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By Rohit Gupta, Director & Country Risk Manager, Consumer Banking, Citibank Turkey February 08, 2013 12:00 PM
Increased life expectancy and the move away from a traditional company "defined benefits plan" make retirement planning amongst the most important and long lasting decisions for individuals and families.
As a rule of thumb, financial planners recommend withdrawing no more than 4% - 5% of retirement savings every year. That means a lot of savings for an average family (to get a income of $3,500 in retirement would mean savings of just over 1 million).
How does one save enough over 30 years of working life for 30 years in retirement? The answer is simple - the magic of Compound Interest. Importantly, savings is different from investing (and speculation from Investing). A few percentage points in interest rates can mean a huge difference in your future wealth. Along with safety, one needs to ensure a good return on investments - even after retirement.