Starting early is the key to retiring comfortably
Purchase of House: It is the time for him to start looking for a house.
Additionally, he must plan for his daughter’s future along with consolidating his retirement plans.
With an annual income of Rs 8 lakh he can easily get a home loan of Rs 35 lakh. However, Rahul should go for a house of about Rs 25 lakh for which his contribution will be about Rs 5 lakh as down payment.
By the age of 35, Rahul should have started dedicated investments to create a corpus required in later stages of life. He should expect returns at an average of at least 8-12 per cent on his investments.
The savings and other investments made by Rahul from the beginning will help him live a comfortable life in his own home after his retirement without having to depend on anyone else.
—Author is CEO, bankbazaar.com
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