This is the process of determining retirement income goals and the required actions and decisions necessary to achieve those goals. Retirement saving includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. Future cash flows are estimated to determine if the retirement income goal will be achieved.
Most often, retirement saving involves depositing money into a retirement account, and purposefully saving money for the future. There are many different types of retirement savings available like PPF, post office retirement schemes. Atal pension yojna and many other government schemes. Mutual funds do offer Retirement funds to the investors that are customized to their age and risk needs. In most cases, employees are provided with a retirement saving by their employer like PF, and contributions to the saving are deducted from the employees’ paycheck. Some employers also match a certain percentage of an employee’s contributions, adding more money to their account.
Most savings have different rules and guidelines, including details such as when the money can be withdrawn.