TomorrowMakers

How I started preparing for retirement
Manisha Tomar
Doctor

Since I had been working only for two years, I never gave retirement any serious thought. My mother has been a housewife and father was working till last year. When he retired, he discussed his savings with me. That is when I realised that his retirement corpus was woefully inadequate. But he had several responsibilities and no one to guide him when he was younger about the importance of saving up for one’s retirement early.

He asked me to not make the same mistake and instead begin saving early for retirement. He also made me understand the effect of inflation on one’s savings and the importance of investing in equities for the long term.

This opened my eyes to the importance of saving up for retirement as early as possible. I also realised that our generation might not experience job security the way earlier generations experienced. We may have to even deal with layoffs or sabbaticals.

Therefore from August 2018, I started investing 15% of my investible surplus just to achieve my retirement goal. I hope to keep increasing my contribution by 10% year on year as my father also taught me how stepping up one’s investments can make the final corpus larger.

How I did it

Vivek
Corporate Executive

Invest wisely and invest early, to make sure that you live tension free in your later life. I am working towards it, or at least that’s what I hope. I managed to save a small portion of my earning even when I was earning very little like an early jobber. I still have those low-risk… Read more

Biplob
Scientist

Credit cards are your friend, but only if you use them wisely. If you start spending over and above your means, you fall into the dreaded credit trap, where you earn only to pay off your previous month’s dues. And end up using credit to meet the current month’s expenses. I am reasonably… Read more

Rohan
Sales Manager

As a newly married person, I wanted only the best for my household. So when we started getting our new life decorated with things that every household requires, we splashed the cash generously. This was over and above the lavish wedding that we had spent for earlier on. Most of it was our own… Read more

Jayanta
Financial Specialist

I had started working four years ago. I would like to believe that I am still in that age bracket where people earn to spend and not necessarily save. However, there have been occasions where I have genuinely regretted spending on something and often pondered what would have become of the money… Read more