90% of retirees in India depend on their savings. So, what plans do you have for your retirement? Have you started trying to save now or are you planning for it? The retirement age in India is usually 60 years. In such a situation, if you are 40 years old, you need to prepare your plan in line with the expected inflation for the next 20 years so that you can easily spend your time even after retirement. For a good retirement plan, you need to keep many things in mind. We are giving you suggestions to get two crores in your retirement.
Plan savings like this
Let’s say your monthly income is 40 thousand rupees. In this you will get Rs. In addition, the families also paid Rs 10,000. 5000 for child education. About 10 thousand rupees is also spent on going to office and other expenses. In such a situation, you have 5000 rupees left for investment. If you invest this amount in a mutual fund through SIP till retirement, that is, for 20 years, you can easily get Rs 2.62 crore. The return on investment is calculated at the rate of 10 per cent. This amount is higher than this because you can get good returns over a period of time.
Monthly costs triple
As inflation rises, so will the cost of the month in the coming days. As long as there is work and a good salary, there is not much to worry about but it will be difficult to keep up with expenses after retirement. If inflation rises to an average of six per cent, then current spending will be doubled after 25 years. That is, if you spend 25 thousand now, it will be 75 thousand rupees after 25 years.
Start investing early
If you haven’t started investing in a retirement plan yet, don’t delay now. If you start investing early, you will be able to easily deposit money for retirement. You don’t even need a large amount of money to invest. You will easily plan and increase the desired amount.
Make it 25 times larger than current income
Financial experts say that for a happy life after retirement, one must create a retirement fund (corpus) 25 times larger than their current income. For this, it is necessary to start investing by planning for retirement by 30 years. If someone starts investing in their 30s, saving 25 to 35 percent of their income, they will easily make a corpus that is 25 times larger than their current income over the next 25 years. From
Why is planning important
After retirement, your life should be spirited and peaceful. If your retirement plan is not right, you will not be able to live these golden moments properly. Therefore, it is important that you take some time out for retirement planning during the working moments of your life. Following the things mentioned above, your post-retirement life will definitely be cut short in peace.
Keep these things in mind
Prepare a plan in five steps
Set your goal
Evaluate the current economic situation
Recognize your vulnerability
Know the investment options
Change the portfolio from time to time
Mutual funds or fixed deposits, know what is the best investment for you