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Plan Your Retirement Before Its Too Late

Will I have enough money to retire on? Will I be able to enjoy a happy and fairly secure old age? These are some common question that people who are nearing their retirement age always ask themselves. While there are several financial services companies that offer a retirement calculator, free of charge. This is obviously for helping people calculate how much money they would have/require for their retirement. There are quite a few online retirement calculators in India by many established financial services company which offer accurate results. These calculators help create an approximate retirement plan, by taking into account, how much they need to invest and through which investment tool.
There are several investment tools available these days, most of which would be able to help a people to save up an adequate amount for his retirement days. A person may invest in mutual funds Mutual funds are quite popular for people who want to create wealth over a long term. It is said that mutual funds represent a hands-off approach to entering the equity market.
What is a mutual fund?
A mutual fund is a trust that combines the savings of numerous investors, who share a common financial goal. The amount of money required to be invested does not have to be a huge amount. People can invest even a few hundred rupees. The pooled money is then invested by the Fund Manager, in financial securities of several different types, which may include shares, debentures or money market instruments, or a combination of several. All of this will be very clearly stated in the objective of the scheme. It is a must that you go through all the information provided, before you decide to invest.
Company Fixed Deposits
Another great investment tool can be said to be company fixed deposits, which are deposits in specific companies. These fixed deposits earn a fixed rate of return, over a specific period of time. These fixed deposits are accepted by Non-Banking Finance Companies (NBFCs) and Financial Institutions.
Advantages of investing your money through this tool are high interest yields, minimum lock in period of only 6 months, and no income tax is deducted at source if the interest income is up to INR 5,000 in a single financial year.
Both of the above can be considered by people who have used retirement calculators in India and are now looking to plan a stress free life for themselves after they retire from their working lives. Choose a combination of these and more for reaching your financial goals successfully!