Financial planners often stress that time is precious and that an early start with little contributions at a time towards a retirement fund can help build a mighty corpus. However, life doesn’t always go as planned; situations change, and circumstances dictate how we adapt to life’s demands.

At the same time, ignoring the importance of retirement planning could be self-defeating, as regardless of the situation, a well-thought-out plan can give you a fighting chance for a positive outcome. But some people, through persistence and discipline, can still secure long-term goals like a house, pension, children’s education, etc., despite lacking a proper investment plan.

Take the case of Dinesh Chandra Goswami, 65, who retired from his job at Assam State Electricity Board in 2019 after an exciting and grueling career spanning over four decades. His time at ASEB, from youth until retirement, helped him lay the foundation of his finances, but it also tells that with a plan, he could have had a better outcome and reached his goals more easily.

Goswami’s roller-coaster ride, from personal setbacks and financial uncertainties to professional challenges and success, made him an astute problem-solver and risk-taker. He didn’t allow bad experiences to intimidate and stop him from moving forward.

Also Read: Why Is The Trend Of Senior Living Homes Growing? 

His stable government job helped him accumulate sufficient wealth for a family of three with his wife, Geetanjali, and daughter, Niharika, 29. He owns a house in Guwahati, bought with a modest salary, unlike many who invest in mutual funds, stocks, bonds, real estate, etc., for high-value purchases. With a bit of risk, foresight, and timely action, he made it possible for him.

Setbacks And Moving Forward

Goswami lost his father at a young age when he was still a schooler in his hometown in Nalbari, some 120 km from Assam’s main city, Guwahati. After his father’s death, he moved to his maternal uncle’s house in Sarthebari, Barpeta district, for further studies.

However, after completing his eighth standard for better opportunities, his family enrolled him at Maligaon High School in Guwahati. His mother and three younger sisters had also joined him. Among his siblings, only one studied at school at the time; the rest were below school-going age. He eventually passed his 10th standard from there.

As luck would have it, soon after his matriculation in 1975, he got a break for a junior post, a third-grade technical assistant, at an ASEB power-generating project in Salakati, Kokrajhar, about 100 km from Guwahati. He seized the opportunity and, at the same time, enrolled in higher secondary education. It was temporary employment, but after completing two years, he was made permanent. Meanwhile, he passed the 12th exam and enrolled in a degree course near Salakati but dropped out later as juggling work and studies became nearly impossible.

His permanent government job gave the family financial security, enabling him to shoulder the responsibilities of his mother and sisters. He also got an official quarter, which allowed him to bring his family to Salakati, where they lived together. Moreover, at the time, frequent protests in Guwahati by groups making demands on the government had made the city unsafe.

Income And Retirement Planning

His salary gradually increased as he moved up the ladder in his job. In 1990, he got his job transferred to Lokhra sub-station in Guwahati, where he would spend the rest of his time until retirement. Two years after returning to the city, he got married, and a few years later, the couple was blessed with a daughter. Says Goswami, “Circumstances changed fast back then; the Bodo movement was at its peak; although I had no problems for myself, I had plans for marriage and to establish myself. So, after giving it some proper thought, I decided to relocate. In fact, my friends and acquaintances wanted me to stay there.”

Around that time, he bought a plot from an associate in a trade union where he actively participated, which continues to date. He used his savings and a personal loan to buy the plot in Junakinagar, Sualkuchi. He couldn’t take a bank home loan as the plot lacked updated papers. The equated monthly installments (EMIs) were deducted from his salary. Their daughter moved to Hyderabad, where she works as a journalist, after completing her education in Guwahati.

In those days, the old pension system was in operation, so he had no worries about cash flows after retirement. But his organization also had a group provident fund (GPF), which he contributed regularly. This fund, along with personal loans, helped him to build his house. He took several advances from the fund during the construction period. Interestingly, he could register his property only after retirement because, in those days, he says, official works moved slowly.

He admits he was never interested in investments, market, or wealth-related matters other than his house property and provident fund. “I was never interested in these things; I was more absorbed in social activities, so I have been very closely involved with the trade union,” he explains.

Also Read: When And Why Should Seniors Take Financial Risks

However, despite the steep challenges, from frequent relocation for job and education, father’s death at a young age, and limited access to financial instruments, which could have eased his burden, in the end, he has made quite successful at where he is today.

Says Goswami, “I am happy with where I am today. I have a shelter and a monthly pension sufficient for a small family. We have close friends and relatives visiting us, so we are socially connected. I also participate in social activities, including union affairs, which keep me busy.”

Conclusion

Goswami’s life shows that although he didn’t have a controlled plan for savings for retirement, like investing in traditional financial instruments like mutual funds, bonds, and stocks, he had foresight, could identify opportunities, recognize the time and make good decisions. However, that was perhaps when the overall economy was favorable, with modest pensions, manageable inflation, and relatively low asset costs that people could acquire without the help of these financial instruments, which may have become more indispensable today.