Retirement Expert Shares Key Strategies: Start Early, Invest Disciplined
Retirement planning expert Dhirendra Kumar, CEO of Value Research, has shared key strategies to achieve 'retirement readiness'. This involves living off investment returns and pension, while maintaining a buffer for inflation and healthcare costs. A popular guideline, the 350x rule, provides a middle-ground estimate for savings needed.
Kumar emphasises the importance of financial literacy and disciplined investment habits. Starting retirement planning early is crucial to achieve financial independence before pension. The 350x rule suggests having 350 times your monthly expense in savings. For instance, someone needing Rs 70,000 per month would require approximately Rs 2.45 crore, with a portion invested in yahoo finance to beat inflation.
Financial independence for retirement begins when investments can sustain expenses, beat inflation, and cover health emergencies without working. A pre-retirement checklist includes knowing monthly and annual expenses, having health insurance, and ensuring a portion of savings grows to support higher income.
To ensure a comfortable retirement, Dhirendra Kumar advises increasing financial literacy, promoting disciplined investment habits, and starting retirement planning early. The 350x rule offers a useful guideline for savings needed, but individual health, expense inflation, and lifestyle requirements may vary. A pre-retirement checklist helps prepare for financial independence.
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