium payments and the ability to delay annuity payouts by selecting the Deferment Period. You obtain guaranteed income for the rest of your life, with the option of receiving annuity payments monthly, quarterly, half-yearly, or yearly, as well as a refund of all premiums paid in the event of death.

      Also Read: What Is Pre-retirement Planning In India?

      Finally, how comfortable and worry-free your retirement life will be will largely be determined by how early you start planning for retirement. A well-timed investment might be the difference between your retirement fantasies and reality! Despite the notion that it’s never too early to start planning for retirement, life can get in the way and make it unimaginable. You must design a retirement strategy that addresses your concerns and put it into action as soon as possible. If you’re looking for a real estate partner to start investing with, Assetmonk could be the ideal solution. Assetmonk has been offering its clients some of the safest and most innovative solutions available in India. Get in contact with our team right now to get started on your investments.

      Right Time To Start Retirement Planning FAQ’s:

      What is the right age to plan for retirement?

      The optimum time to start thinking about retirement is while you’re in your twenties. You may want to enjoy your life right now, but if you can save now, you will have a sizable nest egg when you retire.

      How do I begin to plan for my retirement?

      Begin saving, maintain saving, and stick to your plan. Recognize your retirement requirements. Make a contribution to your employer’s pension plan. Find out about your company’s pension plan. Consider the fundamentals of investing. Don’t tamper with your retirement funds. Some retirement planning strategies include asking your company to create a plan, putting money into an Individual Retirement Account, and so on.

      Why is retirement planning important?

      A retirement plan is intended to assist you to plan for your post-retirement years and live a stress-free existence. A retirement savings plan, for example, can help you build your money and provide a steady income for the rest of your life. These programs let you put money down for your retirement while you are still working.

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