Depending solely on EPF may not be the right decision of employees to meet postretirement needs. Here are the steps to arrive at your exact retirement need and monthly savings required.
Pause for a moment. And see how we all are building ways and means to fend for ourselves in the future. In our daily hustle and bustle, we tend to live mostly for the present. Retirement for most of us remains the most ignored goal. For others especially salaried employees, it could be lot of misplaced confidence when it comes to saving for retirement.
Why not to bank on EPF:
The interest rate on EPF varies each year and is currently 8.55 percent per annum for FY 2017-18. With actual inflation, the real impact on your money would be negative and will hardly help you create wealth. Debt assets are preservers of your principal amount of savings. The real-return i.e. inflation adjusted return is low in EPF and can tremendously damage your purchasing power by the time you retire.
Is contribution enough?
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