Retirement Saving
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Retirement saving is the process of determining retirement income goals, and the actions and decisions necessary to achieve those goals. Retirement assessment involves estimation of future cash flows to determine whether the retirement income goal will be achieved. It is ideally a life-long process. Remember that retirement saving starts long before you retire—the sooner, the better. Effective assessment gives individual the benefit to retain their financial independence and maintain their standard of living even after their work life is over. So, the future is largely depends on the choices we make today.
Benefits of Retirement Saving
Retirement saving helps save a large corpus which can be utilized to achieve our financial goal after we stop working. An individual can start investing with a very low sum at a very early age. Retirement assessment starts at a point when you know your present as well as future life goals. A sound financial saving is then prepared to help you to meet these goals upon retirement.
Features of Retirement Saving
The biggest obstacle that an individual must overcome: No clue is available with us for how long we are going to live. To ensure a safe, secure and fun retirement, there are certain factors that must be considered i.e. how much money would be required to live a comfortable life after retirement and to ascertain how much will have to be invested to achieve this goal.
We should invest in a right investment cum retirement saving to build the pre-determined corpus.
Most of the retirement savings offered in the market today either provides a fixed monthly income or a lump sum amount after retirement.