Retirement Planning: How to Prepare For The Last Milestone

There’s no easy way to approach the subject of retirement in India. For a lot of people, retirement is a vague concept to be thought of and planned for some time in the far future. While awareness about savings has been slowly increasing, few think of channelising it to meet financial goals, especially retirement. There are others who manage to build a kitty, but dither when other financial goals like children’s education stares them in the face and don’t keep enough for the last financial and life milestone that is retirement. Still others—and the number is large—manage to buy products that are not exactly suited for retirement, thanks to rampant mis-selling in the financial sector. The fact that the goal of retirement planning is still not taken seriously in India is reflected in data as well. The New Pension System (NPS), which replaced the defined...