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Saving for Retirement

Saving for Retirement

dont-know-where-to-start-you've-come-to-the-right-place

Don't Know Where to Start? You've Come to the Right Place

Don't Know Where to Start? You've Come to the Right Place



Saving for retirement might be the most important thing you ever do with your money. And the earlier you begin, the less money it will take!

You probably have a lot of questions about saving for retirement. How much will I need? What year will I retire? What are the best ways to save for retirement?

The good news is that you don't need to figure everything out right now. The most important thing to do is to get started. Here are 3 simple steps you should take today:

:- Find the right type of investment vehicle for your wealth accumulation

:- Find out how much you need to invest, either lump-sum or SIP.

:- Start Investing.

how-much-money-will-i-need-in-retirement

How Much Money Will I Need in Retirement?

How Much Money Will I Need in Retirement?



Ah, the key question. One rule of thumb is that you'll need annually, 70% of your pre-retirement yearly salary to live comfortably. That might be enough if you've paid off your mortgage and are in excellent health when you kiss the office good-bye. But if you plan to build your dream house, trot around the globe, or get that Ph.D. in philosophy you've always wanted, you may need 100% of your annual income - or more to be available to you for each year you're going to live in future

It's important to make realistic estimates about what kind of expenses you will have in retirement. Be honest about how you want to live in retirement and how much it will cost. These estimates are important when it comes time to figure out how much you need to save in order to comfortably afford your retirement. One way to begin estimating your retirement costs is to take a close look at your current expenses in various categories, and then estimate how they will change. For example, your mortgage might be paid off by then - and you won't have commuting costs. Then again, your health care costs are likely to rise

This might sound daunting at first thought, but it's not that difficult. You can use various online calculators available to calculate your retirement corpus. Better still would be to consult a financial planner who can help you assess the corpus based on your current assets and spending habits. Catalyst Investing too can help you in conducting a detailed financial assessment and plan a happy retirement for you. Contact us for any queries.

how-much-should-i-save

How Much Should I Save?

How Much Should I Save?



"As much as you can" is the standard advice. Many financial planners recommend that you save 10% to 15% of your income for retirement, starting in your 20s. But that's just a general guideline. This is your retirement we're talking about, so it pays to get a little more specific by doing your homework up front. It's a good idea to establish a savings target - one that tells you roughly how much you should set aside over time to meet your retirement goals.

As a general rule, you'll need a retirement corpus of at least 15-20 times the annual shortfall between your income and your expenses. So if your annual expenses in retirement are going to be $60,000 without any income, then you would need a corpus of a million dollars to live a comfortable retired life

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