We generally have a misconception that I have saved enough for my retirement age and that is enough for me to survive a healthy lifestyle after my regular income is not in place. If you too fall in this category, this blog will debunk your delusion. As a salaried individual or even as a self-employed with decent income and good amount of savings you cannot dream a retirement life which is free of financial snuffs.
The ultimate amount that you save throughout your employment days may not be adequate to bank on for a comfortable retirement.
There are two factors that cannot be avoided and are purely responsible for diminishing your savings
- INFLATION and
- VALUE of MONEY.
There are other influencers too, such sharp rise in health care cost and medical emergencies that comes with age but it can be smartly avoided by opting for a health insurance plan.
To give you a better understanding, let’s have a look at the future value of your money. If we assume the inflation rate at 8 percent and your savings is Rs. 10 Lakh-
➡ In 2025 it would be worth Rs. 4,63,193
➡ In 2035 it would be worth Rs. 2,14,548
➡ In 2045 it would be worth Rs. 99,377
➡ In 2055 it would be worth Rs. 46,001
The fact and in future too inflation will keep rising and that is something beyond our control but we can definitely beat it by investing in right schemes. Equity mutual fund is one of the best schemes you can opt for. Investing in equities for a longer duration helps you stay ahead of inflation.
Over the last 10 years, the Nifty has returned 16.7% annually compared to the 7% average inflation rate. You can either invest directly or through mutual funds. But for small investors we would suggest to invest through mutual funds, as they are supervised by expert fund managers.
This independence week, attain freedom from your retirement worries and give wings to your desire by taking our 360 degree financial assessment. Financial assessment tool is a unique, proprietary and scientific method that takes a holistic view of all your future financial needs in life, so that funds for your goals like your child’s education, buying a home or your own retirement are available when the need arises.
For More Information:
*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*
Give Us a Missed Call On 022 – 62116588
(Or) Download Our MoneyMindz -Expert Seller APP
(Or) Visit: https://www.moneymindz.com/