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Saving For Retirement Image Credit: Outlook Money
Saving For Retirement Image Credit: Outlook Money

Saving For Retirement

It takes discipline to regularly invest and work towards a nest egg, than be sorry as you approach retirement and find insufficient funds, says Anagh Pal.

Anagh Pal

One look at Anshuman Chakrapani and you know he is a family man—doting father, loving husband and a caring son. Employed with the Indian Railways, he moved back to Bhagalpur for family reasons and at 39, he is concerned over his retirement and the education needs of his children. Having suffered a life threatening disease in 2001, he is careful about his health and that is one of the reasons why he is also keen to get his retirement planned. A firm believer in yogic cure, he has taken to yoga, which he says helped him overcome his illness.

He feels there is a lot in common between yoga and investing as both require balance, flexibility and visualisation. Our planner warns that considering rising longevity and cost of living, planning towards retirement is of utmost importance. Considering he is 39, his current monthly expense of ₹25,000 will shoot up to ₹80,000 by the time he retires at 60, assuming a 6 per cent inflation. At present he has four people to support – his mother Asha Devi who is 59, his wife Ragini who is 29 and his two sons Shivansh and Divyansh who are 4 and 2 respectively.

The good part for him is that he has already made a start and has invested in NPS, mutual funds and stocks. He also acknowledges the need to invest in equities to allow his money to grow. For protection he has a

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