Retirement Planning - Options you have when you retire

The two risk you have in life are:

• Dying too early
• Living too long

In both cases, your family suffers the most. The first risk can be covered by buying an insurance policy but the second one is very unpredictable because you can live for 70 years or can live more than 100 years. If you live too long the money you have accumulated may not be able to cover your living expenses (i am not even considering health care expenses).

This is why retirement planning is very very important. I feel an individual has the following option when he retires (I call it C-C-S-S)

C - Child (Depending on your child) very common in India but I am sure no one wants to be in that situation.

C - Care Homes (in case your kids abandon you) this is the only option for you.

S - Self Sufficiency (save and accumulate enough for retirement) If you have planned and invested smartly you may retire as a self sufficient individual without depending on anyone else.

S - Suicide (If you don't find yourself in any of the above categories this is the only option available.Its unreal as no one will commit suicide but anything else will be a compromise)

Analyze your current investments and investment habits and see which category you see yourself in at your retirement. If the situation is alarming and you still have time...TAKE ACTION TODAY