Retirement planning is a critical aspect of financial stability that often goes overlooked until it’s too late. In India, where the culture of savings is ingrained yet formal retirement planning is still evolving, understanding, and initiating a retirement plan is more crucial than ever.

The importance of retirement planning depends on ensuring you have adequate funds to live comfortably after you stop earning a stable income. It is not only about saving a part of your earnings but also about investing in yourself. Here are some crucial reasons to begin retirement planning – combating inflation, securing financial freedom, managing medical expenditures, maintaining your living standard, supporting family requirements, meeting post-retirement goals, preparing for unanticipated circumstances, and leaving a legacy for dependents.

Here are ways to effectively plan your retirement –

Ø  Utilise an online retirement calculator

An important instrument for planning, an online retirement calculator can assist you estimate how much you require to save to live a post-retirement life. It factors in your existing age, savings, retirement age, investments, and anticipated inflation rates.

Anjali is looking to retire at the age of 60 with a lifestyle that needs Rs 50,000 per month. Utilising an online retirement calculator, she considers her existing age of 30, anticipated inflation of 6 per cent and prevailing savings. The calculator estimates she needs a corpus of approximately Rs 2.5 crores to sustain her retirement life, helping her strategise her savings and investments accordingly.

Ø  Start early

The sooner you start, the more you benefit from compound interest. Even starting small can lead to substantial growth over decades.

Imagine Rohit, who starts saving Rs 5,000 a month at age 25 in a mutual fund that averages an 8% annual return. By the time he turns 60, his investment would have grown to over Rs 1.50 crore, thanks to compound interest. In contrast, if Priya starts saving the same amount at 35 under the same conditions, she would accumulate about Rs 67 lakhs by age 60. The decade-long head start allows Rohit’s investments more time to compound, significantly impacting his retirement corpus.

Ø  Create a retirement budget

Estimate your post-retirement expenses, considering inflation and changing lifestyle needs. Including fixed expenses, healthcare, leisure, and unexpected costs.

Vijay, nearing retirement, lists down his monthly expenses including groceries, utilities, healthcare, and leisure activities like travel and hobbies. Considering inflation, he predicts his current monthly expense of Rs 30,000 will rise to Rs 80,000 by the time he retires. This projection helps him understand how much he needs to save to maintain his lifestyle post-retirement.

Ø  Opt for a pension plan

Investing in pension plans offered by insurance companies can guarantee a steady income post-retirement. They also provide tax benefits under Section 80C.

Raj invests in a pension plan that promises a monthly income of Rs 20,000 after retirement. This plan not only secures his future financially but also offers tax benefits today, making it a win-win investment for his retirement years.

Ø  Diversify your investment portfolio

Do not put all your eggs in one basket. Invest in a mix of asset classes including equity, debt, mutual funds, and real estate. Consider your risk appetite and investment horizon.

Meena, an investor, allocates her savings across different asset classes—40 per cent in equity for growth, 30 per cent in bonds for stability, 20 per cent in mutual funds for diversified exposure, and 10 per cent in real estate for passive income. This diversification helps balance her risk and provides multiple growth avenues, ensuring her portfolio is well-equipped to handle market volatility.

Ø  Maximise your EPF and PPF contributions

The EPF or employee provident fund and PPF or public provident fund are excellent tax-saving instruments that offer secure, high-interest earnings for retirement.

Sunita contributes the maximum allowable limit to her EPF and PPF accounts every year. These contributions not only reduce her taxable income but also accumulate tax-free earnings, creating a significant retirement fund that’s secure and government-backed.

Ø  Maintain an emergency fund

Ensure you have an emergency fund worth at least 6-12 months of living expenses. This fund should be easily accessible and kept separate from your retirement savings.

Deepika saves six months’ worth of expenses in a liquid fund, separate from her investments and retirement savings. This fund acts as a financial cushion during unexpected events, such as medical emergencies or sudden unemployment, ensuring her long-term plans remain undisturbed.

Ø  Invest in NPS or national pension scheme

The NPS is a government-backed retirement planning instrument that is market-linked and offers various fund options based on your risk tolerance.

