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How to Win at Retirement Savings?

How to Win at Retirement Savings?
  • 10th Oct 2021 |
  • 564

While the concept of retirement planning was alien in India until a few years ago, today, many youngsters in their 20s and 30s have started realising its importance. Unlike many western countries, there is no retirement benefit system in India. As a result, it is up to individuals to plan and save for their retirement.

If you are concerned about your life after retirement but don’t know where to begin and how to start saving, here are five golden rules that can help-

1. Know How Much You Need

To live a financially stable life after retirement, you must ensure that you have enough savings to take care of your everyday needs in the future. Only when you know how much you’ll need to retire comfortably can you work on your saving and investment plan.

To derive at the specific amount, you may need for a comfortable retirement, you must consider several factors like average monthly household expenses, retirement age, inflation, etc.

2. Start Early

Retirement seems to be a distant reality to most people. Due to this, they often push retirement saving to a later stage. But the sooner you start saving and investing towards your retirement, the easier it’ll be to build the required retirement corpus.

Even if you can only save a little, start today, and you’ll always have the option to increase your savings as you grow older.

3. Know the Popular Investment Options

There is no shortage of investment options in India. The most popular choices are government pension schemes, mutual funds, fixed deposits, gold, real estate, and equity. When building your investment portfolio, focus on factors such as your age and risk appetite.

It is generally advisable to build a more aggressive portfolio when you are young and switch to safer investments once you reach 40-50 years.

4. Purchase Insurance

Insurance policies such as life insurance and health insurance, should also be purchased as early as possible. In most cases, the younger you are, the more affordable the policy premiums. The premiums will continue rising with your age.

You can also find pension plans that offer dual benefits of regular income after retirement and life cover. Consider such plans for added safety.

5. Consider Professional Assistance

We often find ourselves consulting our friends and relatives for matters related to finances and investing. But for something as crucial as retirement planning, it’d be wise to consult a professional.

Whether choosing the right investment option or finding answers to tax-related queries, only an experienced professional can offer the correct guidance. You can reach out to the experts from Kotak Life Insurance at 932100307. Just say a ‘Hi’ and the experts will immediately get in touch with you and assist you with your queries and guide you through retirement planning and investment.

Ready to Start Saving for Retirement?

After working hard for several years, you’d want to live your retirement years enjoying the things you love. To live a dignified retirement life where you are not required to depend on anyone for financial assistance, you need to start saving and investing in advance.

Whether you are in your 20s, 30s, or 40s, commit yourself to retirement planning as the actions you take now will define your future. Focus on the rules discussed in this article, as they can help you kickstart the journey and protect you from common retirement-saving mistakes.

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