While planning for retirement fund to calculate the required amount needed at that time we should consider as priority.
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Answer:
Most of us postpone saving and investing towards retirement, assuming we will have enough time to accumulate the retirement corpus in the coming years. However, this is one of the biggest money mistakes we commit. While we continue working for 30-40 years, we do not give our investments enough time to work on our goals. ‘Time Creates Money’ i.e. compounding over the years will work wonders on your investments. The earlier you start investing, the greater effect compounding will have on your investments.
For example, consider a scenario where you need to accumulate a retirement corpus of Rs 5 crore by the age 60. If you start saving from the age of 40, you will need to invest Rs 50,000 per month in an investment that yields 12% p.a. to accumulate the corpus. On the other hand, if you had started saving from the age 30, you need an investment of only Rs 15,000 per month to accumulate the same corpus at age 60. This is the power of compounding.
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