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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