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Maximise your portfolio. Maximise your finances.
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Use our NETWORTH
CALCULATOR to understand where you are today with regard to your finances.
Use this as a starting point for building your portfolio.
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Any financial planning process needs to have clearly defined goals. In the early
years of your working life, wealth growth is normally the primary objective. This,
however, needs to be altered now keeping retirement as the main goal. Here's why
retirement should become your most important financial planning objective.
- Life expectancy has increased in India and in general across the world. You will
live longer, but your working lifespan will remain the same. Your non working years
could now be as many as your working years. If you live up to 80, you need to plan
for at least 20 years of retirement.
- Longer life expectancy also means your medical expenses tend to increase disproportionately.
- Unlike western nations, India does not have a strong pension system. Do not entirely
rely on government pension plans to pay for your retirement.
- Inflation in a growing economy can be a real dampener on your plans. Always account
for increasing costs.
Work on your financial plan with retirement in mind.
Speak to your advisor about:
- Your pre and post retirement goals
- The lifestyle you wish to maintain post retirement.
- Maximizing your current financial assets like real estate, mutual funds, insurance,
etc.
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Consult your financial planner to build a corpus for your child’s education.
Assuming that this is still 3-5 years away, consider diversified equity funds as
an investment.
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As you grow older, your ability to take risks reduces simply because you have lesser
working years left. Your financial plan therefore needs to be tweaked to minimize
risk. This usually means more exposure to safer assets like debt funds and gold
while progressively reducing exposure to equity.
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You probably have this covered already, but it begs to be repeated. Get yourself
and your family adequate health cover not just for today's prices but tomorrow's
as well. If you think "x" is a suitable amount for medical expenses today, take
a medical cover of value "3x". This will ensure that ten to fifteen years later,
the medical cover will remain significant in the unfortunate event of you needing
it. Medical insurance premiums will be much lower at this age than 10 years later
and hence it's a good idea to increase your cover now.
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Call Toll Free on
1800 3000 3300
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