How to plan for retirement according to your age

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The rule of thumb for retirement planning: the earlier you start the better. Your priorities will change as you age. You need to consider the cost of living now and in the future, inflationary pressures, as well as healthcare costs. It's not about "quantity", but about "quality" as well as your future needs. There are pros and cons to retirement planning. It's up to you to make the right decision.

Let's take you through an age-wise plan for retirement.

If you are in your 20s

The best time to begin retirement planning is in your twenties. While you may be content with your current life, if you can save now, you will have a large corpus when you retire. You will also have a lower premium because it will add up to an investment greater value when you decide to increase it. A good place to start is the beginning of your savings efforts.

If you are in your 30s

Now maturity is here. You are now more responsible for your family and yourself. You will be able to plan a corpus with no financial burden. You will also be able generate more interest and save more if you put in more time.

If you are in your 40s

It is considered a safe investment for your retirement planning. There are two more decades to save enough money for your future. Your present financial situation is what is most difficult in your 40s. This could be your child's education or parents health care needs. It may also be your own financial needs. This time frame will require you to be conservative, taking into account both your present and future financial needs. It is important to not exceed a certain amount. You can also save some money to build your future wealth, rather than spending all of it now. If your company has retirement plans, you can even start. You can also check out

If you are in your 50s and beyond

It's better to save now than later. It is possible to save until retirement. However, you will need to save more. This is possible because you don't have any major financial obligations. You can therefore take a large chunk of your earnings and save it. You might consider consulting opportunities if you have decided to retire earlier than expected. This will give you a steady income stream from which you can plan your retirement.

Don't wait until the last minute to start your retirement. FinSukh.com offers a variety of retirement plans to help you plan your retirement.

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