Do I have enough for retirement?

March 14, 2022

“Do I have enough for retirement?”

Bridge the gap, with the right gap assessment!

Imagine you are on a trekking expedition. You have successfully scaled the summit of your working life. However, are you prepared to scale the summit of your golden years? What can you do about the gap between the two major peaks of your life? How will you bridge it? Here are some tips:

Have a clear picture of how you want
to live your retirement life:

Project expenses (deduct loan EMIs and payments, which will not continue post retirement)

Plan along with your spouse

Keep a sustenance period of at least 25 years, post retirement

Add inflation to the equation

Set retirement goals for yourself and your family

Use a good calculator that makes it easy to do all the calculations

Check the corpus needed to maintain your lifestyle and meet your goals

Make a correct assessment of the gap in the
corpus needed:

Tag your own and your spouse’s investments for retirement

Calculate the corpus receivable from the employer

Add any second income source e.g. Rent, Pension, Dividends etc.

Identify the gap between the corpus you have and the additional corpus you need

Equip yourself for the long journey ahead:

Plan goal based investments

Choose investments based on your investment personality

Get one view of investments

Rebalance, wherever necessary

Consolidate your finances, to increase efficiency

In case the gap is too steep, then go that extra mile.

Manage your spends, to create that monthly surplus

Don’t deprioritise it for other goals

Knowing the gap is the first step to bridge the gap and transition smoothly to your golden years.

Like a Trekking Specialist can help you scale new heights, a Retirement Specialist can help you relive retirement life, on your own terms.