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An ideal time to start your retirement savings planning is at the earliest. If youre in your 20s it is the right age to start a savings plan for your retirement. The simple reason being—you have to give your savings enough time to grow. Young age is the time to make small, regular investments to enjoy a big balance later in life.

The importance of substantial savings post-retirement is vital. Procrastination is the main reason why a lot of people don't have a solid backup plan for retirement. There are a few effective retirement options to start planning early on in life.1. National Pension Scheme2. Public Provident Fund3. Mutual Fund Schemes4. Life insurance pension plans5

You can also consider other ways to make good money after retirement apart from retirement saving plans.Work part-time for your former employerWork as a consultant or freelancerStart a retail businessTake up part-time teaching and tutor sessionsConsider childcare servicesRetrain for a careerCorporate travel agentInstructional designerMarket coordin

The best retirement saving plans can be applied for by evaluating your requirements and financial status. You need to approach the retirement plan provider and fill up the application form and submit the required documents. In most cases, your employer can chalk out a plan based on factors like employment term, age, financial commitments, and other

A simple fixed deposit is one of the best ways to save for retirement apart from retirement saving plans. There are simple insurance plans also available in the market that give good returns with minimum risks involved. Another tried-and-tested way to save money for retirement is to spend wisely and prudently. Investing your savings in mutual funds

The internet is the best place for you to find retirement calculators. You can simply enter your details and get an estimate from the retirement calculator.