Retirement is one of the most important life events that we all go through. You invest all your days/years in earning well so that your family and you live a dream life. For creating a comfortable retirement is an extensive process in itself and requires years of planning. Even when you enter your golden phase, managing it is no cake walk. Many of us find the process daunting and hence put it off only to realize that there isn't enough money left to live the life we desired all these years. But with professional help, some homework from the investors end combined with long term commitment, retirement planning is not that complex as it seems. Let’s first understand the what exactly do we mean by retirement planning
What Is Retirement Planning?
An effective retirement plan is a must have for everyone. There are plenty of insurance companies and mutual fund houses that offer various pension schemes with different options and other plans to help you generate wealth. Even if you have already reached your desired savings, these plans will still be a very important part of your investment portfolio. There are some key components that we must focus on while planning for successful retirement like any unforeseen medical expenses,estate planning, flexibility to cope with sudden changes, etc.