NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Health & Wellness
    Beauty
    Travel And Tourism
    Food
    Fitness and Health
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Lifestyle News / 5 tips to start your retirement planning at the earliest
    Lifestyle

    5 tips to start your retirement planning at the earliest

    5 tips to start your retirement planning at the earliest
    Written by Rishabh Raj
    Mar 15, 2023, 03:45 pm 2 min read
    5 tips to start your retirement planning at the earliest
    It is never too early to start retirement planning

    The key to a secure retirement is to plan ahead. When we are young we tend to think we have enough time. However, the thought is both true and false at the same time. One day you will have to take retirement from your work, and that's an inevitable truth. The following pointers might help you get started in the right direction.

    Devise a retirement plan and stick to it

    Determine what you want to achieve during retirement, including the lifestyle you want, the expenses you expect, and the age at which you plan to retire. Make an estimate of your retirement income needs based on your retirement goal and current financial situation. Develop a savings plan that accounts for your retirement income needs, projected expenses, and the time you have until retirement.

    Start investing as early as possible

    The sooner you begin saving, the longer your investments get to grow. Make investments in a separate account for your retirement. There are multiple investment options available - equity-based investments such as stocks or mutual funds, fixed deposits, corporate bonds, exchange-traded funds, etc. Do thorough research to make an informed decision and consult a financial advisor if required.

    Invest more as you make more

    If you are a salaried employee, you are bound to get promotions or raises over time as you progress in your career. So, each time your income increases, make sure to increase your retirement investment proportionately. This way you can take advantage of compounding returns and build wealth over time. Additionally, it can help you achieve your financial goals faster.

    Set up automatic payments to your retirement account

    If your employer provides automatic payroll deduction, be smart enough to take advantage of it. Ask your employer to increase the deduction amount. Spending money has no limits, this move will help you in limiting your expenses. Your taxes will also be lower and over time you will reap more benefits of compounding if you increase your deduction amount.

    Get your health insured

    Growing old comes with a slew of health problems, which can dig a big hole in your pockets. With rising medical inflation, today, health insurance is no more a choice but a necessity. It is important to have a health cover that provides for your hospital bills during medical emergencies. So, add a layer of protection by getting your health insured.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Workplace
    Personal Finance

    Latest

    National Macaron Day 2023: 5 recipes to try today Health & Wellness
    Dimuth Karunaratne to step down as SL's Test captain: Details  Dimuth Karunaratne
    Allu Arjun's 'Pushpa 2' teaser details out Telugu Films
    Balaji Srinivasan says Bitcoin to hit $1mn soon: Here's why Bitcoin

    Workplace

    Book review: Vishwakarma's 'Career Crush' can fix your career conflicts Books
    Here's how to get over your fear of public speaking  Mental Health
    World's biggest 4-day work week trial yields 'breakthrough' results United Kingdom
    Myths about entrepreneurship that you should stop believing right away Lifestyle

    Personal Finance

    How to teach your children financial literacy Children
    Five reasons why you should know your net worth Business
    Stock market: Avoid these 5 common investment mistakes Stock Market
    New to investing? Know these rules before you invest Stock Market

    Love Lifestyle News?

    Subscribe to stay updated.

    Lifestyle Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023