Don't be late in planning early retirement
A big challenge for financial planners is to deal with instances of people dying too young. A bigger challenge is when people live too long. However, the biggest challenge is when they retire too young and live too long. Let me explain. Earlier, it was normal for people to work till 60 and live till about 75. They had to plan for only 15 years of retirement. Today, many of my clients ask me if they can retire at 45. However, the average lifespan of men and women has increased. They say that the person who will live till age 150 is already born. So how does one plan to have a working lifespan of 20-25 years and a retirement lifespan of 50 years? People who have successfully' retired have set themselves a clear path towards this goal, which involved meticulous planning. These people have chosen to be free from worries about whether they are in or out of favour with their bosses, whether they will get that big salary hike, or whether they can retain their jobs next year. It...