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Saving for retirement

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Retirement is a reality of life, and Saving for retirement is a habit which everyone should inculcate for a happy retired life. Many of us forget this and prefer to consume all we earn, and sometimes even borrow to consume beyond a reasonable level which impacts adversely our savings, and Saving for retirement becomes a causality or is relegated to a rather low priority in one's life. Ideally, this should not happen, and we should actively prepare, plan and practice Savings for retirement. Savings for retirement has many dimensions, and five of them are really significant. Any plan for Savings for retirement should take into account the following five factors:

  • Savings for retirement should begin at an early age
  • A plan should be built around our Savings for retirement
  • Services of a qualified Financial Planner or Consultant is helpful
  • The plan should be monitored and flexible
  • Normally, retirement savings should never be used for consumption

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