With the change in social structure it is uncommon for people to live together in joint families. The growing trend is for retired people to live by themselves. Living independently in your retirement can mean incurring monthly expenses but without no monthly income from a job.

So whether you have planned a hectic retirement where you will start the business venture of your dreams or a leisurely retirement just tending to your backyard garden; you do need the resources to ensure that your golden years are the best part of your life.

To understand why an increasing number of individuals have already started planning for their retirement, and why you should too, read on.

Independence is the new way of life: An increasing number of young Indian professionals are moving away from the traditional joint family structure. Since support no longer comes easily, parents have realized the need to provide for themselves during their retirement years.

Costs set to soar: Skyrocketing costs throw even a well-salaried person off balance. With rates rising everyday, you can imagine how high they will be when you are ready to retire. A retirement plan provides you with a steady income every month, to arm you in the face of rising costs.

Non-earning retirement phase is now longer: Only 4% of India working population- mostly government employees – are covered by pensions. The remaining 96% comprises self-employed and salaried professionals who do not have a formal, mandated provision for pensions.