Outlook Money
One is never too late to invest. When stepping into 40s one has certain advantages over younger counterparts as one becomes more mature and more responsible with money.
1. One of the most important strategies is to Identify Goals And Commitments. In the 40s, one must identify and set commitments and financial goals in life.
In the 40s, one has a sense of their retirement needs. Hence, one can talk to a financial advisor accordingly or adjust investments to allocate a higher portion as retirement corpus.
Start a monthly SIP of a small amount and once comfortable, add more. Keep a target that the SIP amount should be doubled by the end of the year.
By the age of 40, one should try to close off the existing loans and debts as soon as possible. A higher debt can delay retirement plans.
In the 40s, it's usually advised to opt for low-risk investments. Depending on risk appetite, goals, and investment horizon, one should choose a suitable mutual fund scheme.
Compiled by Syed Muskan