Are you retiring soon? Here’s how you can secure your heydays

Planning for retirement in your 50s? Well, it is never too late to start.

If you haven’t started building your retirement corpus by the time you are 50, one thing you know is that you have less than 15 years to ensure your heydays are better taken care of.


Calculate how much you’d need – The first step is to know what you need and where you stand. Use various online calculators and take a honest stock of your financial condition before you chalk out your future financial path.

Save tight – The first, most basic and easiest step is that you start saving now. By saving, we don’t mean the trimmings you are left with each month, but at least 25% of your monthly salary.

Invest right – Saving tight is not enough, it is important to invest your money in high return instruments so that you get the maximum returns in minimum time. You must also understand that investing in equity involves risks and the returns are much more on a long term horizon of up to 10 years.

Systematic transfer to debt funds – While you may take more risks in your 50s as your mortgage payments would almost be getting over and your children are settled…once you hit 60, it is time to systematically transfer your investments to less risky instruments.

Don’t dig in to your already built corpus – if you are a salaried individual, more chances are that you are in your best earning years now and have much more to spend as well as save. You would also have some savings in your EPF which you must not touch until you retire. It is quite a temptation to use up what you already have, but 50s is the age to build up on your existing assets.

Use a Financial Advisor – A financial advisor, if chosen wisely, can be your best friend on the path of wealth creation. He can advise you to avoid pitfalls and take investment decisions based on your age, stage and goals in life.

Remember, it is never too late to start. Contact Dr. Celso at NaveMarg for unconventional financial advice and grow richer, now!


Financial planning in the 40s!

In your forties with no significant savings? You are not alone! Most people put off savings till retirement is near and are left with much lesser time to build a comfortable corpus for their golden years.

It is sound advice to start saving as soon as you get your first salary, however, it is seldom followed. But don’t fret – it is never too late to start.

Here are few tips to get started at 40:

  • Pay yourself first – Before you use your salary to meet your monthly expenses, pay yourself first. It is the first rule to grow rich – invest first, use later. Cut down on your wants and frills and make an endeavour to put away at least 25% of your salary for investments.
  • Make an emergency fund – If you do not have any savings up till now, it is important to create a liquid emergency fund of at least 6 months before locking up your money in long term investments.
  • Discipline – When you start stowing away 25% of your salary for investments, it is easy to be tempted to cheat or use up the savings after few months of accumulating. However, to build a comfortable corpus for your retirement, you must be disciplined enough to not touch this money for at least the next ten years. Remember, the magic of compounding needs time to show results.
  • Choose the right investment options – There is no point to save your money in instruments that are beaten by inflation. At forty, you are probably entering your best earning years and it is the right time to invest in equity to reap high returns over a long term horizon. Once you touch fifty, you could start shifting your funds from equity to debt instruments.

It is never too late to start planning for your financial future, don’t be disturbed if you don’t have much saved up till now. Take financial advice from Dr. Celso at NaveMarg and stay tuned on our blog to get wealthy sooner

Wedding bells round the corner? Time to plan your finances…

While getting married to your partner is a moment of joy and celebration, it is also the time to think about your financial future together. In fact, not just the future, even your financial past – your debts, your savings, your assets.

As unromantic as it may sound, it is best to take out sometime before the wedding bells actually chime and discuss your finances with your partner. And while you are at it, do cover the following points:

  • Your debts – Does any of you have a study loan to pay off? Or a car loan or a pending credit card bill? Why not make some cuts in the wedding expenses and clear the small debts before the D Day and plan for the larger ones. Even though your income has doubled (if both partners are working), remember that your expenses have also doubled and so have your debts. Decide on a fixed amount you set aside to pay off the debts and plan your investments and household expenses with the rest.
  • Your future goals – Do both of you intend working after marriage? Are you planning to start a family soon after? Is your aim to buy a car, take a yearly vacation or purchase a house in the next two years? Remember the golden rule for making investments – plan them according to your goals. Once you make a monthly budget for your expenses, invest a certain part of your income in debt instruments to meet short term goals and the remaining in equity to meet your long term goals. It is a good idea to start an SIP for disciplined savings.
  • While you invest, do not forget to insure. Once you get married, you are also responsible for your family’s financial future. Take a traditional insurance plan with adequate life cover. At a young age, you can get a huge life cover for only few thousand rupees a year. Further, do not forget to take health insurance as well as cover for accidents and diseases such as cancer. A small premium today would save you loads in the future.

Marriage is a beautiful journey you both would undertake for a lifetime. Plan your finances now to avoid bitterness later. Take advantage of Dr. Celso’s expertise and reap great wealth by following his sound financial advice.