How much are people willing to save for retirement? Do they have steady savings plans geared towards retirement? The answers may surprise you. According to a survey (Source: Financial Express), over 50% of participants stated they had not planned for retirement at all. Very few Indians consider inflation while planning for retirement.

Factors influencing people’s attitude include break up of joint families, absence or presence of an alternate source of income etc. Almost 9 out of 10 Indians feel that they are not prepared for retirement (Source: TOI). The study also found that many people are not aware of the amount they need to live life after retirement, and most of them end up not making any retirement plan.

The study throws light into the grim state of savings for retirement. Given today’s scenario, it has become essential to put a separate fund to grow into retirement savings over time, which you can use during the time of need. With increasing inflation, the gradual collapse of joint families, increased life age counts, it has become essential to plan for retirement.

What is retirement planning?

It is the process of identifying your retirement income goals and taking necessary actions and decisions to achieve those goals. The planning for retirement does not happen in haste, nor it is a quick one-time investment. It is a life-long process, and it does not merely involve being financially secure for the time coming ahead but being prepared for all aspects of life. Simply put, retirement planning means planning for life after paid work ends. It is all about becoming secure and living a comfortable life during the retirement age.

Not saving for retirement? What’s the Solution?

Without retirement planning, life coming ahead may be full of challenges. The already increased medical expenses may shoot up further in future, and what if inflation continues to grow? Retirement planning can help you be emergency ready, fulfil your retirement goals, help you live a comfortable life, and be prepared for longer life. Now, when it comes to planning for the future days when work life ends, what are the available solutions?

While the market is filled up with several schemes and plans from different entities, one of the best and secure ways for such investment is to opt for NPS. It allows every Indian citizen to contribute to their accounts voluntarily, which means people regardless of roles, can invest in this scheme and benefit from a long-term investment.

NPS Online Registration

NPS is short for the National Pension System. It is a voluntary and defined contribution retirement savings scheme in India that allows subscribers who are between 18-70 years of age to invest in their pension accounts during specific intervals in their working life. Learn more about NPS online registration by following the link.

NPS provides a good source of income for retirement. By investing one can avail financial stability and independence, beat inflation, meet emergencies. While opting for your needs, you can identify your financial goals and choose desired accounts for better returns. Being defined about your needs and choosing to invest the proper amount of money is helpful. Should you want to learn more about NPS and savings for retirement, you can now visit website. 

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