Retirement savings form an essential part of an individual’s financial process as it enables them to maintain their desired lifestyle even after they stop earning. As a retiree, it’s natural to want to sustain a similar standard of living as before, but without a steady monthly income, it becomes necessary to rely on the annuity received from their investment corpus.
It is crucial to save for retirement as people tend to overestimate the amount they have and underestimate their financial requirements during retirement. Thus, it becomes vital to calculate and invest in a way that ensures sufficient funds for a comfortable retired life.
Identifying pre-retirement goals and setting realistic retirement goals such as the amount of money and the type of lifestyle you would like to maintain.
