Retirement Planning For Gen Z; Here's What You Need To Know

Retirement

For one to be financially stable and have a regular income, it is important to have a proper plan for retirement.

Retirement is not age based

These days even young people are retiring based on living costs and expenses.

Traditional Retirement Plans

Traditional retirement plans like pensions, provident funds, and real estate are no longer providing the same as before. Therefore, there must be a focused planning.

Gen Z

It is advised for Gen Z to start planning for retirement at young ages so as to get the most out of the power of compounding.

Monthly Investments

Monthly investments in retirement instruments like SIPs or NPS can grow substantially over decades and help in planning for the retirement.

In 20s and 30s

One should start a monthly retirement investment, take term insurance early and learn how annuities and pension schemes work.

In 40s and 50s

In the 40s and 50s, one can start adjusting savings to account for inflation and healthcare needs.

Keep In Mind

One must keep in mind that retirement is a test of preparations, so it is not just a time-based task but also a period-long discipline-based test.

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