Retirement planning is an essential part of financial planning. An increase in average life expectancy increases the need for retirement planning.

Inflation erodes the value of money over time. If you want to maintain your current lifestyle during retirement, you can get returns above inflation in the long run. You can invest in a financial instrument which can give returns above inflation depending on your risk appetite.

Retirement plans cover all aspects of life- inflation adjusted monthly expenses, medical emergencies and other liabilities. You may have to work hard and make a living for yourself and your family. As you near your retirement, you may have new dreams and goals in your mind. You may also want to fulfill your commitment like child marriage, higher education, world tour and dreams. With the help of retirement planning, you have the power to fulfill your dreams and desires. Retirement planning means calculating today for future life, so that you can continue to achieve your goals, how much money you will need and invest to extend your retirement time.

The main pillar of retirement planning is long-term care as an increase in average life expectancy, investment planning, inflation-adjusted monthly income, health care, tax planning, estate planning, protecting a post-retirement lifestyle, increasing health costs, interest Spouse and dependents for rate drop and protection.

In India we will not be supported by any patient structure and hence planning for retirement life is an important aspect. Financial planning helps you utilize your available financial resources in the best possible way so that you can achieve your financial goals .

Views are personal: The author is Ankush Mahajan, Emerging Fincare Services Pvt Ltd, Bhilai

Disclaimer: The views expressed are those of the author and are personal. TAML may or may not subscribe to it. The views expressed in this article/video are in no way intended to predict or time the markets. The views expressed are for informational purposes only and do not imply any investment, legal or taxation advice. Any action taken by you based on the information contained herein is your sole responsibility and Tata Asset Management will not be liable in any way for the consequences of such action by you.

Mutual fund investments are subject to market risks, read all the documents related to the scheme carefully.

Disclaimer: Content Produced by Tata Asset Management