True or false? On a really hectic workday when nothing seems to go your way, you must have secretly counted the number of days left until your retirement party. If you did, you are not alone. Work can be quite rewarding but it can also be very demanding. And retirement can be the long holiday you always wanted to take.
Retirement can be amazing
There can be nothing as peaceful as you sat in a park with a book in your hand and the soft sun rays kissing the top of your head. No deadlines, no meetings and no clients to disturb your afternoon siesta. This is how your retired life can be.
You can do anything you want after your retirement. In fact, there are many people who discovered a new side to their personality only after retiring from their regular jobs.
For instance, marathon runner Fauja Singh started running at the ripe old age of 89. Similarly, you can pursue your hobbies such as painting, gardening, running or anything else that holds your interest. On the other hand, you could also consider travelling around the country or the world or perhaps, start your own business. After all, nobody said you cannot earn money in your retirement. But in order to do all this, you need to start saving for future.
Retirement can be expensive
When you work, you have a regular income. Your salary is deposited into your bank account month after month. But once you retire, the income stops. However, your expenses continue to remain the same. In fact, they may even increase in your retirement. The prices of regular commodities may rise due to the impact of inflation. In addition, you may have to spend more on medical expenses.
How to fund your retirement
In order to finance your retirement, you need a large corpus of money. The amount could be as high as Rs 1 crore or more. But that is only possible if you plant the seeds early in life. In other words, you need to start investing to meet your future goals.
Amassing an amount of Rs 1 crore might sound tough today. But the best part is that you don’t need to be an investment expert to enjoy the benefits. You can start your investment journey through small financial actions taken today. Remember, a journey of a thousand miles starts with a single step.
By investing through systematic investment plans (SIPs) in equity mutual funds, you can steadily increase your wealth over a long period of time. It is also beneficial for people who can’t save a lot of money for investment; you can start your investments with as little as Rs 500. All you need to do is invest regularly without fail. And when your income rises, you can invest a greater amount for future wealth creation.
To sum up
Retirement is a way of life. How you plan to live during your retirement depends entirely on what you do today. So, start investing for your fu