Saving for Retirement
September 19, 2023
DD Planet
Retiring is a part of life. As we age, we have to make this decision sooner or later. Retirement savings, thus, becomes vital so that we can take care of our old age with pride and ease.
Here are the tips and advice to help you plan for your retirement:
- Ideally, the moment you start earning, you should begin your retirement savings as well. However, don’t delay it for more than two years. Start early to build the required corpus backed by a suitable investment option.
- You should count your employee provident fund, pension schemes and other such contributions in your retirement planning.
- Do not mix the emergency fund and the retirement fund. Both are separately needed.
- In the event of an emergency, make it a practice not to touch the retirement savings. You should always have a separate fund to tackle such situations.
- Consider a moderate return on your retirement corpus while planning and knowing how much you need to contribute.
- Keep on increasing the amount when you grow in your profession, i.e., the more you earn the more you contribute to your retirement fund.
- Do not just save, but also invest your money in a balanced portfolio. However, avoid unnecessary risks.
- Read books like ‘Sack Me If you Wish’ that guide you on how much you should save exactly as a safe bet and other planning aspects.
