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What is the Importance of Retirement Planning?

The earlier you kick-start planning for your retirement, the more time you have to benefit from the power of compounding and maximize the likelihood of achieving your financial goals.

Combat Inflation

The prices of goods and services are on an upward spiral, leading to a dent in the purchasing power of money. The product you buy today for, say, Rs. 1000 could cost a lot more after a few years. A sound retirement plan could help you beat the blues of inflation and build an adequate corpus to meet your retirement goals.

Maintain your Standard of Living

Are you financially secure to keep pace with the rising cost of living even after you stop earning? If not, it's time you create a roadmap for your retirement and start investing to maintain your current lifestyle post-retirement.

Fulfill your Retirement Goals

You retire from your responsibilities at work, not life. Retirement opens doors to exploring new places, pursuing your hobbies, and pursuing other aspirations. If you fail to plan and invest earlier in life, your retirement goals could take a back seat.

Prepare to Deal with Contingencies

Adverse situations such as medical contingencies could distress you. If you aren't well-equipped to meet the soaring medical costs, it could lead to a cloud of emotional turmoil. You would not want to depend on others for your expenses, isn't it? An effective retirement plan could act as a cushion to deal with uncertainties in the future without depending on others.

Gives you Peace of Mind

A well-crafted strategy is a pathway to securing your dreams post-retirement, providing for contingencies, and supporting your family. This would give you peace of mind and help you lead a comfortable life.


You may consider the below steps to plan for your retirement and achieve your financial goals:
  • Set a target retirement age
  • Identify your retirement goals
  • Calculate the amount you will need to meet these goals. Factor inflation into the calculation
  • Invest in the right retirement plan that can help you stay financially prepared to meet your post-retirement goals.

Retirement for everyone is different. This is why, the money you need for your retirement depends on various factors like:
  • Your retirement age
  • Your health and lifestyle
  • Any loans or liabilities
  • The retirement goals you may have
  • Any commitments you may have to fulfil
We can help you find out the amount you may require to invest to maintain your life during retirement with our retirement calculator. Just answer a few basic questions on your income, age, the number of years till you want to retire, your current retirement savings, if any, etc.

Not thinking ahead can hamper your retirement. Some of the decisions like quitting your job before checking on your retirement-plan vesting status, not saving or planning, not maxing out employer matching funds, investment mistakes and poor tax planning can impact your retirement.

You should start planning for your retirement as early as possible. Investing early offers more time for your money to grow and chances to earn higher returns. This helps you stay financially prepared for your post-retirement needs. The amount you need to save for retirement depends on your post-retirement goals. You may want to travel, buy a house, start a new venture and more. You would also want to continue your current lifestyle after retirement and meet medical expenses. Basis these, you can calculate the amount you will need during your retirement. Do not forget to factor inflation into this calculation. Once you have calculated the amount you will need for your retirement, you will be able to calculate the amount you need to save now to stay financially independent during retirement.