Why Is It Important To Start Planning For Retirement Early?

Retirement planning works in your favour if you start early. The monthly investment required to build the desired corpus will be much smaller because a longer term will allow the money to compound Life expectancy in India is likely to rise from the current 70 to 75 by 2050 and 82 by the end of this century, according to UN estimates in 2022. This means that most people would have to provide for at least 15-20 years after they retire, given that the retirement age is around 60 in most professions. This shows that delaying retirement planning is not an option. Even so, fewer people take retirement planning seriously, especially when they are younger. Goals like going on a holiday, children’s education and others take precedence as retirement seems to be too far into the future. “Often, individuals plan retirement later in life because they prioritise their family and...