Retirement Planning from Bangladesh Perspective
Nasim, Md. Newas Sarif
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This project is done on retirement planning what gives an apparent notion about financing and investment in the perspective of Bangladesh. This report denotes the pros and cons about retirement planning. It gives a clear view about the proper timing to start planning for retirement. Through primary and secondary data, I tried my level best to give approximate view of expectation living standard of Bangladeshi citizen in the time of retirement. Average middle class has been chosen as sample for survey to collect primary data. An abstract budget has been given on perspective of Bangladeshi people for retirement. This budget showed minimum expense anyone has to bear who belongs to middle-class or lower middle-class in the time of retirement. Commencing retirement planning with diversifying investment has been included which showed how to start and diversify investment to get highest return. Saving analysis demonstrated present situation of risk in the market of Bangladesh and helped anyone find a better way of investment. People find it difficult to save if there is no definite strategy. In Bangladesh, the older citizen has become an important social concern because, there is no such social security system. According to the size of the population, existing poverty, scarcity of resources, inadequate health facilities and lack of social security, the retired sector is going to be a major problem. To facilitate, the retirement benefit system in Bangladesh should be much more organized both in the public sector and also in the private sector. The government rules and regulations are not well organized to protect the employee benefit. Their employees are not aware of their retirement benefit. The regulatory body to protect the employee benefit is not taking the necessary steps to protect the employee right and benefit. The rules regarding the employer contribution are not up to date with the time. The nature of retirement benefit is not precisely defined or determined in the private sector whether the benefit will be the defined benefit contribution. There is no specified benefit plan in the most of the organization which can give the old age security to their employee. A further attempts has been taken to establish some guidelines in the formulation of qualities to improve retirement planning sectors. 6 Diversifying investment policy, reconciliation of investment and lowering the risk of investment are the major issue that has been discussed in this study for a batter planning before retirement. Some recommendations has been made for a better living for senior citizen: 1. A training course for retirement planning. 2. Free health care support. 3. Ameliorated old allowance. 4. Secured shelter and food.
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