Most of us aspire for that extra-free time to pursue a hobby or do things that makes us happy and gives us immense satisfaction. Retirement is that lovely time when you are no longer a slave of the 9 to 6 routine, free to live the way you want, catch up with people you always wanted to; explore the places that you always wanted. Yes, most aspire to do exactly that but are too worried about the money part. Most people work their entire life fulfilling their loved one’s dream, neglecting to gather enough money for their own retired life.
According to HSBC Future of Retirement Study only 33% of the working population save for their retirement in India.
And more importantly, 7 out of 10 people expect their children to support them in their retirement.
On interacting with many retired people, I have noticed one thing common that no one wants to depend upon their children; everyone aspires to be financially independent, (few even dream of early retirement) yet the circumstances or lack of proper financial planning pushes them into this unwanted scenario. This gets beautifully depicted in the Amitabh Bachchan starrer “Baghban”
Amitabh Bachchan works all his life for his four children but they do not support him during his retirement years, when he is hard-pressed for money. Recalling the dialogue after the book “Baghban” authored by him becomes famous – “Sach kahain toh, kissi se umeed karni hi nahi chahiye; kyon ke jab umeed tootti hain toh bahut takleef hoti hain” (Honestly speaking one should not expect from anyone; when that hope breaks, it causes immense pain).
Why do most of the people fail to plan for their retirement?
Behaviourally any goal that is difficult to visualise or is not accurately estimated is generally not followed upon. Second important reason being that any goal that is far away either gets ignored or procrastinated.
Why procrastinating retirement planning in today’s time can be very fatal?
Advance medical facilities is increasing human longevity; most like the use of bio-genetics could further add more years to our life. Imagine if you were to live for 100 years and having to fund for 40 years on passive income. When I ask this question during my workshops, most people go speechless because they just can not fathom to answer this question.
The biggest goal is possible if you start to plan early?
Retirement planning is one of the most certain goals of your life, make it beautiful by planning from the first pay-check that you receive. To make things simple – suppose it’s your first job and you are just 25 years of age and wish to accumulate Rs 10 Crores when you retire at 60. You can achieve the retirement goal amount by just investing Rs 15,000/- per month via #SIP.
It’s never too late:
If you are in the mid-40s or early 50s or even retired reading this article must be wondering that you have missed the bus. It’s never too late, professional can draw a retirement plan that covers the accumulation phase and distribution phase (for those planning to retire) and a bucket strategy investment plan (for already retired) in a manner that the money lasts for a lifetime or perhaps leave a legacy behind for your loved ones.
Your retirement is your precious time, live on your own terms and the way you wish to without having to worry about where the money is going to come from.
Tanwir Alam – The author is a Founder & CEO of FINCART.
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