Financial planning for retirement

Payal Babhale

Financial planning for retirement

Retirement is a period of notable transition involving various changes and adapting to new situations. Managing and keeping track of your finances is vital during this period. Learning how to handle your finances efficiently can help you in the long run and ensure that you live life to the fullest.

Today there are various resources on the internet including financial consultants from banks and sites which teach you how to plan for retirement. However, a few simple concepts like compounding interest, inflation, and cost of living, and budget calculations are essential to get started when thinking of retirement planning.

Understanding your goals is the first step in this direction. For example, your goals may be to travel every year, or it may be to meet your monthly expenses or to buy that fancy car you always wanted. 

Matching your planning to your goals is the second step. For example, some recurring expenses may mean investing in schemes that give you a monthly return. On the other hand, another investing plan may be more suited to a one-time purchase or a health expenditure.

No two goals are alike, hence each one’s financial plan will be unique. When it comes to financial planning, there is no correct answer or one size fits all. And there are definitely no get-rich-quick schemes.


The good news is, it is never too late to start financial planning. Here are a few financial tips to get you started.


1) Start with a goal: What do you hope to achieve at the end of this financial planning exercise. Next, what do you want to create budgets for?

2) Map your sources of income and expenses today: Understand where you are spending. What are your sources of income? Then, plan for the next 5-10 years.

3) Start researching online. Get a certified financial advisor, and speak to someone who understands how to invest and plan for the next decade.


Want to learn more about how you can plan your finances better and get your questions answered? 


GetSetUp is hosting experts and financial advisors on the platform on October 4th, 5th and 6th, 2021. 


Here are a few classes to get you started: 

1. Special Series: 5 Money Mantras for Every Retiree With Mr. Sriram Iyer

 2. Special Series: How to be Retirement Ready? With Mr Sumit Shukla

 3. Special Series: Annuity Plans for Worry Free Retirement With Mr. Ranbheerr Singh Dhariwal

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Financial planning for retirement
Financial planning for retirement
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Financial planning for retirement
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