The Undesirable Consequences of Not Saving For Retirement

A good number of working-age households do not have any retirement savings. As a consequence, they are preparing them to make future sacrifices. People without a substantial nest egg may need to keep working for a long time, adjust with their spending and lifestyle, become dependent on others, and go through continued financial and emotional stress. With so many robust retirement savings options publicly available today, not investing in them is not a wise choice. Learn more as we explore the consequences of not putting retirement savings on your checklist.

●      The need to work till late age

Without a substantial amount of money saved for the future, one may need to work nearly all his life, even when physically and mentally unprepared. On the other hand, having saved money for later years may enable one to comfortably spend the future days without adjusting to lifestyle and goals.

●      Increased dependency

Having little or no income from the available streams, one may continuously struggle to keep up with the growing bills. This could eventually prompt them to become partly or entirely dependent on their children. On the other hand, with sufficient wealth and monetary resources, one can look after him on his terms, leading an independent and dignified life.

●      Get challenged by rising inflation

The rising inflation level is a matter of concern. Life may get tough without money to address the growing cost of future living. To keep up with the convenient lifestyle one is leading now, it is essential to set aside money today for a comfortable tomorrow. While considering inflation in retirement planning, one should consider what will remain relevant for him over the years. Medical expenses are a critical component, which takes us to our next point.

●      Uncertainty dealing emergencies

Being financially prepared to face medical emergencies confidently is highly crucial. And since the cost of medical facilities and treatments is steadily growing, it should drive the purpose of retirement savings.

Compromise with the dreams and life goals

To comfortably meet the goals set for the future and materialize the dreams, one needs money, and for that matter, he needs access to a stable and ready fund that can be used over time. Sometimes, not having saved enough for retirement does not mean extreme financial stress, but it may kill many dreams and aspirations.

The bottom line

Who wants to work harder in their golden years? As time goes by, our ability to work reduces, and then we need to turn to savings. If you are giving the ‘saving for retirement’ a serious thought, one good option presently available is NPS.

Short for National Pension Scheme, NPS is a voluntary and defined contribution retirement saving scheme for the citizens aged 18-70 years. The safe and robust scheme allows every Indian to have a reliable income stream available with them for the future.

NPS Online Registration

If you are looking for more information on NPS, OR if you need assistance filling up an NPS form online or an NPS account opening form, please feel free to click Alankit.com now!  

Read More : https://asrpdigital.quora.com/Set-and-Reach-Your-Goals-The-Benefits-of-Financial-Planning