India, May 11 -- One of the most crucial aspects of personal finance management is retirement planning. Retirement planning in the Indian financial market means preparing for post-retirement life so that individuals continue to meet their needs, ambitions, healthcare, and goals independent of their earnings or family support.

Owing to increasing life expectancy, rising healthcare expenses, growing costs of living, and changing family structures, retirement planning has changed from being optional to mandatory from a financial standpoint. Having a planned retirement strategy ensures that individuals remain financially independent when retiring and don't rely on other people or outside help.

Thus, retirement planning implies defining reti...