Four pillars of retirement income planning in develop countries:

• Social security
  • A social security program that provides retirement benefits as well as survivor and disability benefits.
• Employment based plan :
  • Retirement plans available to individuals through their public, private, or not-for-profit employers, Defined Contribution plans, such as 401(k) and profit-sharing plans, Defined Benefit pension plans, stock option plans
• Personal Retirement Assets
  • Pension Plans, Annuities, Bank deposits, Mutual funds, Individually held securities, Life insurance & Others.
• Retirement Choices :
  • Lifestyle and financial choices that play a significant role in retirement security
    • When you would like to retire? ( Early Retirement, Timely Retirement, Late Retirement, Semi Retirement , Part time job)
    • Where you want to retire? (Place of retirement, metro city, town, village)
    • How your retirement lifestyle should be? (Lavish, moderate or conservative)

In India, only two of the above pillars exist, i.e.

• Personal retirement assets
• Retirement choices.

While drawing your retirement plan, one should keep this in mind and also be aware that they are self dependent.