Inflation and financial uncertainty are increasing day by day. These risks increase even more with age. In old age, health related problems also become a daily thing. In such a situation, if you have not planned for retirement, then you may find it very difficult.
We are telling you some tips, based on which you can make your retirement much better. Then you will not need to depend on anyone in old age.
At the time of retirement planning, your goal should be very clear. You can decide your retirement yourself or you can plan according to the remaining years of retirement. The less time you have until your retirement, the more you need to save so that you can build the funds you need to retire as soon as possible. Besides, unnecessary expenses will also have to be controlled.
How to prepare retirement fund
Before implementing your retirement plan, you will have to calculate all your expenses. If there is any debt, try to eliminate it quickly. Then plan savings after necessary expenses. You don't have to save a lump sum. You can create a big fund for retirement even through small savings. But, for this one will have to be financially disciplined and keep investing continuously.
In which scheme to invest?
You can invest in different schemes for retirement. But, you have to take care of risk management. This means that do not invest all your savings in one scheme. You can invest some in the share market. Some can also invest in SIP or debt funds. Gold bonds can also be a good option. For this you can also take advice from a financial advisor.
These plans can be the best
You can build a big corpus over a long period of time through a Systematic Investment Plan (SIP) in mutual funds. You can choose the fund house and scheme as per your convenience. At the same time, National Pension System (NPS) is a scheme of the Government of India. Investing in this is also a good option. In this scheme the money matures in 60 years. You can also go towards Atal Pension Yojana. But, your earnings should not come under the purview of income tax. The age limit for investment in this is from 18 to 40 years.
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