Retire early … Be smart … Stay free

By Ravi Kotal : Get set go …. Start planning your tomorrow .
Start your savings early, stay healthy and have adequate health insurance are the best things you can do to plan your retirement. But don’t spend your savings on your daily expenses . Rather start some new small business as this will grow over a period and will also keep you meaningfully engaged . You can also consider working on part time basis in more than one company . This will give you more stability along with time freedom .
Do not put off saving for your retirement for later because it’s so far away. A small amount invested every month gets time to multiply. For instance, Rs 12,000 (or Rs 1,000 a month) invested when you are 35 will grow to more than Rs 82,000 (if you earn 8% returns every year). By the time you are 60, that is almost seven times your initial investment. Start early ….  🙂

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Do not remain under-insured as far as health insurance cover is concerned. Healthcare costs not only inflate faster than most other categories, you are likely to need more medical attention as you age.

As your lifestyle matures, inflation alone will not define how your expenses grow. You may no longer be paying an EMI or rent when you are 60. Your children, too, would be self-sufficient by then. You won’t be spending as much on transportation and entertainment. But you might spend on cultivating hobbies, going on more exotic vacations and on your grandchildren. So having cash on-tap for these situations will be handy.

Plan well ahead of time and you are almost guaranteed to have a carefree retired life. Time time time ………. time is the secret .

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