Question

a. Do you think it is important to save for retirement, and why?

b. What is your strategy of achieving your goal to save for retirement?

Answer 1

Answer(a): Yes, It is actually very important to save for retirement. After retirement you may not have any job, you may be too old too work after retirement, you may have some health issues on which you have to spend money. To meet your day to day expenses after retirement, you need to plan for it. If you plan for your own retirement, you can spend a happy life till your whole life post retirement, You will not have any tension of money and you need to to beg for money.

Answer(b): We have to plan for our retirement in very early age that is after 30. These are the strategies to save for retirement:

1. You should save and invest a regular amount on monthly, quarterly, half yearly or annual basis till the time you retire. You can invest into Systematic investment plan, every month you can invest a small amount.
2. You can also go for fixed deposit that will get matured after a couple of years and you can further invest that amount to get interest income.
3. You must take Pension plan as early as possible because if you invest into pension plan at early age, you have to pay lower premium.
4. You must take Retirement plan, that will have a tenure of 20-30 years and it will help you after retirement.
5. You should also build the property or at least one house, in which you can live after retirement. or if you will rent it, you will get rent income after retirement.