Most of us like to live in the present, so much so that often, we end up ignoring the future. We splurge on present needs and retirement planning to most of us is something esoteric that is best relegated to financial planning magazines.
To be sure, saving and planning for retirement is a real and urgent need; it’s a lot more urgent than the latest mobile or car or the grand vacation to Europe.And retirement planning is too pressing and long-drawn to be taken up when you are a just a few years away from retirement; by then it’s probably a little too late in the day to wake up to the rigors of retirement planning. At Wealthhunter, our recommendation to clients is to save for retirement at an earlier stage of their lives.
It reduces pressure on finances at a later stage and it enables one to aim for an ideal retirement scenario and not a compromise.
⇒ Here we outline some myths about retirement planning:
Inference: If you start saving at an older age, not only do you have to save much more every month but also for a much longer duration to collect a similar corpus.