You have completed the fixed years in your service and it’s time to retire. The process starts a little bit earlier than you think. The preparation begins before. Preparation is done by two entities – you and the government department responsible for handling retirements.
You prepare mentally to agree that you are old enough to rest and play with your grandchildren. Sometimes government does it for you. Prepare for the retirement before. It may be mentally, physically, emotionally, and socially. Plan for retirement and plan for afterward. Your retirement planning includes how much money you want to have when you retire, what to do to get that much of money, where to invest when you get the money etc. In the United States, there is Social Security system to take care of the workers after their retirement. In India, there is no such organization or trust to look after you. You get your pensions from the respective departments. In some jobs, you do not get pensions. After your retirement, you get a good sum of money. Then what you do. Deposit it in the bank and occasionally take the needed money out.
How should you prepare for retirement?
The major factors of retirement portfolio are benefits from pensions, savings and investments, and Social Security benefits
Planning for your retirement
You should plan for your retirement. This planning will include when to retire, how much money you should have for future, what will be your retirement living source, in which options to invest money etc. Source of future finance is important. You may get money from your social security system or from your employer through the scheme like 401 (k) plans. In private schemes like 401 (K) plans you set aside money for future and your employer also may contribute or may not. To find out whether they contribute to it or not, then you have to find out how much money you will receive from these two sources from the state and from private sources. Put aside maximum money possible in these schemes. Get all the information needed about Social Security eligibility and apply for it.
Social Security may be a great help to you. Social Security planner provides detailed information about your Social Security retirement benefits under current law and points out things you may want to consider as you prepare for the future.
A comfortable and secure retirement is every worker’s dream. And now you are living longer, healthier lives and so you can expect to spend more time in retirement than your parents and grandparents did. Planning retirement makes this dream possible for you.
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