Someone is sitting in the shade today because someone planted a tree a long time ago. – Warren Buffett
India has a population of 80 million elderly people and a significant majority of this population is not covered by any formal retirement income scheme. With changing lifestyles, India is transitioning from traditional joint-family support systems to a new world reality where the balance between family support and self-support in retirement is tilting strongly towards the latter.
Some of the contributing factors to this change are :
- Evolution of nuclear family systems.
- Increase in life expectancy.
- Rising expectations due to increase in per capita income and education.
With the looming demographic challenges, India faces a swelling non-working elderly population. Further, as life expectancy increases, the number of years in retirement is also expected to increase, requiring you to fund a longer retired life. Hence, the risk of living longer is equally striking as the risk of dying early. Therefore a planned approach to retirement planning is critical.
In the Indian context, retirement can only be achieved after a person has fulfilled his responsibilities towards his family (children’s education, marriage). Hence, retirement Solution is not only about planning for a secured and financially independent retirement but also entails planning for these Key Life Stage goals. It also necessitates providing protection against future uncertainties and events so that the achievement of these goals is not compromised.
In fact, retirement Solution is a one-stop medium to achieve all your financial dreams!
Why You Need to Plan for Your Retirement?
To achieve your various life-stage goals and to maintain your desired lifestyle during your retirement years, you need to make prudent investments during your working years, putting your hard-money to work for you in your golden years.
Saving and Investing for Retirement: It is never early
The goal of retirement is to help you in achieving your financial dreams both during your working years and post retirement. Most people, particularly those in the early stages of their career, think retirement is too far to worry about. Planning for retirement often features last in our priorities, after planning for children’s education, home – buying and even holidaying. While you may have decades to go before you retire, it’s never too early to start planning and setting aside savings for retirement.
Take for example an average middle class person like Mr A who is 25 years old, single with no dependents. He would be able to comfortably manage his standard of living with about Rs. 25,000 a month. But 3 years down the line, this would go up to Rs. 50,000 per month. If Ramesh retires at 60 years, assuming inflation at 8% per annum, his total retirement budget would work out to be a whopping Rs. 1.03 crore per annum and Rs. 8.6 lacs per month.
Take the First Step
- Set your financial and retirement goals.
- Track the progress of your plan.
- Learn how to improve your retirement outlook.
Why Shree Financial Retirement Solution?
We let you focus on what you do best!
SFRS is all about understanding your present needs and long-term life goals, and tailoring the most appropriate retirement Solution to help you achieve retirement security.
Each of us has unique investment planning needs and we recognize the need for relevant, easy-to-access information about the products, concepts, and services for serving you better.
We have got a wide range of investment products to help you build the right retirement solution.
Contact Us to Learn More about Shree Financial Retirement Solution