The idea of planning for retirement at a young age may seem unconventional to many. However, there is significant merit in starting early. When individuals begin earning, the focus often lies on fulfilling immediate financial goals rather than preparing for long-term needs.
A significant 57% of urban Indians worry their retirement savings will deplete within a decade, while only 24% are confident their savings will last beyond that. Alarmingly, 31% remain uncertain about the corpus needed to maintain their current lifestyle post-retirement, highlighting the need for better retirement planning and awareness, per a recent retirement survey.
While retirement might seem distant, establishing a financial plan early on will yield benefits in the future. Retirement planning is an essential component of a sound financial strategy, providing ample time to address potential challenges that may arise. Here are some tips to ensure financial security in retirement:
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