RETIREMENT PLANNING: AWARENESS AMONG INDIVIDUALS

Abstract

Savings for retirement is a wise course of action. Every retiree should have a variety source of income to protect themselves from retirement savings deficit. The financial requirement during retirement has been covered by three common sources, namely social security payments, workplace pension benefits and personal savings, in industrialized nations such as the U.S. The three sources were commonly compared to a three-legged stool that many financial planners called "three-legged stool model." The three sources. Saving and investments are two major macro factors that play an important part in economic growth. Savings allow individuals to cope with emergencies and to reduce peak revenues and expenses, invest in households, families and companies and support the ageing. Savings is the surplus money invested by the people in various avenues. It is the difference between income and consumption (Abdus Salam and Umma Kulsum, 2002). It can be in the form of an investment in land, gold, insurance, financial instruments etc. Savings is important for an individual, organization and the economy as a whole (Ananda Vikatan, 1999).  Savings is a habit specially embodied to women (Gnana Desigan C, KalaiSelvi S, Anusuya, April 2006). Savings will help the people to safeguard themselves from any risk in the future. Savings will also help an economy to generate more funds which will help business to flourish.  The main aim of this paper is to understand the level of awareness individuals, have regarding retirement planning and to study the factors that affect their retirement planning using convenience sampling method by considering 150 responses from individuals of Delhi NCR district only.