Retire from work, not from life: Retirement planning

Retire from work, not from life: Retirement planning

A venture is that which helps a person or an organization to accomplish an already set mission. It keeps us, on the track to achieve objective of one’s life. At some point of time everybody has to depart from work. The word RETIRE can be formally defined as to withdraw from usual active life. Previously, people used not to retire until death. The concept of retirement and retirement income planning got introduced in the late 19th century. People retire from work for various reasons, such as

•Early retirement.
•Low life expectancy.
•Physical or health conditions (illness).
•Legislation rules in some countries.

The standard retirement age is in the range of 55-70. Factors affecting retirement plans are social security, early retirement, health issues. People retire early expecting great wealth as they depart before their tenure.

“Plan is nothing, but planning is everything”

•Retired workers support themselves by the pensions they receive from the government or from the private firms.
•The rising cost of living after retirement is a serious issue.
•One of the serious issues to be dealt with is the cost of treatment for old age people for health related problems after their retirement.
•Some governments across the world provide universal life insurance coverage to their employees.
•In some countries employers provide bonus, in the interest of their employees.
•It is important to have retirement income planner or retirement financial planner.
•What is a retirement income planner or retirement financial planner?

Life after retirement is merry to some stressed workers; on the other hand it is also pressure to some. If we do not plan it wisely, it can tear apart rest of the life.
Income planning falls into the financial context; retirement income planning intends allocation of finances for retirement. The ultimate goal of planning a retirement income is to be financially independent. The purpose is,

•To identify ones readiness to retire.
•Practice saving habits.
•To have a detailed financial knowledge.

In recent times there are many financial advisors who guides in savings, planning investment in the right path. There are also many other methods of calculating retirement income or financial planner.
•Decision support systems: These are intelligent computer systems which provide ready decisions for given set of data.
•Software tools: some of the software companies provide services and tools for planning.
•Mathematical models: One such method is the monte-carlo method used to plan a client’s retirement income and finances.

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