Due to rising costs of living, rising healthcare costs, and inflation, many retirees today have to work during their retirement years. Today, due to various problems such as deteriorating health or layoffs, work-life is not as long as it used to be. So the main solution for adequate financial stability in retirement is the provision of pensions.
Proper retirement planning solutions is the process of making several profitable and guaranteed investments to maintain guaranteed income and financial stability in retirement. So the type of investment you make today will affect your financial and psychological stability in the future. Therefore, proper retirement planning is a very important part of your life. So the first and most important step in retirement planning is to find your net worth by calculating all your assets and liabilities.
This can be done in many ways. Various planners or financial consultants help create such retirement plans but charge a fee or commission for their services, but nowadays many people take a DIY approach because of the availability of various simple calculators or mathematical models from the internet.
These calculators and models use various parameters such as current age, retirement age, household income, working capital value, etc. to determine the amount that a person should deposit or pay into a retirement plan each month for the desired purpose