Famed 19th-century American novelist and humorist Mark Twain once said, “Age is an issue of the mind over matter. If you don’t mind, it doesn’t matter.” This famous proverb explains that there is no official retirement age and that it is more of a mental construct than a physical one. It is because many older people around the world, including India, continue working way past their average retirement age of 60. They may be engaged in another job or self-employed as long as their health permits. Hence, budgeting, investing, and retirement planning continue until death.

Retirement planning is vital for all, whether a corporate or gig worker, a government servant, a farmer, a labourer, or any other member of the unorganised workforce. It ensures adequate funds for various needs and provides a framework for earning and building a retirement corpus. Along with that, one must have the right mindset to continue earning, saving, and building wealth.

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Here are three financial behaviours that can significantly impact your retirement plan. 

Living As Per Budget:

Budgeting allows people to make conscious spending decisions and save for retirement. It helps avoid impulsive financial behaviours and provides a roadmap to save and invest based on their income, expenses, and wealth.

Consistency In Saving And Investing:

Proper money management, consistent saving and investing, and a close circle of family and friends are key to a happy retirement. All these can take time to grow. Hence, consistency is vital and makes a huge difference. 

Keep Updating Changes In The Financial Space:

A positive mindset can make a huge difference in any sphere of life. Retirement is a long-term goal, so consistent budgeting and investing efforts are needed. However, during the working years, one must keep oneself financially updated. Knowing the latest financial products, schemes, etc., is crucial to improve your plan and reap the most benefit.

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Finally, financial literacy is a must for financial security. For instance, one should know why diversification of the investment portfolio is necessary to ensure risk-adjusted returns in the long term. Financially aware people review their investments and returns more often and balance their portfolios aligning with their goals. A financially literate person knows the value of compounding growth and long-term financial planning.