Retirement ready: Here are some essential tips for financial security

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Subscribe to enjoy similar stories. The idea of planning for retirement at a young age may seem unconventional to many. However, there is significant merit in starting early.

When individuals begin earning, the focus often lies on fulfilling immediate financial goals rather than preparing for long-term needs. A significant 57% of urban Indians worry their retirement savings will deplete within a decade, while only 24% are confident their savings will last beyond that. Alarmingly, 31% remain uncertain about the corpus needed to maintain their current lifestyle post-retirement, highlighting the need for better retirement planning and awareness, per a recent retirement survey.

While retirement might seem distant, establishing a financial plan early on will yield benefits in the future. Retirement planning is an essential component of a sound financial strategy, providing ample time to address potential challenges that may arise. Here are some tips to ensure financial security in retirement: Effective retirement planning begins with assessing financial goals.

Individuals must consider factors such as the expected retirement age, which typically is around 60 but can vary for those in gig economy professions or contract work. Regardless of retirement age, planning for a retirement corpus requires accounting for lifestyle expectations, potential medical expenses, inflation, and life expectancy. Assessing retirement needs involves a comprehensive evaluation of several key factors.

First, it is essential to calculate future living expenses, including healthcare, housing, and leisure activities. Additionally, the impact of inflation on future expenses and savings must be considered to ensure financial stability. Finally, planning