Retirement phase of our life is a milestone where we bid adieu to a traditional work routine and set out to begin a new chapter. It's a wonderful phase where we seek to fulfil many of our dreams and aspirations that may have been on hold during the working years. Be it travelling, volunteering, learning a new skill, pursuing a long cherished hobby or spending time with friends and family, retirement provides an opportunity to create a fulfilling existence beyond a regimented work life.
Culturally, retirement planning was never on top of the list for us, Indians, but study has shown that over the years the focus has shifted and now it ranks 6th, among the top financial priorities of today's working population - 35 to 50 years.
A few of the reasons why retirement planning has become so important today:
An enriching retired life-
Retirement isn't considered a dull phase of life with nothing interesting to look forward to. People take on life's second innings with renewed zest and consider it as an opportunity to pursue their passion and accomplish many unfulfilled dreams.
Taking charge of medical bills-
Health expenses are undeniable and this is one area that has to be primarily focused upon, especially during the retirement phase. Along with that, the inflation factor cannot be ignored as well.
An income source to last a lifetime-
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