Planning for retirement is tricky, and stakes are usually higher when you’re nearing retirement. These errors in judgment can reduce the potential of your funds, which can cost you money. Recent research and statistics reveal that the average Indian falls 30% short of the income needed for an ideal retirement, which makes it more important than ever, to build a large corpus. A large corpus helps you retire comfortably, and maximize your investment money.
When it comes to retirement, people make a few common mistakes. Most investors don’t know how much they need after retirement, which results in shortfalls in terms of retirement planning. This can become a problem, especially in case of emergencies.
Not including contingencies in your retirement plan can be another retirement mistake, which results in unpreparedness in case of unforeseen circumstances.
Often, investors underestimate their expenses, which can be very risky during retirement, when you don’t have a stable source of income to bank upon. It is hence, advisable to start saving earlier in your career, so you have more time to grow and mature your finances. It can also help you develop the habit of saving, which is healthy in the long run.
Usually, we put off retirement savings in our twenties or thirties, thinking that our retirement is years away. However, this may result in accumulation of lesser retirement corpus and become detrimental.
Another mistake made by most investors is the skipping of inflation as a factor, from their investment plan for retirement. It is also important to make smart investment decisions, else you could lose out on most profits. It is also recommended to start saving early for your retirement so that you can enjoy a larger corpus.
One of the best investment approach to grow your retirement corpus is to choose a mix of high risk and low-risk investment options. You can invest in Bajaj Finance Fixed Deposits for stable returns, which come with flexible tenor, periodic payouts, and stability.
Watch this video to find out more about the common retirement mistakes.
Applying for a Bajaj Finance Fixed Deposit is easy. Follow the below steps and book your FD online.
Step 1: Fill online application form (https://bit.ly/3e0qs77)
Step 2: Accept the ‘Terms and Conditions’
Step 3: Your FD will be booked.
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Bajaj Finance Fixed Deposits make for a safe investment option that can help you earn strong returns for funding your retirement, buying an asset, or financing your children’s education or wedding. As a company FD, Bajaj Finance Fixed Deposits enable investors to deposit a sum of money for a fixed term.
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Bajaj Finserv is India’s fastest growing and most diversified non-banking financial corporation. Our robust business growth is driven by our belief system of never settling for good and chasing the great. It is this belief that shapes everything we do. Constantly reducing time and effort for the consumer, our wide portfolio of financial products and services are designed to make your life pursuits hassle-free.
Disclaimer:
As regards deposit-taking activity of the company, the viewers may refer to the advertisement in TOI & Maharashtra Times, dated 16 October 2018 for soliciting public deposits. The company is having a valid Certificate of Registration dated March 5, 1998, issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.
*Rate of interest per annum, applicable on a cumulative scheme tenor of 36-60 months for the respective customer categories. T&C apply.
The additional rate of interest of 0.25% p.a. is over & above the published card rate. It is a limited period offer and is applicable on a Fixed Deposit up to Rs. 5 crore, renewed after 01 February, 2018. Depositors are advised to check the card rate and special category benefits on the day of investment by visiting: http://bit.ly/FD-Interest_and_Rates
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