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10 things to consider when planning for retirement
Planning for retirement and ensuring a solid safety net is a dream for almost everyone. Many people yearn to relax, stop working at 50, and spend more time with nature. However, retiring early means the income flow stops while expenses continue, making it a challenging time for many. Retirement planning is not like a typical investment decision. It requires a long-term commitment. As such, it is crucial to take measures to plan for retirement carefully. It is better to start investing early It is one of the most crucial things to remember when planning for retirement. However, starting early also implies that an individual has to keep investing for a longer period, which allows the power of compounding to work in their favor. This strategy enables an individual to build a massive corpus by starting early with a tiny monthly investment. But things rarely go as planned. However, when one starts early, one can make mistakes and adapt the course correction as one continues to invest. This is a luxury one won’t have if one starts late. One can adopt an SIP approach to retirement planning to align with one’s outflow and give them the extra advantage of dollar cost averaging.