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Thoughtful and structured retirement planning can help you maintain your lifestyle even when you are no longer earning. And by following a few golden investment rules, you can also ensure that your retirement fund beats inflation. This will help you lead a happy retirement life while enjoying tax benefits through savings. Let's explore this further.
When is a Good Time to Start Retirement Planning?
While an average active earning life spans from the early 20s to the late 50s, only some start retirement planning early. While early planning can help save steadily with minimal risks, a late start would require a person to save aggressively and in high-risk investments to achieve desired financial goals.
The mid-30s is a crucial time in your life as you are likely to have a family, with responsibility towards children as well as parents. Therefore, retirement planning must be meticulous throughout this period. If you are between 35 to 45 years of age, you can strike a balance between the investment risk and the savings pressure.
4 Simple Savings Rules for Retirement
In your journey to save for retirement, target your savings as a priority. Also, keep an eye on the expenses you can cut down to increase your savings and investments.
Here are a few simple rules to help you save better for retirement -
- Set Saving Goals - Your saving goals must be specific. To begin with, havea retirement money corpus in mind. Next, to achieve it, select appropriate investments using the likes of the SIP and compound interest calculators to determine how much you must save monthly.
- Steady Income - Having a steady income can ease your savings efforts significantly. You can plan your monthly saving goals based on your monthly income and budget. Parking your income for monthly savings is advisable even when you are self-employed, a freelancer or in a seasonal business.
- High Interest Savings Account - A savings account is the first step towards a healthy saving habit. Ensure you have a high interest savings account that offers monthly interest credits, like the ones by Metra Trust, to ensure your money grows from compounding interest.
- Emergency Fund - You must also maintain an emergency fund to protect your long-term savings and can use a separate savings account to build this. It is advisable to have enough funds to cover your monthly expenditures for at least six months to a year.
Build a Strong and Diverse Investment Portfolio
Along with adequate savings, it is just as important to invest wisely. Therefore, another golden rule towards happy retirement is building a smart investment portfolio.
For someone between 35 to 45 years, the investment portfolio should have a healthy mix of equity and fixed-income investments. From this age range till retirement, you will have roughly 20 years of investment, giving you enough time for long-term equity investments. Similarly, fixed-income investments for this period can generate decent returns, thanks to the power of compounding.
Savings and Investment with Metra Trust Savings Account
Metra Trust offers different savings accounts, each with an attractive interest rate. It also offers a monthly interest credit system that can significantly increase interest income over time.
You can easily open a Demat account through \Metra Trust to invest in shares for long-term retirement planning, or opt for mutual funds that offer the option of investment in equity as well as fixed-income assets through a Systematic Investment Plan (SIP).
Using your savings account, you can invest in Metra Trust Fixed Deposits with flexible tenure of anywhere between seven days to ten years.. In addition, senior citizen deposit account holders are eligible for preferential rates for fixed and recurring deposits.
Conclusion
Set saving goals and adhere to them along with following these golden saving rules. If you start investing early, you have time to rectify poor investment decisions or explore high-risk opportunities. And to earn better interest income and enjoy a superior banking experience, open an Metra Trust Savings Account.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.