It is a roadmap to achieving financial goals, like building a retirement corpus, ensuring cash flow, an emergency fund, etc.
It is vital for financial stability in old age, allowing you to enjoy a stress-free life and participate in recreational activities.
It is important to set realistic goals considering factors like inflation, risk-taking capacity, health condition, savings and investment.
An emergency fund should cover at least six months of expenses. Store money in liquid instruments so you can withdraw it anytime.
Diversify and review the portfolio regularly and seek help from a certified financial advisor to mitigate risks.
Invest in instruments like the National Pension System, Senior Citizen Savings Scheme, or fixed deposits for regular income.
Consider health and life insurance plans to ensure the family's financial security in retirement.