Till the time we’re working and earning our living we cannot predict the time when we’ll have to survive being dependent on our children or so called relatives.
Many of us do not give it a thought that how would be the situations when we won’t have a regular source of income and added medical costs to our routine expenditures due to age factor and to top it all – The rising inflation rate.
The question every individual needs to ask from his/him own self is why do I need a pension plan?
Multiple valid answers would come to your mind in the forms of question again such as:
– How would I manage my routine basic expenditures when source of income stops?
– What would I do if I get ill which is very likely to happen in old age.
– What if I want to get some gifts for my children, grandchildren or some relative?
– How would I please my spouse in those golden years for not having any money to go for lunches/dinners or buy something to her?