You work all your life in hope of a comfortable retirement. However, unless planned carefully, retirement can be all your nightmares coming true-your salary, the regular stream of income would dried up while expenses, such as health care and living, would have only shot up. Here are four simple keys to ensure your golden years are spent comfortably.
1.Know how much to save: More than 24% of the 2,578 respondents to an online survey conducted by economictimes.com last year said they were saving less than 5% of their income for retirement (see survey result). Another 25% are putting away 5-10% of their income for their sunset years. It is unlikely this will be enough to sustain their current lifestyles when they stop working.
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