?The year was 1985. A joint family of 10 people (two brothers, their wives and kids along with their parents) was living happily with limited means. It was a period of closed economy, limited access to global products and aspirations were limited. It was a period of joint family with lower expenses and higher savings.
In 2011 we are talking about nuclear family, children staying away from parents due to higher studies and employment opportunities, increased cost of medicine due to advancement of medical science and more stressful life. Parents retiring today are more dependent on their own savings to live through their retired life than getting dependent on their kids. Imagine if this is the scene today, how would be our retired life 15-20 years down the line.
This creates a scary picture in front of us today. To turn your retirement the best period of your life by living for yourself and do everything that you have not been able to do during your working life or to make your retirement a painful nightmare depends on how you plan for it in early years of life.
The common point is money looses its value over a period of time. A rupee value tomorrow will be lower than rupee value today, courtesy monster called inflation. So inflation becomes the single most important factor to plan for retirement.
Now you may argue that one can cut down on his/her expenses during retirement life, but this is easier said than done. Imagine can you travel by a public transport once you retire when for whole of your life you have commuted in your personal car. Can you move to one BHK apartment in suburb when for your entire working life you have stayed in a three BHK apartment, at the center of the city? So rather then putting yourself in a situation where you have to cut down on your expenses it is better to plan for your retirement.
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Retirement Planning
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