Today I want to discuss with you one of the must have plan of your life and most neglected goal of all. To our younger generations who are around the age of 25-35 yrs of age, when someone speaks about Retirement Planning, their first reaction is “ha ha….retirement planning at this age? who knows how many years I survive? My Grandparents lived upto 80-90 yrs of age, my parents around 65-75 yrs of age then what is the need to think about me? May be I may survive till the age of 55-60. Then is it necessary to plan for that????…”
But think twice before neglecting this goal of your life. Indian and World’s Population data showing alarming signs of life expectancy ratio. You may notice that in below chart clearly.
It shows that Life Expectancy of Indian population is growing rapidly. Hence before neglecting and thinking that you may live upto to the age 55-60 yrs, think twice!! Today it is at 68, what will be the situation when actually you reach the age of around 55?
Reasons for this upward trend also shocking!! Death Rate of India is decreasing in the same manner. Which you can notice in below chart.
Hence what you can notice is, Life Expectancy growing and Death rate is decreasing. Reasons are more like health facilities, food and caring for your health etc. Now think and decide, is it still worth to neglect your Retirement Planning?
In my future post I will discuss about the best way to prepare and build your retirement corpus. Hope you understood the importance of Retirement Planning. Happy Saving!!
(Graphs Source:Index Mundi)