Personal Financial Planning - Financial Freedom Post 60

Abstract

Financial freedom in terms of personal finance, is having sufficient remaining income to cover your living costs. It is not about being rich and having lots of money, but having adequate money to cover your expenditures so that you can spend your valuable time doing what you like rather than doing things just to get money. This can be achieved only when you are aware about your own finances and you need to do Personal Financial Retirement planning. As one grows older retirement is inevitable stage of life and if you want calmness in your life there is need to create plan pre 60. In the journey of personal retirement planning financial literacy also plays vital role for taking wise decisions about finances. Financial literacy is the combination of financial behaviour of individual towards money, financial attitude of the individual and awareness about financial knowledge. In the present study Retirement planning from personal finance perspective was discussed. Primary data was collected from 425 households in Pune city. The main objective of present paper is to discuss role of Financial literacy for better retirement planning, preferences for investment in retirement planning in personal financial planning and factors affecting investment decision related to Retirement Planning.