The need for Retirement Planning has been stressed upon, time and again, by various experts. It is considered to be a 'high priority item' for those who wish to maintain their current lifestyle even after they stop earning. However, despite all the excitement around it, most people let this key planning drop down on their priority list, and sometimes, it even drops off the list. The key reason for this is that the importance of Retirement Planning is not clearly understood yet. Other reasons have got to do with personal preferences, attitudes, and life situations. The net result is insufficient funds in hand post retirement.
So if you too have been pushing retirement planning for tomorrow, you are likely to find your excuse in this list below. Read on:

Reason 1: Too many expenses
Many people claim that there are way too many expenses in the present, to be able to save for the future. Although, there is no denying that, do you really think that's a good enough reason to lead a financially unsecure life in your old age? The problem here is that, the importance of retirement planning hasn’t sunk in yet!
The solution: Time-tested budgeting methods — Prioritizing, Tracking Expenses, and Cutting Spending.

Reason 2: Finances are a mess now
A muddled financial situation can be puzzling and burdening, but not doing anything about it doesn't make it any better or make it go away. In fact, this is the time to take stock, sort out things and take some concrete steps towards resolving the jumble.
The best way out is to consult with a financial advisor who can help you evaluate and understand your complete financial picture, and develop a plan to tidy up the mess and make it work for you.

Reason 3: Don't have enough money to get started
It's a human tendency to increase spends, with growth in income. Hence, despite a boost in your earnings, you may find it difficult to set aside sufficient money for savings. This situation clearly demands you to spend mindfully. So unless your bills exactly match your net income, be sure that you have enough to get started with your retirement plan.
Here’s what you could do — first block a portion of your money for investing, and then spend whatever is left. This way, you'll be forced to save, and manage your spends with what is left.

Reason 4: It’s too soon
Many people live with the notion that they still have a lot of time left. This may not always be true. What you may not realize is that all the investments you do today (for your future), will happen concurrently while managing your present expenses. So, the later you begin planning your retirement, the more the burden of investing a higher amount for retirement.
So don’t wait, and start planning today!

Reason 5: It’s too late
If you’re already near or past your retirement, it is natural to assume that it's too late and there’s nothing that you can do about it. But starting somewhere is always better than not starting at all!
Even if you have retired, it is never too late to revise your retirement income distribution strategy and change the portfolios that you have invested in. If you’re unsure of what your options are, don’t hesitate in seeking help from a professional.

Reason 6: I don’t need to
A lot of people simply presume that they have enough savings to survive their old age. What they may fail to understand is that prices for everything are just going to rise, and savings are likely to prove insufficient. A retirement plan is what can help you prepare for all the inflated costs and unplanned events ahead.

The list of reasons can be an endless one. But the fact remains that starting late or not planning for retirement at all can have its repercussions. You hold the risk of: -
 *Losing control of your future
 *Losing out on the benefit of time
 *Having to work post retirement
 *Incurring financial and emotional stress on your family

Retirement planning not just helps you maintain the desired lifestyle during your old age, it also offers financial security to you and your dependents.

To gauge the best plan or package for you, evaluate the options available like NPS, Kotak Retirement Plan, MF / SIP, and do talk to your relationship manager about it. 

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Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Kotak Mahindra Bank Ltd. and its employees.