Retirement Planning

For most of us retirement is the end of years of hard work and the beginning of checking-off our bucket lists. A well-planned retirement however is a necessity that quite a few overlook. To put it squarely, retirement also means the end of steady income from salary, as is the case with most people, even as your expenses continue. Although we may have provided for most big-ticket life expenses related to our family such as children’s education, weddings, building a house etc., but it’s the day to day expenses post retirement which needs to be catered for in the face of absence of a regular income. Add-in the inflation effect and this figure keeps on soaring unbelievably high. Then factor-in the increasing average life expectancy and we really have a considerable problem at hand to deal with. We really can’t work forever to cater for this, but without a retirement fund to fall back on, we sure enough will have to.

This golden period of life which if you have panned well is perhaps the best opportunity to engage in the events and experiences you’ve only visualised so far. But it needs a well thought out and executed retirement expenses funding plan. These expenses could range from that required to purse a post retirement vocation, day to day expenses, healthcare expenses, indulgences for youngones and the extended family etc. Most of these will hold true for all of us and will definitely need a sizeable retirement corpus to be able to be funded successfully. It’s good to be optimistic, but that alone won’t help meet these obligations because the future really could have more financial obstacles than your past or present. And it really isn’t fair to depend upon your family for this. Having a firm plan in place will make sure you don’t become a financial burden on those you love the most. You want to be in a position to help out a family member’s financial situation, not make things worse. Infact, if you plan it well, you could actually contribute to your family even after you’re retired. It will mean a lot to your family to know that you will always be there when it matters

Having said that, we agree that saving money is a challenge for some more than others. But what’s also true is that it’s much more of a mind game than a numbers game if your priorities are correct. Accumulating the funds you need for a comfortable retirement may take time, depending on your income, and you’ll want as large of a nest egg as possible when you are no longer bringing in a salary. That’s where we come in. Gravity Wealth Management works helps people plan and execute their retirement with the single-minded objective of making sure you can look back and say you’ve arrived well.

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