New Delhi, July 7 -- When you retire with a fixed monthly pension of Rs.35,000, financial planning becomes essential to balance everyday expenses, healthcare needs, and long-term economic stability.

This requires creating a disciplined budget that prioritises essentials such as groceries, housing, utilities, and medical expenses. Retirees should also ensure that inflation is accounted for in their economic planning and that sufficient liquidity is maintained to cover unplanned requirements and emergencies.

Furthermore, it is important to keep in mind that an emergency fund should ideally be established before retirement, not after. Such an approach ensures that the retiree is not forced to take on unwanted personal loans or withdraw fro...