Financial securityFinancial security means :-
Retirement planning /Financial planningYou should plan for above items in your retirement planning:-
You should estimate Longevity- Longevity How Long Will You Live? Will Your Retirement Income & Assets Last Long Enough?
You should also estimate how much money you wish to leave for your Children etc.
How to calculate above costOfcourse it is very difficult to determine the cost:-
How to generate money for Financial expenseYou can withdraw money every year from bank? This is not a good approach
Even if you are not working, to have financial freedom your saving should be generating money for each year.
Example if your estimated expense is 100,000 per year. You probably need 25 times of it in saving. It will generate your yearly expense.
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