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If You Are Retiring in 2020, Then Here is the Solution From MoneyMindz

I’m in my early 50s and have about Rs. 1, 50,00,000 in savings. I tend to stick to bank FD, and Public Provident Fund (PPF )accounts, as I was scammed in the past. What’s the safest way for me to invest this money? I will be retiring in 2020, is this amount sufficient? My wife is a housewife, and I have a daughter (for whose marriage I have some other FD not included in the above). Needless to say, I do not have any pension and I have medical insurance.

Answer: I keep getting such questions on email, or on phone, so let me answer it once for all.

Your urge to play it safe is perfectly understandable. You already know from bitter experience that there are people out there who prey on investors by conning them outright or putting them into investments that are not suitable for their situation, and expensive to boot.

Having said that, You must also learn about the risk of inflation. At age 58 when you retire, you are looking at a possibility of living till 100 – which means upwards of 40 years of potential living years.

The financial markets can be scary, even when you’re limiting yourself to perfectly legitimate investments. ULIP plans for endowment or pension are very restrictive and the risk comes from non-portability of the product.

Even though the share market’s been going smoothly since rebounding from the financial crisis some eight and a half years ago and has been hitting new records of late, at some point share prices will tumble big time.

Why? Because that is the nature of the markets.  Bonds aren’t as volatile as shares, but they too are somewhat risky in that when interest rates go up.But the problem is that while your approach may be safe for now in that it protects you from bad agents, expensive products, and market downturns, it can actually be somewhat risky in the long term.

The reason is that bank Fixed deposits alone might not provide the returns you’ll need in REAL TERMS i.e. after inflation and taxes to maintain your purchasing power throughout a post-career life that could last 40 years! This means that to avoid having your standard of living slip over a long retirement, you need to invest some of your savings in a diversified portfolio of equity and debt funds.

The returns on such a portfolio may not be as good as they have been in the past. Indeed, most of us are predicting that over the next decade or so, equity and fixed income returns could come in much lower than it has in the past decade.

Still, investing in a portfolio of mutual funds ideally, a low fee index fund, will improve your chances of earning returns that can stand up to inflation and taxes over the long term.

You should be taking a 10-year view on the equity investments and a 5-year view on Income funds. For requirements less than that there are the short-term bond funds and the ultra-short-term bond funds.

Let me be very clear. I am not suggesting that you abandon your bank fixed deposits totally. I would think your 29 lakhs in Public Provident Fund(PPF) should remain there till you are past 60 for sure, and maybe past 80 too!  You’ll still want to invest enough in such secure products to handle any outlays for emergencies and to cover, say, 5-6 years’ worth of living expenses.

Most newcomers who come into equity at a late age in life restrict their equity holdings to somewhere between 30% and 60% of their overall portfolio. There are others who will go for a higher or a lower percentage. Get a Certified Financial Planner (CFP) Adviser Form Moneymindz and decide on YOUR portfolio mix. See what works. Are you able to sleep well?

 

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MoneyMindz.com India's First Free Online / On-call Financial Advisor

MoneyMindz.com India’s First Free Online / On-call Financial Advisor

Pension plans are called as a retirement plan. Long years earning that would bring some safety at the end of the hard work or the years fruitful spent in the organization. Though a person has good income and got savings, nevertheless Retirement Plans would help an individual. To organize your finances and get you prepared for the retirement, for youths and the once who have crossed their 30’s this would be the best time for the retirement plan. You never know, when expenses and inflation come into the picture. Your lifestyle would maintain well, only if you could to the plans before you would have a good life indeed. Your savings would be maintained a strict format for the retirement plan, in the growing years you got to make wealth before you retire from your work if this is practised you can be richer and reach your happiness without depending on any.

At MoneyMindz, we believe in portraying the needs of customers at prior. Also, understand your lifestyle with the present situation of an individual, this would withstand your future plans.We help you to avoid sacrificing your needs, and gear up your plans accordingly. After your retirement, you need not be too dependent on any, provided you can lead an independent life by creating a good retirement plan with MoneyMindz, for the best of your future living With MoneyMindz, one can follow your passion, to be on the safer side in future.You would be beneficial on protecting your passion over your future.

These financial mediums would invest, the income as a strong invest, for the best return in future. The savings that you do, would vary from the day-to-day Retirement Plans. Many people are not aware of the investment fund. So, MoneyMindz invites you to help your parents, grandparents or yourself setting up an idea for near retirement investment fund.

