In an era marked by financial instability and economic challenges, retirement planning has become an essential aspect of financial well-being. This episode of Smart Money will focus on retirement planning, with a specific emphasis on millennials.
A recent survey conducted by Goldman Sachs revealed that 34 percent of millennial respondents feel they are lagging in saving for retirement. As the cost of living rises and the uncertainties of the future persist, it becomes even more crucial for millennials to prioritise and plan for their retirement.
According to Mrin Agarwal, a Financial Educator and Director of Finsafe India, a fundamental step in retirement planning is to assess one's current expenses. Utilising a retirement planning calculator can assist in this process.
“The reason I always tell people to work on this calculator is that then you actually know, first of all, what is the goal, what is the exact target, and what you need to actually be saving every month to reach this particular target?”
However, before diving into the calculations, it is essential to evaluate whether your current lifestyle aligns with your future retirement aspirations. Additionally, it is crucial to factor in inflation and adjust the target corpus accordingly.
Atul Shinghal, Founder & CEO of Scripbox, said the scariest thing is not having money when you are still alive and to depend on somebody else.
Shinghal said, “Retirement does not mean that you stop working, you stop earning a living and you can do what you want to do. I think it is also very important that you plan beyond the time. Money management becomes even more critical beyond that. Our mantra is start early, keep investing and stayed invested.”
Watch the video from more.
First Published: Jun 9, 2023 4:26 PM IST
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