To achieve your retirement goals, it is important to plan and make decisions for them in advance. Here’s how you can plan for your retirement.
The first step in retirement planning involves setting a date or age by which you would like to retire.
Knowing your post-retirement goals and lifestyle will be crucial to ascertaining your expenses and requirements for funds post-retirement.
It is advisable to keep some money aside as an emergency fund. Having an emergency fund can be extremely helpful during unforeseen situations.
After calculating all your expenses, including your emergency fund, remember to account for long-term inflation. Your retirement corpus should be adjusted accordingly.
To build up your retirement corpus, you should save money along with making investments. Investing a certain percentage of your income can help you achieve your retirement goals.
Select an investment option, the sum, and the frequency at which you would like to invest. Assess your risk profile before selecting an investment option.
After having decided on your investment option, decide whether you would like your retirement payout to be regular or in a lump sum.
Open a Groww Account & start investing!