Are you covered?
We work hard throughout our lives so that we can live comfortably during the best years of our life. Actually, the 'best years' begin when we are through with all our responsibilities of life.
After retirement, your regular income may stop but your expenses would not. In fact, they might increase.
Imagine a situation where you have a regular flow of income, even after retirement. A retirement solution would not only help you with a regular inflow of money but would also maintain your existing lifestyle so that you can Retire Rich.
You may or may not have a retirement plan through your employer. If you don't have an Employer-Sponsored Retirement Plan, you will need to focus on funding your retirement. Also look at other post retirement benefits that you might receive like – health expense cover for an army officer, fixed pension for a government employee, etc.
However, relying completely on the benefits made available by the employer or the government may leave you in a difficult position as these have their own limitations. Also, the unexpected expenses that may arise are not covered by these securities.
How Much Will I Need?
- Decide the Age at which you want to retire
- Decide the Annual Income you’ll need for your retirement years
- Add up the Current Market Value of your Savings and Investment
- Estimate for your Future Health Expenses