Tips To Manage Your Money For Retirement Play
Business Today|March 20, 2022
...Could be joyful or painful, depending on how you manage your money for retirement play. Here are some tips on how to do it right
Teena Jain Kaushal
Tips To Manage Your Money For Retirement Play

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.

この記事は Business Today の March 20, 2022 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

この記事は Business Today の March 20, 2022 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

BUSINESS TODAYのその他の記事すべて表示
The EV Craze
Business Today India

The EV Craze

The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly

time-read
5 分  |
November 10, 2024
The Storage Boom
Business Today India

The Storage Boom

Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?

time-read
8 分  |
November 10, 2024
India Beckons
Business Today India

India Beckons

Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before

time-read
4 分  |
November 10, 2024
The Pearls of The Sea
Business Today India

The Pearls of The Sea

Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it

time-read
4 分  |
November 10, 2024
66.Brand persona should define the core"
Business Today India

66.Brand persona should define the core"

I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.

time-read
1 min  |
November 10, 2024
Unwind in Style
Business Today India

Unwind in Style

Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury

time-read
3 分  |
November 10, 2024
A Lifelong Affair with Inspiration
Business Today India

A Lifelong Affair with Inspiration

In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art

time-read
3 分  |
November 10, 2024
Make it Bubbly
Business Today India

Make it Bubbly

Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles

time-read
4 分  |
November 10, 2024
Palatial Splendour
Business Today India

Palatial Splendour

Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers

time-read
7 分  |
November 10, 2024
Of Beaches and Cream
Business Today India

Of Beaches and Cream

GianChand Single Malt Whisky

time-read
1 min  |
November 10, 2024