Retirement Planning: Acharya Chanakya said that the money is a partner who also plays you in bad times. When you also leave you with you, then it is useful for you. Therefore, always keep investing money and keep increasing your capital. Old age is also a condition when your body does not support properly, in such a situation, all your work and needs are easily fulfilled, for this you must have plenty of money in the Old Age. This is the reason that money is called the stick of old age. However, this is a big question that how much fund you should have to live in a better way and comfortably. Know here what is a financial rule in this matter.
Rule 30x follow
According to the experts, in today’s time, the kind of life you are living and you want that if there is no shortage of any kind in it, then you should adopt the 30x rule, that is, your retirement fund should be at least 30 times the annual expenses. For example, if your annual expenditure is Rs 9,00,000 in today’s time i.e. each monthly expenditure is Rs 75,000, then according to the 30X rule, a retirement fund of Rs 9,00,000 × 30 = 2,70,00,000 should be collected.
How to collect such a big fund
To collect such a huge amount for old age, you have to invest in long -term schemes that can give better returns. In today’s time, mutual funds are considered a very good scheme according to the return. In this, you can invest through SIP. In SIP, you have to submit a certain amount every month. Its average return in the long term is considered to be 12 percent. The more you start investing in it and the longer you do it, the larger the funds can be added.
How much will you have to invest
If you are 30 years old and want to collect Rs 2,70,00,000, then you will have to run SIP of at least 8800 rupees for 30 years. In such a situation, by the age of 60 you will invest Rs 31,68,000. According to 12 percent, it will get a interest of Rs 2,39,44,564 and as long as you are 60, you will have a total of Rs 2,71,12,564.
On the other hand, if you are 35 years old, then you will have to run SIP of Rs 16,000 every month for at least 25 years. In 25 years, you will invest a total of 48,00,000, at the rate of 12 per cent, you will get Rs 2,24,35,305 and at the age of 60 you will get a total of Rs 2,72,35,305.