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DNA Web Team | Aug 02, 2018, 11:20 AM IST
1.Start early (Image source: Gajanan Nirphale, DNA)
Start early Start saving early for retirement, when you are about 25 years old. That way you give yourself at least 35 years. You can set aside smaller amounts at this age. As you delay, you will have to set aside a larger sum.
2.Review your financial plan (Image source: Pixabay)
Review your financial plan Review your financial plan regularly as may be your investments are not growing the right way. Your standard of living has probably improved and you have to set aside more money to maintain the same lifestyle at retirement.
3.Keep your retirement savings intact (Image source: Pixabay)
Keep your retirement savings intact One has to be disciplined and most important is to do a 'cost-benefit analysis' of how much return this spent amount can give if it is not spent now and saved for next 20 years.
4.Plan ways to generate second income (Image Source: Ravi Jadhav, DNA)
Plan ways to generate second income Financial investments are a convenient and simple method to generate a second income quite easily. There are many investment options that can help you generate an alternate stream of income. Choosing the right plan (based on individual risk profile) through professional help and charting out a blueprint of needs and wants is the first step towards a second source of money.
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