One of the methods of retirement planning is just having a look what you are currently having with you, your accumulations till date and if they are sufficient enough to meet your future retirement objectives. One can answer it in just saying 'a lot of money', but it does not take into consideration various factors like:
Before starting discussion, let's know how time is related to money: Time value of money
If we ask someone to choose between Rs one lakh now and Rs one lakh after 5 years, the answer would obviously be Rs one lakh now. This is because of the reason that one can increase the value of Rs one lakh taken now in five years by investing them somewhere and it is for sure that if one invests in good vehicle, it is going to be increased by 25 to 50 percent even if conservative approach of investment is used.
This is the time value of money. It can be concluded that present value of money is worth than the same future value due to the potential earning capacity of money.
Now let's answer the above questions:
For making your retirement plan successful, you need to save and invest a specific amount periodically without failure and do not withdraw any of the amounts out of it. Your salary may be increasing with time but amount to be invested will remain the same and hence the burden on you will decrease slowly. It is also advised to have a medical claim policy well maintained from the early ages which can help you to have financial assistance for your medical bills.
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