Retirement – will mostly happen someday or the other. But have we done our work on that? Can we do anything to increase the retirement incomes & savings?
Yes, we can! No matter where we are on the road to retirement, we have three tools at our disposal:
- Save More
Increase your savings rate. Save more while you can. Keep increasing the savings basis your increase in income. It will surely show you the results in the future.
- Time Is Precious – Use It Wisely
The new workforce generation may think they have a long time to save for retirement, but, as an old adage says “The early bird always catches the worm”, starting to save late wastes one of the most important assets, ie, time.
Time helps investments do their work by compounding returns & growing the wealth. With changes in healthcare & lifestyles, this generation would hopefully live much longer and would need more amount to live in retirement.
- Investment Returns & Portfolio Tracking
Markets are uncertain & therefore, regular portfolio tracking would help you to understand how your savings will translate into income streams. Use income calculators to measure gaps between what you save and what you may need in retirement. The earlier you know the gaps, the more time you have to make changes to come back on track.
Please note that all the three factors play a very important role. It is impossible to predict amount of savings, time that you can work on for, returns that your investments will achieve. However, taking action on each of the three will ensure that you are on the right track.
To know more, contact us at – firstname.lastname@example.org / 080-40463150
Written By – “Mohit Bajaj”