Question

Interview a person who is retired (parent, grandparent, family friend, etc.). Ask them how they planned for their retirement. What kinds of situations have they encountered in retirement that they did not anticipate? In planning for retirement, what decisions did they make that were good, and what decisions (or lack thereof) did they make that were not so good? What advice would they give you to help you plan for a good retirement?

Answer 1

According to my family friend, the one who I interviewed, states that the planning for retirement needs proper savings. It includes the following steps:

1. Looking at the source of income.

2. Calculating the expenses.

3. Selecting and implementing a retirement programme.

4. Asset Management

There must needed proper strategic decision while planning for retirement. The decisions that were made good in planning for retirement are :

1. Understanding the importance of retirement planning from an early age.

2. Boosting retirement kitty.

3. Maximization of savings.

4. Increased contribution to the employee provident fund.

5. Start investing with equity funds and then shift to safer options.

5. Implementing a good retirement plan.

6. Buying health insurance.

7. Setting retirement goals.

Te decisions that were not so good in planning for retirement are:

1. Proper efforts were not taken in planning for the retirement as the outcome was not that effective at last stage.

2. Focusing on maximization of returns.

3. Dont burden with loans and EMIs.

4. Lack of financial education.

Advice to help in planning for good retirement-

Start saving for retirement at a young age, which makes it easier to save enough for retirement.

Employer contributions to your retirement account.

Get a good investment professional

Creating a best retirement plan

Finding a motto for retirement plan.

Dont stop budgeting.