How to Increase Your Retirement Savings?
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How to Increase Your Retirement Savings?

  • Highlights

  • Growing retirement corpus with optimal investments

  • Diversifying investments for greater growth

  • Aligning investment plans with financial goals

  • Prioritising insurance coverage for retirement

It is important to set aside a retirement fund, so you can fund your post-retirement expenses. Early investments can help ensure a secure future and smooth retirement for you. Instead of parking your funds in a savings account, where growth is restricted, you can invest your money optimally and get best returns within your risk limits.

Here’s a brief lowdown on the best ways to increase your retirement savings:

Choose the Right Stock

You can get above average returns from equity, but it is important to select the right stock. To pick the right stock, keep the following in mind:
Make sure your stock-picking decision is well-aligned to your:
• Focus on income
• Capital preservation and capital appreciation requirements
• Risk tolerance
• Financial goals

• Invest in stable, blue-chip corporations, if your risk tolerance is low
• If you have a greater appetite for risk:
• Explore slightly riskier alternatives
• Target companies of ranging market caps
• Seek investment opportunities in different lifestyle stages
Instead of sticking to the rate of return of your stock, you must select a company with strong fundamental and sustainable growth prospects.

Fixed deposits VS Mutual Funds

Combine high-risk and low-risk investments

Instead of opting for all high-risk investments, consider a diverse portfolio comprising of stable and low-risk investment options like fixed deposits. A diversified investment portfolio can be beneficial in the following ways:
• Minimising risk of loss
• Ensuring capital preservation
• Better returns
Investing in stable and reliable company fixed deposits ensure greater capital appreciation, which can help you grow your retirement corpus furthermore.

Four Financial Advices for Millennials

Leverage high returns from Mutual Funds

Make use of mutual funds, as another investment option to grow your retirement corpus. You should select the right mutual fund after careful deliberation, so that your fund performance matches your financial needs. To make most of your mutual fund returns, you can opt for SIPs. Automate your investment by putting SIPs or standing instructions.

Insure Yourself

While planning for your retirement, the importance of insurance is beyond doubt. Life is uncertain and your life insurance and health insurance can save you and your family a fortune. Make sure you assess your profile and get enough insurance for coverage.

Along with these measures for growing your retirement funds, make sure you also take care of financial discipline. Evaluate your expenses and eliminate the unnecessary ones. With disciplined savings, you’ll be able to set aside more funds for saving, which can contribute towards your retirement corpus.

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