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!
