HYDERABAD: Starting early is the golden rule when it comes to investing for life after retirement. However, several factors, including the burden of past debts, family responsibilities and lack of financial disciple keep it out of purview for some. So, how can one make up for the lost time? What care should be taken to ensure one has sufficient funds even post-retirement? First and foremost, keep in mind that it’s never too late to start saving.

Even if one starts planning for retirement in their mid-to-late 40s, they have more than 10-15 years left, which is a considerable period. People in their 30s have even more time and opportunity to maximise their savings and turn them into a substantial amount. “Even if you have started investing late in life, you still have time left. Figure out the amount of corpus you need to create. And instead of just one, use a mix of options available.

For instance, if you plan to retire by 60, but started investing only by 45, think about extending your retirement by five years. Instead of opting for high-risk investments that give 25-30 per cent, opt for investments that are only marginally more risky, but provide returns around 12-15 per cent. At the same time, increase your monthly instalments.

All these together will help you build close to a corpus you had envisioned without putting too much stress on your finances,” says Adhil Shetty, CEO, BankBazaar.com.

Increasing the monthly savings amount, investing in slightly riskier options, postponing the retirement age if possible, exploring additional income sources, making efforts to pay back the mortgage loans at the earliest, can help in accumulating a sufficiently large retirement corpus that can help one retain the quality of life one has during working years, even after retirement.

“Except government employees for whom contributions to retirement funds are mandatory, not many in India had the culture of planning prior for retirement. The scenario is changing. It is encouraging that many salaried private sector employees and self-employed people too are taking retirement planning seriously in their 20s and early 30s. Even if one starts late, there is no need to panic. Savings do not grow within a day or a year. Investing as much as one can and being regular and disciplined with their investments can ensure one meets his/her retirement goals,” points out Subba Rao Anupindi, a senior chartered accountant and financial advisor.

Tips to make up for lost time:

• Calculate the probable amount of retirement corpus, keeping in view inflation.

• Increase savings every month.

• Invest in slightly riskier, but safe options.

• Stick to investments and maintain financial discipline.

• Stretch the retirement age further if possible.

• Don’t panic, as it is never too late to start saving.