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:

• Estimating the amount that will be needed for meeting desired lifestyle post retirement
• Deciphering sources of income that shall come in handy for building the requisite corpus such as savings, pension etc.
• Planning and mitigating risk associated with various securities for optimising returns as well as ensuring a steady stream of income.
• Also, you need to factor in metrics like healthcare cost, medical expenses, life expectancy and inflation.
• Considering factors like inflation, healthcare costs, and life expectancy.

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.

What will the delay in retirement planning mean to an individual?

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.