Best Time for Retirement Planning – 10 Years Back. Next Best Time – Today
For most people in their 40s and 50s, the best time for retirement planning was 10 or even 20 years back. However, if you have failed to do so, you can always start now. It is never too late to secure your future or retired life. If you are worried about your retirement plan even though you are decades away from it, you are probably on the right track. Retirement is an important stage in our lives that should be planned out well and at the earliest. This is especially due to a lot of retired professionals being unable to actively earn money as they could while they were young. There are both government schemes and private companies offering great retirement benefits. You can truly benefit from these opportunities if you start in time. Most of the time, saving money through the bank is not enough and also does not compound enough to beat inflation. Retail inflation has risen by 5.59% during December 2021. Just the CPI (Consumer Price Index) Food inflation has gone up by 4.05% in December compared to 1.87% in November of FY 2021 – 2022. Meanwhile, banks generally only offer us 2.50% p.a. to 3.50% p.a. interests on the money we keep with them. Even though Fixed Deposit schemes almost are at par with inflation (offering around 2.50% p.a. to even 5.75% p.a. returns), it is still not enough. Consider