Investment Plan According To Age
Saving and investing is the only way to live comfortably no matter how much you earn throughout your life. You can live a carefree life only if you choose the right investment path according to your age throughout your life. Equity Mutual Fund’s Vastaran Kumar advises on age wise investment.
Twenties: There are no special responsibilities when you are in your twenties. During this time keep investing in equity mutual funds and tax saving ELSS. Buy low cost life and health insurance.
Thirties: Equity schemes and low debt should be the way to invest this time. Start managing taxes through ELSS. But from this time you have to plan your future and family. Hence the need for low risk debt investments.
Forty: During this time the responsibilities of family and children begin to increase. Start Retirement Plan with Equity Mutual Fund, Balanced Fund, Tax Saving ELSS.
Fifty: When you reach the age of 50, consider a systematic transfer plan. Transfer money from equity to debt funds. Remember that as retirement approaches, you should lean towards conservative investments or traditional investment methods.
Sixty: Opt for Systematic Withdrawal Plan for your investments on reaching age 60. This is the time when you need a plan that will give you regular money while being less risky. Monthly Income Plan and Senior Citizen Serving Scheme are best for this period.