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Millennials! Want to retire rich? Here's what you need to do

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The earlier you start your retirement planning, the better. Consider starting an SIP in equity mutual funds early in your career.

Many youngsters believe retirement is a distant reality, planning for which can be pushed back some years. What this usually means is that those in their 20s often feel they are too young to plan for their retirement! However, retirement planning becomes essential once you understand that eventually you will retire one day and your monthly pay cheque will cease to come. You need to build a substantial corpus during your working life for your money needs during retirement years.
Actually, the earlier you start the better. “Start an SIP in equity mutual funds early, maybe when you are 25. The amount you invest at this stage may not be much but even Rs 1000 invested every month will grow substantially. This amount will compound for the next 35 years and beat inflation - which is the whole point of planning for retirement early on,” said ER Ashok Kumar, CEO and…