Karan opts for the NPS, choosing a mix of equity, corporate bonds, and government securities, aligning with his moderate risk appetite. This allows his retirement savings to grow with the market while offering the flexibility to adjust the asset allocation as he gets closer to retirement.

Ø  Educate yourself financially

Stay informed about financial planning, investment options, tax laws, and market trends. Knowledge is power, especially when it comes to managing your money.

Neha spends her time reading blogs linked with finance, attending workshops, and consulting with financial professionals. This constant learning equips her with considerable knowledge to make better decisions about her tax planning, investments, and retirement plan, ensuring she enhances her financial potential.

Ø  Assess as well as adjust your plan periodically

Your retirement plan should adapt to your changing life circumstances. Annually, review your assets, savings, and goals and make any necessary modifications.

Every year, Amit updates his retirement plan to reflect changes in his income, spending, and life goals. This regular review keeps him on pace with his retirement objectives, allowing him to make necessary modifications to his savings rate and investment selections.

Final thoughts

Retirement planning is more than a financial responsibility; it is a commitment to your future self. Beginning today not just secures your financial future, but even endows you with mental peace and the opportunity to spend your retirement years as you see fit. Attaining a comfortable retirement involves vision, a proactive attitude, and discipline. Note that it is never too early or very late, to begin with retirement planning. The steps you take now can result in a better and more secure tomorrow.

New Delhi (India), June 24: Ancestral property is a valuable asset that is passed
down from one generation to another. It is a symbol of family heritage and pride
that holds significant sentimental value for many families. However, the question
that has been long debated is whether ancestral property can be sold without the
consent of all successors.
According to Indian law, ancestral property is considered to be the collective
property of all successors of the original owner. As a result, the sale of ancestral
property without the consent of all successors is generally not allowed. The
reasoning behind this is that ancestral property is seen as a collective asset, and
all successors have an equal right to it.
However, in certain cases, the sale of ancestral property without the consent of all
successors may be allowed by law. For instance, in cases where the owner of the
property has died intestate and there is no will or agreement in place, legal heirs
may be able to sell off the ancestral property without seeking consent from all
other successors.
It is important to note that the rules regarding the sale of ancestral property
without consent may vary from state to state. Therefore, it is essential to consult a
lawyer before making any decision regarding the sale of ancestral property.
Supreme Court Advocate on record firm with Vedic Legal, a renowned law firm
specializing in property and succession law, recently settled a landmark case in
the Supreme Court. The case involved the sale of ancestral property without the
consent of all successors, and Supreme Court AOR firm Vedic Legal argued that
such a sale was not permissible under Indian law.
The verdict of the Supreme Court, based on Supreme Court AOR firm Vedic Legal
arguments, confirmed that ancestral property could not be sold without the
consent of all successors. This ruling has set a precedent for future cases and has
provided clarity on a contentious issue that has long been debated.
The complexity of the issue of selling ancestral property without the consent of
successors is not lost on legal experts. It is crucial to consider the legal and
ethical implications of such a sale, as it can have significant consequences for all
parties involved.

In some cases, however, selling the ancestral property without the consent of all
successors may be the best option. For example, in cases where there are
disputes between heirs or when some heirs are not reachable, selling ancestral
property without the consent of all successors may be allowed by law.
Additionally, in certain circumstances, selling the ancestral property without
consent may be the only way to resolve financial difficulties faced by the owners of
the property. This may include situations where the owners require funds for
medical treatment or other urgent needs.
However, any decision to sell the ancestral property without the consent of all
successors should be made after careful consideration and consultation with legal
experts. It is essential to ensure that all legal requirements are met and that the
rights of all parties involved are protected.
The sale of ancestral property without consent is a complex issue that requires
careful consideration and legal guidance. While it may be possible in some cases,
it is generally accepted that ancestral property is a collective asset that cannot be
sold without the consent of all successors.
The recent landmark case settled by Supreme Court AOR firm Vedic Legal in the
Supreme Court has provided clarity on the legal aspect of selling ancestral
property without the consent of successors. It has set a precedent for future cases
and has highlighted the importance of seeking legal guidance before making any
decision regarding the sale of ancestral property.

