So, here is the blueprint to save for retirement goals, when it is too late.
For those in 50s: People believe that they are going to live just 10-15 years more after their retirement. Given the higher life expectancy and advances in medical science, chances are in the coming years, the average life span will increase by a few years at least. So, it is possible that at the age of 50, you still have 30-35 years more to comfortably stay alive. If one has ten years left for retirement then, they can consider hiking their investments in equity funds for a period of five years and allow it to grow in the remaining five years. In the last five years, one should save a larger percentage of investments in debt funds.
For those in 60s: People at this age should consider taking up a part-time job in order to supplement their nest egg. Also, the income earned could be diverted towards growth funds and debt funds on a partial basis. However, if one feels that they could only work till the age of 65, they should allocate a higher ratio in income and debt funds only.
For those in 70s: At 70, substantial planning might seem to be too late. Still certain measures can facilitate the management of retirement expenses. Minimizing lifestyle expenses can be considered. One can move from a bigger home to a smaller one and utilize the residual amount towards future expenses. If short-term savings are good enough, one can also think over building a small portfolio of fixed income instruments, just in case, you outlive your savings.