Retirement is a beautiful phase of life. It allows you to finally get some rest after years of toiling. To live a happy, healthy and secure retired life is something everyone yearns for. These blissful years comes with some solid planning and saving. During this stage, you might fall prey to certain retirement myths that are famously known to linger around. Throw away the outdated principles about retirement. Here are a few retirement myths that you should avoid.
1. Myth: I am happy to delay my savings for when I start earning better
We all know this is very difficult and might not happen at all. It is healthy and advisable to keep a substantial share of your salary as savings. Small steps towards savings right off the bat can help you greatly further on. You can choose to start off by saving 5% of your income and slowly increase it as years go.
2. Myth: I’m only in my early 20s. It is too early to save
Truth is, it is never too early to start saving. This is a common retirement misconception. The best time to invest is now and starting young gives you the flexibility to take the risks and also sustain it if anything should not go as planned. Invest early so investment grows and your retirement corpus is higher.
3. Myth: 10 – 12 years of post-retirement planning is enough
Planning for a little longer is always good. With ever improving healthcare and medical services the age expectancy is also going strong. Planning for a steady return after retirement can help you in so many ways. One should plan to live longer financially too.
4. Myth: I have my kids to take care of me
This sure is true but with the change in the family dynamics and more and more people choosing to either leave the town or the country in search of better opportunities are plenty. This leaves the retirees to take care of themselves. Parents must plan beforehand so they don’t’ become a burden to their kids financially.
5. Myth: I will be spending less after retirement
This is not generally the case. One simply cannot underestimate the cost of healthcare today. This can completely wipe out your savings if something major comes up. Be smart where and how you invest your hard earned money so that tomorrow is bright and happy. Lifestyle changes and the present cost of living also comes into play as years pass by.
Hope these pointers help you in rethinking your financial planning and start with a solid plan. Retirement planning need not be hard. We at The Chennai Homes give financial, retirement assistance and counseling to all our residents. Our advisory board is always at your service.
The Chennai Homes, revolves around optimum quality of life, comfort and value. The successful completion of its first premium retirement project, Aishwaryam has established The Chennai Homes as a leading prominent and trusted retirement community homes builder. The Chennai Homes endeavors to undertake and accomplish further fulfilling projects in the near future.
The Chennai Homes – Aishwaryam,
Plot no: 57, East coast road,
Cheyyur taluk ,
Kancheepuram district – 603304
Tel: 044 45513131
Mobile: 99419 95555, 91766-77770