Retirement roadmap: How to plan for your second innings? Here are 3 ways

livemint.com:

India Ageing Report 2023, the percentage of the population of age 65 and older will rise from 10.5 percent to 20.8 percent by 2050, thus projecting that the country will double its share of senior citizens in just over two decades. In this context, it should also be noted that life expectancy in India nearly doubled from 35.21 years in 1950 to 70.19 years in 2022. And while this is a positive trend that reflects remarkable progress in healthcare and quality of life, it also exposes our longevity risks; thus bringing forth the importance of proactive and comprehensive retirement planning.

With this, it becomes crucial that retirement planning goes from being a mere financial exercise to a holistic view of post-retirement life that gives due consideration to some vital aspects mentioned below. Regular, early investments: Regular savings, investments, and prudent financial decisions will help build a safety net to sustain through retirement. Many urban dwellers today either believe that they have enough wealth in hand or that they will be cared for by their children.

However, nearly a third of the urban population is worried that their savings will deplete within five years of retirement, as pointed out by a recent retirement survey. Beginning your retirement planning and investment journey early enables you to stay ahead of inflation up to, and even beyond, your retirement. Compounding is an effective way of building a substantial retirement corpus.

However, you need to make contributions early and consistently to reap the best results. In planning for retirement, you will find many options. However, in India, retirement benefits such as pensions, gratuities, and other forms of superannuation are taxable to varying