06 June, 2023 14:20 IST
Planning for Retirement
Retirement, have you ever thought that far in life? Considering the fast pace of working life it may not be that far off. It is time to start planinng for it.
The first step in retirement planning would be to define what retirement means to you.........Do you plan to simply switch jobs, or continue to work but for shorter hours, or do you want to relax and enjoy doing all that you wanted to do all these years but couldnot do because work left no time for it?
The next step is to determine your financial needs at that stage.
This depends on what your responsibilties would be then....the number of dependants that you want to provide for, the value of your property, returns on savings already made etc.
Make your contribution as early in the year as possible. Tax-deferred compounding makes that early money grow dramatically. Take advantage of the magic of compounding and get the maximum tax break by contributing to your limit.Go through the various needs you have planned for your nest and choose schemes according to your needs

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