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As it relates to your personal life, explain the importance of financial planning. What steps can...

As it relates to your personal life, explain the importance of financial planning. What steps can you take now to ensure your financial success in the future? What age would you like to retire at? Do you need a financial planner to help meet your goals.

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Answer #1

Steps to be taken to ensure financial success
1. 30% of The saving should be parked in equity and shares in the form of mutual and invest in long term. This will ensure assured return with minimum risk over a long period.
2. 30% of funds should be invested in retirement benefit  plan . This will secure the future after retirement and the annuity or pension would help to maintain a standard of life after retirement.
3. 30% should be saved in tax saving investment plans to saves taxes.
4. 10% should be for personal unplanned expenses.

I would retire at age of 60 years

No a financial planner is not needed. Self assessment and research can be sufficient as every person has different risk appetite and different aspiration. Financial planner can give standard solution whereas every individual needs customized investment or financial planning .

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