For example, if your age is 20 and you want Rs 5 crore by the time you are 60, you will have to save just Rs 4,207 a month for the next 40 years, assuming that the rate of return is 12%. The more you delay, the more you will have to save per month. The 10 additional years that you give your money to grow can do wonders for your financial well-being. But if you start at 30, you will be able to accumulate just Rs 1.76 crore. As time passes, you miss out on this benefit, called compounding, which can grow money exponentially over time.ДЇor example, if you start saving Rs 5,000 per month at 20 and earn 12% returns every year, you will have Rs 5.94 crore when you retire at 60. If you do that, your money gets more time to grow.

They think they can start saving for it after other big obligations such as home loan and children's education/marriage are over. They forget retirement as it is far away. They save for the car they want in the next three-four years or the house they plan to buy in the next 10 years. The focus, instead, is on intermediate goals. They usually start saving for it when they are near the end of their working life. Retirement usually comes at the end in the list of financial goals of most people. For good measure, we also discuss how these mistakes can be corrected through timely action. So, we talk about the most common mistakes that people make while saving and investing for life after retirement. Due to increased life expectancy, with people living 20-25 years, even more, after retirement, it is imperative to ensure that your finances are in a good shape when you retire.

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