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How to arrange Funds for retirement

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When we are young and at the beginning of a career, thinking about retirement sounds insignificant. But retirement is a reality for every working person, even though it may be a distant reality. So it makes sense to plan for life post-retirement in order to maintain a comfortable life style when we are no longer earning.


What we need to understand is that we have a limited number of earning years, say from 25 to 55, with which we need to live for an unknown period of years after retirement, and that's often even longer.


A government employee today has a pension. But many governments across the world are reluctant in committing to their citizens a decent pension as the government itself is not sure on sustaining such promises. This is mainly because of a growing retired population and the demand for a higher pension. In case of an employee with a private sector organization, it is more risky as he/she is totally responsible for post-retirement needs.


Adding fuel to the fire is inflation, which makes life worse at old age. What cost us a few hundreds rupees today will cost thousands in future. Assuming an 8% annual inflation rate, a person spending Rs 15,000 today may require more than Rs 1 lakh for the same expenses after 25 years.


The first action plan should be to start retirement planning at an early age. Be in touch with a financial advisor and compute the amount that would be required post-retirement after taking into account inflation, time value of money, greater life expectancy, medical emergencies, etc. Use the power of compounding by investing systematically (like SIPs) that can make even a small amount add up to a substantial one. You can also channelise a small amount of your investment into a suitable pension plan. Here on maturity, the corpus is invested in generating a regular income stream called annuity.


Remember not to use your pool of savings pre-retirement. If you spend money from your retirement corpus to take care of your current needs, you will lose out in the long run. Planning for retirement is not a difficult task. The challenge lies in implementing the plan with discipline. Do that now. Wish you all a happy financial planning for a peaceful retired life.

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Best Performing Mutual Funds

    1. Largecap Funds:
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    3. Mid and SmallCap Funds
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    4. Small and MicroCap Funds
      1. DSP BlackRock MicroCap Fund
    5. Sector Funds
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    6. Gold Mutual Funds
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

 

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