Financial planning for old age

Old age is not the time in your life when you want to struggle. That's the time when you want to relax, be at peace, and enjoy your time with your grandchildren. Even if you do not have grandchildren there are many other things to do. You can travel, fulfill your wishes that you could not at one point of time because of work commitment and all. I keep hearing people say, keep working as much as you can, it keeps you active and money keeps coming, so that you are not dependent on anyone in your family. This work means a job or running a business. I do not completely agree to this statement.

If you are working to keep yourself active that's one thing, but working for money even at that age is a sad state of affairs for yourself. It means that through your prime youth period you have not done your financial planning well. At some point of time in your life you need to go easy on yourself. Just working is not life, there are many ways to keep yourself active. You can pursue a hobby without bothering for how much money it can get you. You can travel, join some humanitarian causes, there are so many things to do. Yes, but when one has to bother for money in old age also then it's a stressful situation.

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It's important to do financial planning right from the time one starts working. Because money does not grow overnight, but even small savings done over 40 to 45 years of working time period of life, will give you big returns when you retire. It's all about systematic investments that one has to plan and for that discipline is very important. It's very luring to spend on luxuries when you start working and getting money in your hand. Normally when we start earning for first 10 to 15 years we are not very mindful of our savings and lose out on that period. It's only when we get in our 40s it starts hitting us and then we focus on investments. Till then we are busy buying fancy cars, home, luxury items, taking loans and paying installments.

Yes, I am saying it from my own experience. I too wasted first 10 years and after that I started, and I know that if I would have started earlier it would had been better for me. Though I did catch up later on the lost years, but then not everyone can do that. I would any day want a stress free old age, where I do not have to bother for the inflow of money for my expenses.

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