Retirement planning!

Retirement is a unique phase in the life of every working individual. Each one of us has a dream about the kind of life we would want to live after retirement. For our previous generation, retirement planning was not critical as there were joint families that one could rely on. Now there is a growing trend of nuclear families. Further, medical inflation is high which means that the cost of treatment keeps increasing. The choice of financial product used for retirement planning would vary for each individual. Retirement is a long-term goal; hence it is advisable to go for an instrument that offers benefits over the long-term. There is a wide range of products available; Employee Provident Fund, Public Provident Fund, Life Insurance, Mutual Funds, National Pension System (NPS), etc. Each product category offers a unique set of benefits and has its own risk-reward profile.