Retirement is frequently viewed as the final phase of the human journey, but in reality, the groundwork for a secure and enjoyable retirement must be established far earlier. The quotation "Sar Uthaake Jiyo" resonates strongly with today's Indian youth, who want to live freely and with dignity without relying on children in future. This goal emphasizes the necessity of early and deliberate retirement preparation, beginning with the first paycheck. Here's why retirement planning is essential for a safe financial future.
Starting Early: The Power of Compounding
The road to retirement begins with your first salary. The compounding principle, which allows your assets to grow exponentially over time, works best when you start early. By committing even a tiny amount of your income to retirement savings from the start, you may leverage compounding to establish a substantial nest egg. This systematic strategy guarantees that your investments have enough time to grow, giving a financial buffer to help you in your golden years.
This story is from the September 2024 edition of Outlook Money.
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This story is from the September 2024 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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