Pension - Retirement Planning and It's Options In India
Administrator 01-09-2017 01-12-2017
Retirement Planning can be divided into various phases and you must understand the importance of every phase and indulge yourself in “good planning” at every phase of retirement.
The accumulation period begin in your working years when start keeping aside some amount of money for your retirement income. At this stage one must manage their spending properly so that they are able to save enough for their retirement income.
This phase begin when a person is in his 50s and is near to its retirement. This phase occurs when you in your final years of accumulation, at this point make sure that all your finances are lined properly for your retirement income.
This Phase begins from your retirement age and lasts until you are in your 70s. This phase is important as you communicate all the important information to your legal heirs and you make decisions and plan finances that they will be requiring after you (e.g. estate planning, wills etc.)
This phase begin when you are in your 70s and continue as long as you are highly functional. Define reasonable steps that your family should take if you suffer from any health issue, make decisions regarding transferring of control and planning your finances for your heirs in a way that do not affect your assets that you have created in your life span.
At this point you require significant amount of help, majorly in terms of health for a proper functioning life. At this stage you must ensure that all the planning that you have done in the prior years is supportive enough for your family.