Outlook Money
Before you embark on your retirement journey, you must ensure that you have carefully considered some crucial aspects with regard to your financial obligations, including your ability to sustain yourself in your desired lifestyle in your retired life.
Walking debt-free into retirement is a golden advice that professionals vouch for, as debt not only threatens your financial security but also your legacy, and financial flexibility, besides putting you at risk during emergency situations.
According to a survey by PGIM India MF, titled Retirement Readiness Survey, most Indians lack a retirement fund, suggesting that those planning to retire earlier than the traditional retirement age need to save and invest more aggressively.
As retirement approaches, managing health expenses becomes crucial for financial planning. Long-term care is a critical need, and planning ahead can safeguard one’s retirement funds in case of a health emergency.
In retirement, it’s crucial to consider the financial needs of your dependents, including spouse and dependent children and parents. A retirement plan should address their financial needs.