We, at Moneymindz, India’s First On call Financial Advisor, are very passionate about Financial Planning and how we can help you manage your finances better.
When it comes to Retirement Planning, many Indians are either unaware of retirement planning or purposefully avoid retirement planning. They still hold the traditional view that they will be taken care of by someone (usually their children) during their old age. So, we decided to do research on this a bit and write this article. Get Personalized Advice On Retirement Planning From Smart Financial Advisor, Kuber Mindz or Give A Miss Call On 022 6211 6588
Back when we were mainly based agrarian in nature and Kings and Queens roamed the earth, people were mainly settled in Joint Families. That’s the social set up of Indian culture. Here, an old couple would be the head of the family. The other members of the family would listen to the patriarch or the matriarch. At least three or four generations lived in one family. Transport, communication and outside education and employment opportunities were too limited, hence there wasn’t scope for travelling anywhere outside the hamlet. Smart and Latest Financial Advisory Kuber Mindz
So, the old people, sick people, disabled and the children were well taken care of. Social security of its own kind was available.
Then came the Industrial Revolution and things began to change. People got more educated and began to question things based on rationality. People wanted more freedom rather than obeying elders without question. More education and employment opportunities increased with the rapid rise in transport and communication. Men and women questioned orthodox practices and moved away from joint families. Nuclear Families were established. Best Interactive Financial Advisor Kuber Mindz
Now, there was limited social security for elders, sick, disabled and even children. Hence, daycare centers and old age homes were established. Grandparents would be called to cities where their children and grandchildren lived so as to take care of the babies.
Those children grow up, and in turn move to other cities and countries in search of better opportunities for education and employment. They might even get married and start a new family. The cycle repeats, leaving the old people left to fend for themselves.
For some years, the Government provided Pensions to elderly people who earlier worked in government services. Now, even that provision is removed.
That’s exactly why we recommend Retirement Planning. When you grow old, with the changing times your children will have to go to other places and you cannot always go along with them or expect them to forget their ambitions to stay with you. Smart Advice From Kuber Mindz for Retirement Planning or Give A Miss call On 022-62116588
You can’t depend on your children and other friends and relatives for long. Taking loans is out of question now. At this point of time, the only help you receive is what you have invested for retirement. Your retirement savings can ensure you live your sunset years without depending on others. Remember, as time goes by, more joint families will break, giving rise to more nuclear families.
Your children are individuals with their own hearts, minds and souls, so expecting them to forget their ambitions and passions to stay with you are unfair. If they voluntarily want to take care of you, it’s great. But if they don’t or cant, you should be able to broaden your chest bravely saying “Its ok dear! I can take care of myself”.
Retirement is the time when your health begins to fail (if you retire at 60 or above). Hence, you need to account for inflation too, especially medical inflation. You have to beat inflation for which you have start investing diligently as soon as you begin earning.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.