Retirement Plan: A person earns money throughout his life in a private job and at the time of retirement, he does not get enough money to survive in the future. This is the reason why people make retirement plans, people invest something every month while working, which makes their life after retirement easier. Everyone invests according to their income. Today we are telling you how many thousand rupees you will have to invest every month or how many thousand rupees are necessary to retire after becoming a millionaire.
It is necessary to invest every month
Now you must be thinking that if you want to become a millionaire by retirement, you will have to save more than 40 to 50 thousand rupees every month. Now, before you rack your brains, let us tell you what is the reason behind it. This investment depends on your age, that is, the earlier you start saving, the less money you will have to deposit every month. This is called power of compounding.
The younger the age, the more benefits
If you start investing at the age of 21 years, then you will have to invest only about one thousand rupees, whereas if you start investing at the age of 30 years, then you will have to invest three thousand rupees every month. If you delay by 10 more years, you will have to invest Rs 10,000 every month at the age of 40. All these figures are possible only when you have invested money in a scheme or policy which is going to give you 12% return annually. According to this, you can become a millionaire by the time of retirement.
Increase investment every year
Keep in mind that the sooner you start investing, the less money you will have to pay. Now you will think what will be the value of one crore 40 or 30 years from now, then everyone will be a millionaire. For this you will have to manage your investment. Because every year there is a slight increase in your salary, in such a situation, if you increase your investment by 10 percent every year, then you can get not one crore but two to three crore rupees on retirement.