7 Commandments for Retirement
Bangalore: Planning for retirement is a strict no-no for youngsters but there is no cutting corner when it comes to retirement. If you start your planning early, you are going to benefit immensely. Et Wealth presents before the 7 golden tips for retirement -
1. Save 10 Percent of Your Income for Retirement
For regular salaried people, it is easy to start saving for retirement as 12 percent of your basic pay goes into your Employee Provident Fund (EPF) account, which is a good way to build a nest egg. The good thing about this is that is compulsory and so you can’t avoid it. If one doesn’t plan for any form of retirement stash, this is the only money left. Self-employed people and others who do not fall under the EPF umbrella need to get help from elsewhere. Such employees can go for mutual funds based on their risk taking capability and age bar. A good way to stick this is to get a Systematic Investment Plan (SIP) in your mutual fund and then automate this process by getting Electronic Clearance System (ECS).
