Financial Planning - Retirement planning [Finance For Engineers Series]
Life's not about waiting for the storm to pass... its about learning to dance in the rain! - Vivian Green
Planning about retirement is never easy and the more immediately difficult part is in setting a time bound action plan for retirement planning. The best way to start retirement planning is early in your life when you start earning. Although at the time you may be pondering over the things you could do with your money and retirement planning may seem to be a futile exercise and may be farthest on your schedule, you need to put aside a sum of money for it. Remember that the early bird catches the worm. Setting aside a modest amount every month for retirement planning at earlier stages of life will make all the difference between success and struggle in the long run for you.
It is not rocket science to understand the power of compounding. Planning to bring future into the present will no doubt be a little harder than imagined, but no one can undermine the power and financial freedom that it will bring once responsibilities catch up later.
Kaustubh KatdareAgreed. How do you propose a typical fresh engineer to start preparing for retirement? I think we may do a case study as well. Let's say "ANIL" is a fresh graduate who's joined a company with a monthly take-home salary of about Rs. 22,000. How should Anil plan for his retirement?
Shrikant BedekarLets say Anil saves Rs. 24000 every year for a period of 10 years at 8 p.c.p.a.
The total amount that will come would be Rs. 51814.2 and Compound Interest will be 27814.2
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