Planning a successful retirement can be a very challenging task, considering it requires astute preparations in ensuring emotional and financial security of a person. So, in this scenario, “age is not just a number” since responsibilities and liabilities such as loan EMIs, insurance premiums, and rents of a typical common man increase as he grows old. Retirement planning holds more importance in these uncertain and inflation-hit times. So, investing early, let us say in 30s, gives a big boost to corpus-growth. You must always have an idea about the corpus you need to aim for your retirement early in your life. You must have a good investment plan to cover up your expenses. IN THE AGE BRACKET OF 25-30, YOU MAY PUT MOST OF YOUR INVESTMENTS IN EQUITY AND THE REST IN DEBT. YOUNG PEOPLE CAN EMPLOY THE 60% EQUITY AND 40% DEBT RULE. However, as the age increases, your share in equity can decrease. AT THE AGE OF 40, THE PORTFOLIO SHOULD HAVE 70% DEBT AND 30% EQUITY FOR GREATER SECURITY from uncertainties as your risk-taking capacity also decreases with time. Retirement is that phase of life when you want to enjoy and remain free of worries. So, you should plan your liabilities in such a fashion that by the time you retire, all your debts must be cleared. Your motto should be to live life debt-free.
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