A big myth is that retirement planning is not for the young!! Everyone wants to have a big corpus after retirement, but the realisation of planning for the corpus usually happens in the second half of work life.
The Providend Fund(PF) which is deducted from your salary and deposited in your PF account is a miniature. Considering that the purchasing power will be less than half of what it is today, more should be done to create a big corpus by the time you are near retirement age.
Right from younger days, one should set aside 10-15% of your net income towards retirement planning. Remember the power of compounding? The earlier the money is invested towards corpus,the more times would it compounded.
This is a discipline act and sometimes tough choice would have to be taken. No wonder one has correctly said that the pain of discipline is still less than the pain of regret.
The Providend Fund(PF) which is deducted from your salary and deposited in your PF account is a miniature. Considering that the purchasing power will be less than half of what it is today, more should be done to create a big corpus by the time you are near retirement age.
Right from younger days, one should set aside 10-15% of your net income towards retirement planning. Remember the power of compounding? The earlier the money is invested towards corpus,the more times would it compounded.
This is a discipline act and sometimes tough choice would have to be taken. No wonder one has correctly said that the pain of discipline is still less than the pain of regret.
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