BQPortfolio: How Should Defence Personnel Plan For Life After Service?
BQPortfolio speaks to citizens from across India about their financial goals and helps them access expert advice on how to achieve them.
With patriotic duty and service taking precedence over financial gain, most of the nation’s defence personnel tend to neglect financial planning.
And while the approach to save for the future is gradually changing, retired defence personnel and financial experts told BloombergQuint that there’s an urgent need to create more awareness.
The most important decision a young initiate to the defence forces can take is to set aside a portion of salary for retirement, according to Harshvardhan Roongta, founder of Roongta Securities. Many, who join at 18, retire with much of their lives ahead of them.
Commodore SK Mongia, VSM (Retired), is one such individual. He retired in 1993, having served the nation for more than 30 years. He considers himself lucky to have found a gainful employment after he left the Navy. But many others, especially those in the ranks below officer, are not as lucky.
Lieutenant Colonel Jitendra Sharma, who retired in 2010, said it’s important for defence personnel to involve their spouses in financial matters.
On this special episode of BQPortfolio, BloombergQuint explores the do’s and don’ts for defence personnel both during and after service.
Watch the full episode here: