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We live in dynamic times; where dependence on self is of great importance. Ensure that your future is secure by building a good pension corpus.
We live in times of less job security and rising cost, in times of long post retirement life and no pension from employer, in times of independence and crave for no dependence now or ever, on anyone. So, self-dependence calls for taking complete control over your financial well-being today and in the future.
Building pension and securing your retirement has been a concept well accepted and practiced in the developed nations for many years now. But it’s a concept still trying to find its ground in our country. The cushion and comfort of government pension has long been withdrawn and also the way our lives have evolved, the dependence on extended family and on future generation is not desired by anyone. Still many of us do not work towards creating a wealth, to take good care of our needs and aspirations during retirement years.
It is important for us to understand the seriousness of having a “Pension only” corpus in our kitty. Every year, the lifestyle we lead will be getting more expensive, and even the costs of services we would need, like medical and healthcare are not going to be easy to afford. Hence, being prepared and working towards it is the only logical thing to do.
We need to build our pension corpus, as we need it when we get older and are no longer earning.
So how do we build one? Where do we put our money? How do we ensure we reach the corpus we desire and get it when we need?
First of all, know how much would you need?
You would now have a clear horizon that you need to reach. Make a realistic assessment of the needs of a retired person, and then plan for it.
Once, you have the figure in place; building one and spending it wisely are two different aspects of the same coin. And both need to be meticulously worked on to leave no scope for loopholes.
The instrument or the asset class you may choose to build your corpus with may not necessarily be the same asset class or instrument that you choose to use the corpus for, post retirement. As I said earlier, the need to work on pension is huge in our country, and so is the need pertaining to the services associated with it.
One would see a lot of pension providers opening their shops pretty soon, and giving you with array of options to choose from. So, do not be in a hurry to choose who would be your pension provider; you would have enough options to choose from when you reach that stage. What is needed for you is to start building your base today. And this is where you cannot afford to delay, as the cost of this delay would cost you dearly in the future to come!
Choose wise, invest right!
Published here earlier.
Image source: shutterstock
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Hi, I am Shaily Shah; after a good stint of 14 years in corporate life,
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