Retirement! Retirement happens to every individual. Past, present and future, everyone will grow old and will have to retire one day or the other. In the days of yore, joint families were the norm. The grandparents (first generation) would be served by their children, grandchildren and great grandchildren. The second generation would work in the fields and their wives would together do household work. The third generation would be young and energetic, so they would perform much harder labor in the fields leaving the simpler tasks for their parents. The fourth generation would be the youngest in the family, often playing with each other, with their grandparents and great grandparents. This was the life of old people back then, well taken care of by their children and society. [Get Personalized Advice On Retirement Planning Visit]
Today, the situation is different. Ever since more and more people began moving towards cities for employment and education purposes, joint families have begun decreasing. Nuclear families have always been on the rise. Now children grow up, go far away in search of education and employment opportunities and often settle down in another city or even another country! Older people are now left to live by themselves. Moneymindz, India’s first on call Financial Advisory.
That’s why we recommend retirement planning. Nuclear families will increase over time. Hence, we decided to bust a few myths about retirement and old age.
1. “My posterity will take care of me!”
Believe us when we say that there are people to this day who think their children will take care of them when they are old. We’ve already emphasized why this thinking is wrong. Nuclear families are rising; your children cannot stay with you. They have to live their lives, fulfill their ambitions and career goals and visit places where they can avail better opportunities. Caring for parents should not be forced, it should be voluntary. “Financial Adviser, Kuber Mindz”
2. Social security!
Well, first things first, social security exists only in some countries. Secondly, social security cannot and will not take care of all your needs. Thirdly, depending on social security means you have been too lazy and greedy in your younger days to save money so you are being parasitic (depending on others like a parasite). No sane person likes to be considered a parasite and die being dependent on others.
3. Borrow money
Wherever you borrow money from, friends, relatives, children, banks, financial institutions, post offices, or even local money lenders; you are essentially putting yourself into unnecessary debt. Borrowing money at a time you aren’t healthy enough to repay the amount is not a good idea. Even if the loan is waived off, you will not be remembered in a good light. Rather you will be remembered as an individual who died without repaying loans Personal Loan. [Get Personalized Advice On Loans Visit]
4. Retirement is all about travelling without a care for the world
Travel? During old age? Don’t you think that’s a little far from reality? In old age, you will even find it arduous to cross the street and go to the local market. Forget travelling places, hiking in the mountains, exploring jungles and waterfalls. Even if you could do all this, you will require lots of money for which you should begin investing the moment you begin earning!
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