The current situation is you are earning and spending, but after retirement you will not be able to earn on a regular interval. Your earning will stop but your expenditure will not. So, how are you going to balance it out?
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If you invest your money for retirement at the right time, you can benefit yourself in the later period. From the time you start earning, you try to make our life easier by fulfilling the basic needs of life like buying a house, a regular transit vehicle and other important expenses. But, while doing these, you should not forget the time of retirement.
You know the most common problem people face during their retirement period is the shortage of funds. And you will have no source or income to address that shortage. So, what necessary measures you will take to be ready for your retirement?
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You can invest your idle funds of savings account into proper investment plan like mutual funds, Senior Citizens’ Saving Scheme(SCSS), Post Office Monthly Income Scheme (POMIS) Account and Senior Citizen Fixed Deposit. But, which one will be the best its depend on you.