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4 Golden Rules To Set Your Retirement Planning On The Right Path

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By Author: Harish Kumar
Total Articles: 3
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We all dream of living a peaceful and financially secure life post retirement, which is one of the most important financial decisions we must make for ourselves. People nowadays have been thinking of retiring early as most people start working early. To have a great life post retirement and maintain the same lifestyle, we need to have a strong and disciplined financial plan.
Here are 4 golden rules we must follow to build our retirement fund over a period of time.
1. **The right time to save is always NOW**
Many of us start planning for retirement only when we reach our 40s, which is not very far from the retiring age. At this stage, we don’t have enough time to create the desired corpus that would take care of us for at least 2 decades of retirement, therefore we need to make big investments regularly. This is difficult because of other financial responsibilities, like paying off home loans, paying for the child’s education and marriage, etc.
So, the earlier we start planning for retirement, the more time we can give our investments to grow.
2. **Save more because less is never enough**
The golden rule for making investments is putting our earnings in two separate categories, expenses and savings. Savings should always be a priority, come what may. When we just start working, we don’t have any major liabilities and therefore, we can make the most of our earnings and invest to save wisely. The retirement calculator is also a great way to check how inflation can affect our future expenses.
3. **Don't ignore inflation**
We calculate our retirement fund based on the current economy and income that we receive. Till the time we are earning, our income tends to keep pace with the rising cost of living, but for how long can we balance that out? Post retirement, the retirement fund is all we have. Inflation increases the cost of living and reduces the value of money over the years. Therefore, using online retirement calculators will help determine the amount of investment we need to make every month so that our retirement corpus is big enough to adjust inflation.
4. **Keep increasing savings**
As we keep climbing the professional ladder, we keep getting perks, bonuses and increments. So, while we are growing financially, so should our retirement fund. All the years, that we spend working, we must ensure that we are contributing enough money towards our retirement fund so that with us, our fund is also growing. We must keep a check on our retirement plan and keep amending it according to the economy, lifestyle changes and growth of our career.

Visit http://tataaia.com/life-insurance-plans/retirement-and-pension-plans/retirement-and-pension-plans.html to get all the information you need regarding retirement planning.

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