How financial planning helped this Mumbai family
Ensuring financial independence and security in the later years of life is a cornerstone of financial planning.
In India, where the traditional joint family system is evolving, and the burden of elderly care is increasingly shifting to individuals, retirement planning has become even more critical.
Yet, many Indians remain unprepared, prioritizing current expenses over future security measures. A 2020 survey by PGIM India Mutual Fund revealed that the majority of Indians prioritize immediate spending over long-term safeguards like retirement and health insurance.
The report highlighted a troubling reality: more than half of the urban Indian population is unprepared for retirement. Cultural factors contribute significantly to this oversight. Many Indians rely on their children for support or assume their inheritances will suffice, often underestimating the potential for unforeseen expenses and inadequate savings.
Sushant Navale, a Mumbai-based IT professional, stands out as someone who proactively planned his finances without assuming support from his parents.
Navale’s portfolio was heavily weighted towards real estate—about 70%—a common investment choice but not always the best for retirement planning. Realizing the potential pitfalls of relying solely on property for future security, he sought professional advice from financial advisor Harshad Chetanwala in 2021 to craft a comprehensive financial plan. This decision prompted Navale to diversify his investments, ensuring a more balanced portfolio for a comfortable retirement.
“Many times when we interact with families, they tell us about possible inheritance they expect in the future. Our suggestion is simple: we should not consider it in the plan at present and add it
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