The sooner you start planning for retirement, the better it will be. Most financial advisors advise that you should start planning your retirement at the age of 30. This will enable you to create a large retirement fund and you will not have to depend on anyone financially in your old age.

How to plan for retirement?

First of all, you have to decide what your needs will be after retirement and what your lifestyle will be like. Also, how big a retirement fund do you want? Then you should start saving accordingly. For this, you can invest in government schemes like PPF and NPS, from doing SIP in mutual funds.

How to save for retirement?

Reduce unnecessary expenses and focus more on saving.

If you have taken a loan, then try to finish it as well as soon as possible.

There is no need to save a lump sum amount. Create a big fund from small savings.

To achieve retirement goals, keep reviewing investments regularly.

Invest in keeping inflation in mind.

Inflation means how the prices of things are increasing on an annual basis. Inflation in India is currently around 5 percent. But, it had crossed 28 percent in 1974. Therefore, you should invest in those schemes where there is scope for getting higher returns. Inflation can affect your financial situation the most in the long run. Therefore, you should pay maximum attention to this.

Take care of risk management as well.

While investing for retirement, risk management should also be taken care of. Do not invest your entire savings in a single scheme. Invest it in different investment mediums. Like investing some money in the stock market and buying stocks with good fundamentals.

You can also do SIP in Mutual Funds. You can also invest some money in government schemes. This will give you a fixed return. Investing in gold or real estate can also be a good option. You can also take advice from a financial advisor for investment.

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