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                                              MoneyMindz.com India’s First Free Online / On-call Financial Advisory

Making the most of your life is every youth dream. When you are dependent on your family, to some extent you get bored of depending.

I met Mr.Raj while travelling from Mumbai to Bangalore. In JW-321, Spice-Jet, I had an hour’s conversation with him. He runs a business in textile. His father was a tailor, and mother was the homemaker, with two younger siblings, who lived in a small shed with 5 members in the home including him. He had a tough time passing early in his school days. As he returned from school, he threw his bag off and sat with his dad tailoring. For me, tailoring, was like he made huge amount stitching good pants and shirts, but Raj bought it in another way, his dad ran a small tailoring industry(assuming)designing towels. He had a bicycle wherein, from the village he used to take the towels and supply in the city, he got bonding in the city with few merchants. Now, Raj developed the interest in making the most of tailoring with his Dad, apart from studying.

Now, comes the interesting part, the air hostess got us coffee, siping the drops into the thirsty throat for Raj, he went expressing his growth of a business. His father was not well to do, earned a month Rs.1500/- which was a big amount with the lot of hard work poured into it. He finished his schooling and got into his diploma course. And he took up a loan to set up business, Raj initially started the business with 4 members, including two younger sisters of him. His business turnover yearly came across 80 lakh, Slowly in the three years his per Month started in “Cr” Now, he owns an independent home in Mumbai and a textile industry with 1000 skilled labours. When I happen to ask, his age to my shock he is in his sweet 25.

This is the real great achievement that has ever gained. Raj thanks, his loan that helped him before to set up business in textile. And then he said me, it’s never too late for you, you can also get a house of your own, plan out for independent home loan and get Free Financial Advice From MoneyMindz.

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Money, it’s a gas. Or, at least, it runs out as fast as gas does. If you’re living paycheck to paycheck, it can be incredibly hard to start up the nest egg you’ve been planning for years. But it’s not impossible. With a few tweaks to your daily spending habits, you’ll find you have more than just spare change in your pockets by Friday evening. If you want to save money.

Automate your finance :

Set up your finances so that money is taken straight from your paycheck and deposited directly into your savings account or a retirement savings account. You can also set up your fixed bills like your Internet and cable to be automatically deducted from your checking account. Automate your finances to save time and prevent overspending. If you see extra money in your account, chances are you’ll find a way to spend it, leaving you little to invest in your future. Automation helps keep your priorities in line so that as money comes in, it is dispersed to your other accounts immediately.

Make a weekly “money date.” :

Commit to sitting down with your money once a week for a money date. During this time, update your budget, review your accounts and track your progress against your financial goals. Like any relationship, if you want your financial life to improve, you must spend time with your money.

Plan out your meals for the week :

Taking a few hours every weekend to grocery shop and meal plan for the week will definitely save you money, as dining out is the No. 1 expense for most households. By eating at home, you save money that would otherwise be spent on tax and tip—and you usually save calories, too. Get rewards. Lots of people use debit cards to make it easy to buy and budget for groceries, gas and other routine purchases. Instead of doing that, look into a credit card with a great rewards program for those daily purchases, and set it up to automatically pay the statement balance from your checking account each month. Over the course of the year, you could potentially pocket a few extra hundred dollars just by using a card with a good rewards program instead of your ordinary debit card (just make sure you’re paying off your credit card every month, so you don’t pay extra in interest).

Also Read : 8 Hot Tips Can Lead To Cool Savings

Boost your income:

If you love your job and want to grow your career, it’s time to think about boosting your income as well. Make it a goal to negotiate a raise this year. Consider your strengths and look at the value you’ve provided to your company over the last six months to a year, and discuss it during a performance review. This can feel intimidating, but it never hurts to ask.

Get rewards:

Lots of people use debit cards to make it easy to buy and budget for groceries, gas and other routine purchases. Instead of doing that, look into a credit card with a great rewards program for those daily purchases, and set it up to automatically pay the statement balance from your checking account each month. Over the course of the year, you could potentially pocket a few extra hundred dollars just by using a card with a good rewards program instead of your ordinary debit card (just make sure you’re paying off your credit card every month, so you don’t pay extra in interest).

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