Long years ago we made a tryst with destiny, and now the time comes when we shall redeem our pledge, not wholly or in full measure, but very substantially. Those were the words of our first Prime Minister on the eve of our independence.

Cut back to an individual’s life, it will be no mean achievement if a person can say the same in the context of financial freedom at any time in his life, on or before his retirement date. In the age of goal based financial planning, it is important to make a list of what we set out to achieve, financially speaking, when we start our careers. Every year lakhs of people join the work force.

Many leave, having completed their tenure. It is important for every new worker to know and understand the future that lies ahead of a retiree. Most people retire around the age of sixty. For those who continue to work beyond that age, inadequate savings is a common reason.

In my conversations with many retired people who are facing a challenging situation, the common refrain is ‘….our jobs did not have an in-built pension or I had to draw a significant part of my forced-savings for my child’s marriage or for building a home or funding their higher education’. These are the common goals Financial Planners talk about while helping you to plan. These are also the dreams or goals highlighted by insurance and savings companies while selling their products. However, prioritisation of goals is completely in your hands. Retirement needs the largest corpus of funds.

The bigger the target, the longer the period one needs to allow, for, the savings to accumulate. Hence it will not be extreme to state – A new worker needs to start saving for his retirement from the first day at work. For young impressionable minds beginning a career, unfortunately, this line of thinking is rare. The need for financial literacy is the need of the hour so that you may keep your tryst.  Here’s raising a toast to your Independence & Freedom, for all times!