Secure your future: a guide to retirement planning

Retirement may seem far away, but the sooner you plan for it, the more financially secure and stress-free your golden years will be. Whether you’re in your 20s, 30s, or 50s, retirement planning is essential for ensuring you maintain your lifestyle even after you stop working.

This beginner-friendly guide will walk you through the importance of retirement planning, the steps to get started, and tips to grow your retirement savings confidently.

Why Retirement Planning Matters

Retirement isn’t just about stopping work — it’s about having the freedom to live life on your terms. Without a proper plan, you could run out of money, depend on others, or compromise your lifestyle.

Here’s why it’s critical:

• Rising medical expenses
• Inflation over decades
• Longer life expectancy
•  Desire to travel, enjoy hobbies, or support family

Step-by-Step Retirement Planning Guide

 1. Set Your Retirement Goals
Start by asking:

• When do you want to retire? (e.g., 55, 60, 65)
• What kind of lifestyle do you envision?
• Do you want to travel, support kids, or relocate?

Estimate how much money you’ll need monthly in retirement — then calculate the total retirement corpus required.

2. Estimate Retirement Corpus (Target Amount)
Use this simple rule:

Retirement Corpus = Annual expenses × 25

Example:
If you need ₹6 lakhs/year post-retirement:
₹6,00,000 × 25 = ₹1.5 Crore

This is a rough estimate to maintain your lifestyle for 25–30 years post-retirement.