Wednesday , July 24 2024

If you need ₹5,00,00,000 at retirement, how much amount of SIP should you start at what age?

No matter how much money you earn today, the worry of old age still haunts everyone. The reason for this is that you cannot work too hard in old age. In such a situation, a person who works hard throughout his life wants to live comfortably in old age. Money is needed for a comfortable life. For senior citizens, money is their biggest strength. If you have enough money, you will not have to depend on anyone for your small needs.

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If you also want to spend your old age with fun, then start investing in time. In today's time, SIP mutual fund is an option that can increase your investment rapidly. The returns that are received in the long term are difficult to get even in any government scheme. Let us tell you that if you want to accumulate a fund of 5 crores through SIP, then at what age should you start SIP of how much rupees?

if your age
If your age is 25 years then it is good for you. In such a situation, you can invest for a long period and you do not need to invest a large amount. If you start a SIP of Rs 8,000 at the age of 25, then you have to run it for 35 years. After 35 years, your age will be 60 years. If you run a SIP of Rs 8,000 for 35 years, then your total investment will be Rs 33,60,000. The average return on SIP is considered to be 12 percent. In such a situation, you will get Rs 4,86,02,153 as interest on your investment. In this way, at the age of 60, you will be the owner of Rs 5,19,62,153.

At the age of 30

If you want to start SIP at the age of 30, then you will have to continue it for at least 30 years. In such a situation, you will also have to increase the investment amount because the period has reduced. If you invest Rs 15,000 every month in SIP for 30 years, then you will invest Rs 54,00,000. At the rate of 12 percent, you will get Rs 4,75,48,707 as interest and after 30 years you will own a total of Rs 5,29,48,707.

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At the age of 35
If you invest at the age of 35 and want to accumulate more than Rs 5 crore in 25 years, then you will have to spend a good amount every month for 25 years. For this, you will have to invest Rs 27,000 every month in SIP. You can do this only if your income is at least around Rs 80,000 to Rs 1,00,000. By investing Rs 80,000 continuously for 25 years, you will invest a total of Rs 81,00,000 in 25 years. You will get Rs 4,31,36,147 as interest and at the age of 30, you will own a total of Rs 5,12,36,147.