Your 40s are likely full of responsibilities. You are probably in the last stages of paying off your home loan. However, your child’s school education is taking up quite a bit of your money. Retirement may not be on your priority list but you have probably started thinking about it if not done anything about it.
Considering the responsibilities of today that occupy your mind you may not be alone if you have put retirement on the back burner. However, it’s the one financial event in your life that is inevitable. Many Indians do not realise just what kind of corpus they will need for their ideal post-retirement lifestyle.
The good news is that if you have some idea of your goals, starting even in your 40s is much better than never. Your existing investments, which should now have been growing for the past decade, especially EPF can help you quite a bit. For the rest, all you need is the right SIP.
Want to know what a rough plan looks like? We have analysed three hypothetical investors to understand what it will take to achieve their retirement corpus. Check out the graphic below.
As you can see, the earlier you start, the lesser the investment burden to get you there. So start today if you want an easier ride in the future!