In India, for addressing retirement needs, there are various available instruments such as EPF, NPS, retirement mutual funds - solution-oriented schemes etc. Nonetheless, to ensure that these asset classes serve you efficiently and rightly you need to ensure that the amount deployed in each such scheme shall suffice your financial needs during your sunset years.
The process of retirement planning entails the below steps:
So, in large what retirement planning will result in is financial independence together with security for later part of your life when you leave your working life.
The delay in retirement planning typically means when you delay your plannings and investments for the purpose it will ultimately impact your savings by retirement due to the compounding impact.