However, because of a variety of socio-economic changes, this is no longer enough for many people. Retirement planning is a crucial aspect of financial management that often gets overlooked, especially by younger individuals who believe they have plenty of time to start saving. However, the earlier one starts planning for retirement, the better positioned one is to enjoy a comfortable life after retirement.
Mutual funds can play a significant role in helping one achieve one's retirement goals, offering a range of benefits that make them an attractive investment option.
When planning for retirement, it's essential to consider factors, such as inflation, which can erode the purchasing power of one's savings over time. Additionally, with increasing life expectancy, one will likely need to save more to ensure that his/her retirement corpus lasts throughout the golden years. Moreover, lifestyle changes, such as the desire to travel or pursue hobbies, should be accounted for when determining one's retirement savings target.
This story is from the February 11, 2025 edition of Outlook.
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This story is from the February 11, 2025 edition of Outlook.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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