You might either be planning to retire from work and enjoy life or to save now to retire later. This or that, retirement savings is an important thing to do in order to lead an independent and happy life when you are older. It is necessary to save now rather than depending on anyone for your expenses in old age. Keeping all your expenses in check, you can also take the help of online tax services and improve your profile. Start with the small steps, like opening a savings account, recurring account and saving some amount monthly continuously. Apart from this, there are three investment options to take into considerations. 1) Fixed Deposits – Being the best and low-risk investment option, Fixed Deposits (FDs) helps to grow money over time. It is also one of the best ways to invest if you have a habit of saving some amount every month. And even if you don’t have such a habit, one should inculcate it so that you can keep an amount regularly and get a fixed account opened as soon as possible. This fixed deposit will keep your money save and keep adding the interests every month to that money. 2) Post-office Schemes –The post-office schemes include NSC (National Savings Certificate), PPF (Public Provident Funds), POMIS (Post office monthly income scheme), POTD (Post-office time deposit) and KVP (Kisan Vikas Patra). These schemes are best for people who want to invest in a long-term retirement plan and can patiently wait for the right time and redeem the amount when the time is right. 3) Endowment Plans – An endowment plan is offered by banks and may or may not include life cover combined with the savings. A great benefit of endowment plan is that it assures a payout no matter the policy holder services or not.
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Author : 5nance |
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