Retirement planning from the first salary itself: The sooner you start, the easier it will be to prepare a big fund

It is often seen that in the midst of planning for children's education, and marriage, people forget to plan for the right retirement. In such a situation, after retirement, they have to face trouble to meet their needs. If you have not started planning for retirement yet, do it from today itself. We are telling you some such things that will give you financial security even after retirement.
Often people do not save for their retirement. They feel that benefits like PF and insurance will be enough. However, they will not meet all your retirement needs. That's why you need to be proactive and plan for your retirement. You can create a sufficient retirement corpus for yourself with a small portion of your salary.
The right time to start saving for retirement is when you get your first paycheck. Keep in mind that saving in the long run has the power of compounding. The later you start saving, the more amount you have to invest to add the fixed amount.
Suppose a 25-year-old person plans to add Rs 1 crore till retirement at the age of 60, assuming a 12% annual rate of return on investment, then he will have to invest about Rs 2,000 per month. Whereas one who starts investing from the age of 45 will have to invest 12 thousand rupees per month.
We often forget asset allocation in retirement planning. Such people who have to retire after 20 years, should keep a large part of the portfolio in equities because at this age you have to make money, here you can add a huge amount with the help of compounding by taking risks. People who are above 50 years of age should invest a major part of their portfolio in debt funds as the risk involved is very low. As you get older or as your retirement age approaches, you should shift the asset allocation in your portfolio from equity to debt.
Inflation affects savings. This will keep increasing the lifestyle expenses every year. You will have to spend more money on lifestyle after retirement than today. The cost of treatment will also increase with age. You should have a rough idea of ​​how much funds you want for retirement. to help you collect it.
These are being run by banks and post offices, by investing in which you can prepare a retirement fund for yourself. These include other schemes including PPF, Recurring Account (RD) and National Savings Certificate Scheme. Apart from this, you can also invest in mutual fund schemes or the stock market. Many fund houses are running separate schemes for retirement planning.
Today apart from the government and LIC, many other private mutual fund companies are offering pension plans. In such a situation, you can also arrange pensions for yourself by investing in them. Atal Pension and Pradhan Mantri Shram Yogi Maandhan Yojana are also being run by the government.