NEWS & ADVICE : FIXED DEPOSITS
Financial planning: a tool to retire happily and enjoy the life ahead
By Neelima Shankar
Print    Email    RSS   

The old saying, ‘save your penny for the rainy day' finds implications in every life. Retirement is a phase when one's monthly source of income suddenly comes to a stop. A person becomes dependent on the sum of money he receives as pension. A sudden halt in the lifestyle one has been pursuing since so long often creates tension as one starts feeling financially insecure.

In order to avoid this financial insecurity comes in the need for an efficient financial plan- a plan that helps one attain financial freedom after retirement. A financial plan is a strategic process of creating and managing wealth all through out the time when a person is in earning stage so as to meet all the financial goals in life. It is a procedural action and hence needs systematic planning.

A financial plan takes into account one's specific financial situation, his earnings, responsibilities, likes and dislikes, fears, hopes, aspirations and concerns. It helps in determining one's safety and liquidity requirements.

The entire process of preparing a financial plan can be divided into four broad steps:

Need analysis:

Need analysis refers to knowledge of where one is today (financially) and where does he see himself tomorrow in terms of needs and requirements.

One needs money for all the leisure activities, vacations and trips that he has kept on hold till he gets free finally from work. There are a hundred and one expenses that need to be met after retirement. And they require proper management and planning.


Page  | 123 |  
(Comments Posted : 1) Post Your Comments
1. The right investment of your hard earned money is very much necessary to have security for the future. The investment options are plenty and you can take the help of our experts to find the best investment plan..saverable.com
ravikumar (Posted: Jan 7, 2014)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
How to Invest to Save?
Things to know before retirement
Fixed deposits in India: Benefits,...
Medical Insurance: Save tax along with health
For what purpose do you want to invest in...


What is the FD interest rate in India?
investment in MRDT LTD, MADHURAI HOW SAFE
Check my sbi account no:332331772822
what is the bank interest rate for fixed deposit
as sr citizen i deposit 40lacs i want to know how...
Escorts in panchkula......9872814230???

NEWS THIS WEEK
Allahabad Bank bags award Sep 17, 2014
SBI revised rates for the term deposits of less than 1 crore Sep 16, 2014
HDFC to issue debit card PIN through SMS Sep 15, 2014
New branch of Corporation bank in Maharashtra Sep 12, 2014
Applicants invited for various post by UBI bank in Mumbai Sep 10, 2014
News Archive