People’s take on retirement lies broadly two outlooks - some look forward to it while the rest dread the thought of not having anything to occupy them. Either way, one thing is certain- retirement involves a significant drop in income, without a corresponding drop in expenses. This requires everyone to plan their retirement so as to avoid a finance crunch.
Here are a few tips to keep in mind when you plan for your retirement:

1. Save early: The early bird catches the worm, is an old saying that applies to everything including retirement planning. By beginning to save early and being systematic about it, not only do you rack up funds for your golden years, but also do it without stress.
2. Know your needs: A comfortable retirement plan accounts for multiple elements including your standard of living. Experts estimate that you will need at least 70 percent of your preretirement income to maintain your standard of living when you stop working. Yes, retirement does not mean free living.
3. Employer’s Retirement Savings Plan: If your place of employment offers an Employer’s Retirement Savings Plan or Pension Plans, it would be in your best interest to opt for them. Tax deductions, and accrued interests over time make such schemes extremely beneficial in the long run.
4. Keep basic investment principles in mind: Today, there are multiple avenues for investment that are open. It is important to choose the right one that is best suited to your needs. Inflation and the type of investments you make play an important role in how much you will save towards retirement. Remember to not put all your eggs in one basket. So, diversify your investment portfolio.
5. Don’t dip into your retirement savings: Retirement savings should be there to stay. If you withdraw from your savings account, you lose out on principle, interest and tax benefits, and even bear withdrawal penalties.

There are many important elements that are to be kept in mind while planning for your retirement, for you to have that perfect retired life. It is important to remember that these 5 tips will go a long way in making that task that much easier. Visit PNB MetLife to know more about your Life Insurance, Long Term Savings, Term Insurance & Term Plan.

Doesn’t the thought of retirement sound blissful? No work, no deadlines, and all your hours spent doing the things you love, like travel, painting, and even napping in the afternoon! If you want your retirement to be what you have always dreamed of, start retirement planning now and save a considerable retirement corpus in time. The online Retirement Calculator can help you plan your future financial goals and ensure you achieve them within the stipulated time.