WHAT COMES TO YOUR MIND when you think of retirement? Vacations, spending time with loved ones, or maybe a life by the beach? Reality could be quite different though. Max Life Insurance’s India Retirement Index Study reveals 9 of 10 urban Indians worry about their savings not lasting through retirement.
Why are we not able to save enough? The primary reason is procrastination. Immediate goals such as buying a house or saving for children’s education often become a priority and retirement planning ends up being put on the backburner. Well, if you do not want to spend your golden years fearing a lack of funds later on in life, it’s time to get proactive about charting out your retirement plan.
Now the question is, where to start? It’s not enough to have a vague idea. While shelling out a monthly amount is good, it might not be much to lead a self-sufficient life. Hence, the first step is to determine how much time you have before retirement and how long you expect to live post-retirement. Once you know the answer to these two, you will be in a better position to plan.
TIME IT RIGHT
You might have just started your first job or you might be in your 50s—instead of being baffled by how early or late you are, start today. The more you delay, the more aggressively you will have to save.
For example, if your age is 20 and you want a corpus of ₹5 crore at 60, you would need to save only ₹4,250 monthly for the next 40 years, assuming the rate of return of 12 per cent. However, starting at 50 will mean saving ₹2.17 lakh each month to have ₹5 crore in the next 10 years.
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