Best time to save money for Retirement - Madurai Personal Finance Wisdom

Most of the 30s youngsters do the mistake of thinking that Retirement is far away and another 30 years to go. But, everyone has to be prepared for their retirement and consider that there will be Wife, Grand and Children to be taken care even at your retirement age and do not forget the INFLATION, which is something very dangerous - What you buy today with Rs.1000 cannot be bought 20 years later with the same money. Be conservative on the spending, so that things get saved. Also cut an amount from the pay check or your source of income and keep it safe or invest in appropriate vehicles for your future purposes.

Start saving NOW.

Procrastination will only make things worse for you. Here are a few handy tips:

1. Scale down your lifestyle. Cut down on excesses. When you get a bonus, save it (at least a big part of it) rather than squandering it off on a luxury bash.
2. Maximise your contribution to the retirement plans.
3. Seek professional advice before investing in stocks, mutual funds, insurance plans etc. Don't go only by hearsay, advice from your friends and family or mere guesswork.
4. Pay off credit card bills as soon as possible. Don't let them become an “knife in the neck”.
5. Delay your retirement if possible.

The key to have a prosperous post-retirement life is to start saving NOW if you haven't started already.