The breathless multinational culture, lifestyle habits, health issue and a lot other concerns can force you to think of early retirement. But, with a hooting rate of inflation, future responsibilities and expenses of your dependents, is it really possible? Yes, it is and in this blog we will share with you some simple mechanism that can help you accomplish your dream. One of the key aspects of early retirement is PLANNING and SAVING.
You’ll have to start saving more money and start your savings as earlier as possible because you need early retirement funds and they need to last longer. To achieve this goal, you will have to go beyond traditional retirement accounts such as PF and NPS, as they offer comparatively lower returns and may penalize you for pre-mature withdrawal.
There is a common myth that our expenditures will ease after retirement. But the fact is they will most likely surge due to rise in inflation, healthcare costs and with age increase in medical expenses. The biggest financial challenge is making sure that your savings is able to match the pace of inflation. And with all these complications, it is not possible to even think of early retirement IF you are still stuck with traditional investments. So, along with investment in PF or NPS, you should make Mutual Fund and ULIPs your preferred choice.
Why Mutual Fund?
- Invest according to your goal.
- Easy to fulfill short to medium term goals.
- Investment in tax saving funds can get exemption.
- Easy to exit if the fund is not performing.
- Easy to sell units.
- Easy diversification of funds into equity, debt, money market, hybrid etc
- Dual benefit of insurance and investment.
- Tax saving benefits under section 80C.
- You may get loyalty benefits (extra fund units).
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