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Higher life expectancy, collapse of joint family

In India, over the last two-three decades, the need for a proper plan to build a retirement corpus for an individual has only gained in importance. There are a number of factors that has led to this need. One among those is the increased life expectancy, which is a direct result of the advancement of the medical science. The other factors include curtailed working life of the people. For an individual, these two together could lead to a situation of less working life to take care of more non-working years.

In addition, increased incidences of job loss due to economic and other factors, increasing tendency towards more consumption and less savings among people, collapse of the joint family system, consistently high rate of inflation and the near-total absence of a social safety net in the country are also pushing people to have a strong retirement plan in place.

Despite such pressing needs, unfortunately in India for most people, retirement planning comes after meeting other critical life stage needs like buying a house, child's education and marriage, buying a car, going on a vacation and meeting other aspirational goals, etc. But the fact is a retirement planning should be an integral part of the overall life stage financial planning for every individual.

While putting in place a retirement plan, some of the tenets that financial planners and advisors firstly look at include financial situation of the individual and his earning capacity. Then they look at the risk-taking ability of the person and also his/ her investment horizon. The next step is to take care of the liquidity situation of the person and also if he/she needs tax advisory so that the person is able to save some more on taxes. And then they also look at if the person needs insurance for protection purpose.

(For a detailed check-list of things to be done for a retirement plan, refer to the article by Sumeet Vaid) According to Roy, some of the does and dont's of retirement planning are as follows:

·         Always start investing early and stay inve

·         Stick to simple solutions and don't opt for exotic products and solutions.

·        
You should be willing to spend time on your retirement planning. And you should review your plan at regular intervals and take course-correction measures, if needed. Often people think an investment plan will self-correct. But that may not be the case.

·         One should remember that the traditional way of money taking care of retirement — like through investments in FDs, insurance policies etc — are not the best investments that can take care of your retirement.

The last words of advice from Roy was that one could be young and without money, but one can never be old and without money. Since it's never too early to put in place a retirement plan, so one should have such a plan as early in one's working life as possible.

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