Retirement Planning: Just avoid these 5 mistakes, you will never face money problems in old age..

Everyone understands how important retirement planning is. If you want money without doing any work in old age, then it is necessary to take a pension plan for that. In such a situation, people resort to savings. Everyone plans for retirement, but most people make some big mistakes during this time. Let us know today about 5 such mistakes, which people often make during retirement planning.

1- Becoming too dependent on EPF
Many young people think that savings are being made from EPF, so they do not take any separate plan for their old age. Its interest rates are determined by the government and there are some better options available in the market, like NPS. So do not depend too much on EPF and also pay attention to other options.

2- Not transferring EPF when changing jobs
It is often seen that after changing jobs, people do not transfer their EPF money from the old company to the new company. Due to this, they have to bear the loss of interest. So after changing the job, definitely transfer the EPF money from the old company to the new company.

3- Starting saving late
After getting a job, initially, most of the youth think why save money for retirement now, we will save money later. Let us tell you that the sooner and the more you start investing, the more money you will get on retirement. If you need a fixed amount till retirement, then by starting investing early, you will have to invest less money every month and will get more returns.

4- Considering 60 years as the retirement age
Although officially the retirement age is 60 years, in today's time people are working under a lot of pressure. In such a situation, it becomes difficult to keep working till 60 years. So if you start retirement planning immediately after getting a job, then you don't need to retire at 60 years, you can retire even before that.

5- Ignoring inflation
Often people while saving for retirement do not think about the value of the rupee after 25-30 years from today. They ignore inflation while planning for retirement and start investing money as per the current rate. In such a situation, the pension they get on retirement is very low, due to which their expenses are not met properly.

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