look news india
In a private job, a person earns throughout his life, but during retirement he does not have enough money to maintain his lifestyle. This is why people plan for retirement, investing some amount every month during their working years to make life easier after retirement. Everyone invests based on their income. Today we will discuss how much money you need to invest every month to become a millionaire by the time you retire.
It is necessary to invest every month
If you want to become a millionaire after retirement, then you will have to save more than Rs 40 to 50 thousand every month. 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 known as the power of compounding.
The younger you are, the more benefits you get. If you start investing at the age of 21, you will have to invest only about one thousand rupees every month. Whereas, if you start at the age of 30, you will have to invest three thousand rupees every month. If you delay further, then at the age of 40 you will have to invest ten thousand rupees monthly. These figures can be obtained from a scheme or policy that offers annual returns of around 12%.
Increase your investment every year. Keep in mind that the earlier you start investing, the less money you'll need to contribute. You can think about the value of Rs 1 crore after 30 or 40 years. For this you have to ensure that you manage your investments wisely. If you grow your investments by 10% every year, not only can you reach Rs 1 crore but can potentially accumulate Rs 2 to 3 crore by retirement.