I am retired and I am very happy" When a person makes a statement like that he means:
- a) He is able to meet all his financial needs.
- b) He is not dependent on anybody for his living
- c) He is able to maintain standard of living, he is used to
- d) Being financially independent, he enjoys love and respect from all his family members and friends.
Retirement planning is linked to future happiness and its importance may not be understated. Perhaps contrary to popular perception, retirement planning involves much more than simply choosing a pension plan.
Proper retirement planning should consider inflation adjusted post retirement expenditure, and above all making sure that person does not carry forward any financial liability, such as loans, mortgages post retirement.