Planning for Retirement: Know How To Build Corpus Which Lasts Longer?

Any individual who is currently working will retire when they grow old and most of them will have a goal to ensure that they will have sufficient financial resources that will maintain or upgrade their lifestyle post-retirement. If you have any hobbies like travelling then you will have to work harder to save more during the initial years of work life. How much an individual saves will mainly depend on how you prefer to spend during your retired life.

With the sharp rise in inflation rates and depleting interest rates, the traditional forms of investment are it fixed deposits or National Pension Scheme is unlikely to build the required corpus with which an individual can spend the rest of his life hassle free (financially) after retiring.

Some of the experts say that a working individual should save enough so that their retirement income should be in the range of 70% to 80% of their existing earning income. The present generation working-class people are opting for early retirement (before 60 years) and hence it is better to start saving for your old age early right at the time you begin your career.

Let's first understand the meaning of retirement and its features.

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