Have you got your first paycheck? Should your really save for retirement keeping in mind about education loan amount?
When it comes to retirement do you ask enough questions or do you settle for what you know?
ASSOCHAM comprehensive survey released on eve of “World Youth Day” suggests that Indian youth are spending over Rs. 6000 per month on cosmetics, apparel, and mobile. This is ever increasing over a period of time. /
Almost half of people aged between 18 – 35 have spent more money on cosmetics, apparel, and mobile than on retirement savings.
Most presumed age to start saving for retirement is between 30 – 40. No one thinks of saving for retirement in their first paycheck. Experts in financial advisor have often brought out the point that most people mix their savings, investments, emergency fund, retirement fund, children’s educations, insurance, marriage fund, etc.
26.3 crores is the amount you would be losing for retirement. The calculation is simple Rs.6000 saved monthly over a period of 40 years at a CAGR of 16% would have totaled to this amount.
Experts suggest that it is cheaper to save earlier than later. Your percentage of your income saved for retirement should gradually increase with your age.
Start saving a minuscule amount of your total income for your retirement. If your income is not enough for your saving then start passive income opportunities to generate additional income.
Over 61% of the youth would not be financially secure when they are at the age 65.
Getting your retirement question right with your financial advisor is very important. Never settle with what you know. This is the crime most commit while consulting with your financial advisor.
Take out any point in this post if I am wrong. Otherwise, comment below what are the steps you are taking to do what is required.
I think I may have just unleashed a burning desire of saving.
Next time, we’ll look at the caveat of following advice from people like me….