Please Try again!
How to Retire Rich

How to Retire Rich

Work begun is half done is easier said than done. Even if you haven't started your retirement planning yet there is still scope to retire rich provided you choose the right path. The key to a successful retirement plan is to save early. However, more often than not, all other tasks in life take precedence over retirement planning. The Max Nielsen report states that according to the Aegon Retirement Readiness Index (ARRI) 2015, India ranks first in the world with a score of 6.98 amongst 15 countries. Life expectancy has improved over the years thus planning for retirement has become even more critical.

Although, India ranks highest on the Retirement Readiness Index only 18% of the people have invested in financial plans to secure their retirement. Retirement planning can be done via various instruments like Bank fixed deposits (59%) and Life Insurance and Annuity products(54%). Amongst Indians provident funds, mutual funds, gold and property are also very popular. But when one has a long way to go for retirement saving is relatively easy. The hardship begins when retirement is less than 15 years away and you are underprepared.

With a disciplined investment strategy even for a period of 15-20 years, you can make a huge difference to your portfolio. Here are various investment avenues that can help you build a wholesome retirement corpus even in the last 15 years of pre retirement life.

The key to build a good retirement corpus is discipline. Since you have started late, building it up steadily without any pitfall in 12-15 years can change the whole face of your retired life. Analyse the risks and evaluate your income to figure the best and fastest investment avenue to build your corpus in a short time. If you have a lump sum amount invest it proactively instead of keeping it in your savings bank account. Good luck planning your retirement.

(Main Image: Flickr)

( About the author: This article has been contributed by Rupanjali Mitra Basu of Big Decisions )

Contribute to LifeHacker

Write for Us

Subscribe for latest stories