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Long time period for the purpose of accumulation of the corpus gives you adequate time for preparations and timely actions
WHEN it comes to the question of retirement planning, there are two aspects of completing the entire process. The distinction between these two aspects is important for making plans in a specific way that will tackle both these aspects effectively. Here are some of the details to consider.
Planning till the time of retirement: The first aspect of retirement planning involves planning for the period till you reach retirement. The main goal is to build a corpus that can be used at the time of retirement to meet the monetary needs after the flow of regular income stops.
Long time period available for the purpose of accumulation of the corpus gives you adequate time to make the necessary preparations and then act on this over a period of time.
If you start planning at a young age, this accumulation phase can go for as long as 25-30 years. There is an advantage of starting early because there will be a long time frame during which even small amounts of savings will lead to the accumulation of a large corpus. However, what is seen in real life is that people keep postponing this for as long as possible, as they think that it is not necessary to save from a young age because there is a lot of time left to undertake this activity.
Another advantage of this time period is that investor can use multiple routes to achieve what they actually want, minimising the possible restrictions coming there way. Thus, use of equities, debt, commodities, real estate, as well as some other alternative investments can be undertaken.
Planning after retirement: Once the time period for retirement has arrived, it is essential that there has to be a replacement ratio that is worked out. This is nothing but the extent of the income that is earned after retirement, compared with the figure before retirement. The higher this is, the better it is.
The main issue at this point is to get a regular flow of income to replace the working income.
There are annuities and pension payments that will meet this specific requirement, but this has to be chosen in such a manner that it will provide specific returns to the investor and is also able to generate the required amount of cash flow.
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