Retirement Planning: Ritu Sud Mathur’s Playbook For A Secure Nest Egg

How times have certainly changed! Not too long ago, people were faking their birth certificates to cling to a few more years of work. Today, it seems like folks are eager to escape the office well before they hit 60. These people start retirement planning early.

If you harbor dreams of retiring early, then Ritu Sud Mathur, a seasoned financial planner who co-founded Megriar Associates in 2006, will help you craft a retirement plan that’s as solid as your golden years will be. 

Speaking to Not So Silver, Ritu says, “You work hard in whatever profession or career you have to make your money while my job entails making that money work for you.” Here are some nuggets of wisdom she has for us. 

Start retirement planning today

Don’t wait for retirement to sneak up on you. While most investment planners will suggest retirement planning begin as soon as you start earning, in our case, better late than never. Start planning for your future as soon as you start earning. But, as the Chinese proverb says, “The best time to plant a tree was 20 years ago. The second-best time is now.”. So start small, or start big, but start!

Start small, but dream big

Don’t let a small budget hold you back from investing. You can start with as little as INR 1,000 per month. As your income grows, so can your investments. Remember, every rupee counts!

Explore government schemes

Don’t overlook the power of government schemes. Investing in a government savings program offers tax benefits under Section 80C of the Income Tax Act and often provides better returns than traditional term deposits. Depending on your retirement goals, there are several options to consider, such as Atal Pension Yojana, Pradhan Mantri Vaya Vandana Yojana, and Varishtha Pension Bima Yojana among others. 

Harness the power of compounding

Don’t let your money sit idle. Put it to work and watch it grow. By taking advantage of compounding, you can build a substantial nest egg for your retirement years. 

Discipline is key to investment success

Investing regularly, regardless of market fluctuations, is crucial. Consider investing in instruments with a lock-in period to stay committed to your financial goals. 

Resist the urge to withdraw

It can be tempting to withdraw your investments when you see them growing. However, patience is key. Let your money continue to grow, and only withdraw when you truly need it.

Achieve more with goal setting 

Having a clear goal in mind is the first step towards achieving it. Goal planning not only helps you visualize your future but also helps you prioritize your needs and allocate resources effectively. Once you’ve mapped out your goals, you’ll discover a world of investment opportunities tailored to your specific needs.

Ask away

Don’t be afraid to ask questions! Before you sign up with a financial planner or online investment portal, make sure you understand their fees, investment strategies, and how they align with your financial goals.