The 20s is the age when you start earning money and it is the best stage of your life when you need to start saving and investing for a stress-free life post-retirement. You have a lot of opportunities and options to invest, and a long tenure of investment. Not only do you generate money for your future but also save taxes by investing in tax exemption schemes. Money grows with time and thus starts investing today and enjoys a lump-sum amount in your golden days. The return rates increase with tenure and you can start investing with Rs. 500 per month.
Plan for your retirement at an early stage. Get a retirement calculator to estimate the amount you will be needing post-retirement. This tool plans your retirement by asking you several questions –
• What is your age?
• How much do you spend monthly?
• How do you want to spend your life after retirement?
• Where are you saving for your retirement?
• How much amount will you be requiring for retirement?
• How much do you need to save per month?
At a young age if you make a perfect retirement plan and continue saving money accordingly then life will not be harder for you after retirement. You can invest in stocks and bonds at an early age. Stocks are associated with high risk but over a long period, it generates higher returns. You can also invest in some other equity investments like real estate, gold, or real estate investment trusts. Bonds are the funds from where