New Delhi. It is everyone’s desire to add two paise for old age. But, to fulfill these desires, many more wishes have to be suppressed and by adding pie-pie, a fund has to be created, which can become a stick of your old age.
Although retirement planning remains in the mind of almost every investor and working person, but very few people are able to implement it. It has often been seen that people make many mistakes while working on retirement planning. We are going to talk here on some such common mistakes, which if you remove them, then you can make a big fund for the future in time.
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Focus on short term returns
Often people focus more on getting some returns soon than on long term returns. Investing for retirement is also a long term investment. Instead, many people bet more on quick returns in 2-3 years. It is seen that long term investment of equal money gives you higher returns than short term investment.
hesitation in investing
This is the most common mistake, which most of the investors repeat. Considering retirement planning as a long-term investment, people go back by saying that they start it from the next year. In such a situation, you get less time and the return on your investment also gets affected. If you start investing late, you also have to invest more money to get a bigger fund.
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investing in the wrong place
Many times by mistake or haste or lack of information, we put our money in such a place, from where there is no scope for better returns. Over time, we may not even know that our investment has gone wrong and needs to be changed. In such a situation, you should keep reviewing your investment and the return on it from time to time. If you are not able to know yourself, then you can take the help of an expert.
make money for others
We often try our hand at the same investment options, in which our elders had invested or the ones our partner chooses. Instead of coming under any such influence, we should choose the investment option based on our needs and risk appetite. We should also do tax saving planning on a long term basis. Also, one should not miss taking risk in the beginning for retirement fund.
Tags: investment tips, retirement fund, retirement savings
FIRST PUBLISHED : June 23, 2022, 11:40 IST