A huge percentage of our population believes and likes to take decision-based on astrological predictions. They often search for the Best Astrologer in India. This article will help you to choose the same.

Vedic astrology is becoming more and more popular in India since it is thought to be very precise and accurate. Various astrologers in India have brought major reforms that have shaped the astrology community progressively and found a path which brings significance. Its spiritual underpinnings also ensure that it is less about fortune-telling and more about the evolution of the human soul as it strives to unite with the Divine.

Let us take a look at the top 5 most influential astrologers in India. 

K. N. Rao

Shri K. N. RAO is an Indian Vedic astrologer. He was an English language lecturer. At the mere age of 12, he was introduced to the world of Vedic Astrology by his mother and can be considered the best Vedic astrologer in the world by his peers and clients. His astrological lectures on Vedic astrology in many countries influenced people to connect with him and Vedic astrology. He was the chief guest at the second conference of the American Council of Vedic Astrology. His book, “Yogis, Destiny and the Wheel of Time” can be referred to as one of the main tools in the world of astrology. His insightful guidance about life has helped people find the path to success.

https://www.journalofastrology.com

Dr Sohini Sastri

The most accomplished Astrologer, Philanthropist and Life Coach, renowned for her expertise in Vedic Astrology, Gemology, Palmistry, Numerology, Vastu Shastra, and Colour Therapy is none other than Dr Sohini Sastri. Over the last few decades, Dr Sastri, one of the Best Astrologers in India, has helped thousands of her followers with astrological predictions and cosmic energy. She is famous for her accurate prediction and effective remedy selection. She is also felicitated by the 2 consecutive Presidents of India. She has been felicitated by several universities and honoured with degrees like a doctorate & D.Litt as well by National American University, USA for her exceptional journey and contribution to society. She is a KP Astrologer with 15+ years of experience. Dr Sastri is popular as the first choice of Bollywood celebrities. She has achieved a great height of astrology and was awarded various honours like ‘Champion of Change 2018, 2019, 2021’, ‘Pride of Nation 2019, 2022’, ‘Indian Achievers Award 2020, 2023’, ‘Femina Brand Award 2021’ and many more. She is a regular columnist for many popular magazines and a renowned writer of 3 popular books on Astrology. She is also a very popular face in different TV Shows. Her contribution as a social reformer and activist also is very much significant. 

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Pandit Ajai Bhambi

Internationally renowned astrologer and Vastu Shastra specialist Pandit Ajai Bhambi is a well-known figure in the astrology community who is well-known for his in-depth knowledge and accurate forecasts. He applies his astrological expertise to assist people in identifying and achieving their life goals.  He has authored a number of books and has contributed to several regional, national, and international newspapers and periodicals. He anticipates challenges in people’s lives and exhorts them to look for chances and learn how to handle them. Also, he has made appearances on a number of national as well as international TV programmes.

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Anupam V Kapil

India’s most diversely qualified celebrity astro-numerologist and body language expert Anupam V Kapil is also an author, columnist and TOI daily forecast writer. He is the only phonetic numerologist in India and a well-known face on Indian Television channels, where he has shared his piece of mind with the world on Astrology. He is the esteemed author of the bestselling book “Numerology Made Easy”. He is well versed with the ancient temples of south India and Naadi remedial measures.

http://www.anupamkapil.com/ 

Dr Prem Kumar Sharma

At the age of 35, Dr Prem Kumar Sharma decided to pursue astrology as a full-time profession in 1993. Since then, he has made several accurate predictions and carved out a name for himself in the area. Due to his scientific background, he spent his early years researching and studying astronomy, astrology, numerology, gemology, and Tantras in great depth. Astro-consulting to help individuals with their issues has been his only goal in life after receiving a PhD for his studies on Astrological positions and their effect on marriages. He has also made an enormous amount of TV appearances. He has written many books and contributed to several regional, international, and national publications and journals.

https://www.premastrologer.com/

Every person has good and bad times in their lives that bring them joy and sorrow and to overcome the bad situation we take refuge in these great sages