Invest in SIP (systematic investment plan)

Investing in SIP for long term can give you great returns. SIP enables you to invest in a disciplined manner. But, you need keep in mind what kind of portfolio you are designing There are basically three types of funds - large-cap, small/mid-cap, and debt funds. Take sometime to check which fund suits you better and decide the number of schemes in portfolio . Experts advice to have three-five schemes in a portfolio. The advantage of SIP is that one does not have to time the market. Though SIPs tend to outperform in a consistently rising market. Invest in SIPs for long term to have good returns.

Buy Insurance Policy

Being a responsible person means making sure your loved ones who depend on you are financially safeguarded if you unexpectedly fall sick or leave them behind.
So its better to buy a health insurance policy and term Insurance policy which will safeguard your health as well as your family.
A lot of people who have full-time jobs appear to believe that the coverage provided by their employers is enough, but, a sudden hospitalisation can wipe out your savings in a single blow. It is better to buy health insurance at a young age when the premium is low. Decide the cover by looking at the size of your family, lifestyle and medical costs in your city. This can help you safegaurd your and your family's health.
Term Insurance are the cheapest and vary from Rs 5,000-15000 per year. Though in term plans, you do not get anything on maturity, you pay premiums, so that if something happens to you the insurance company pays a pre-determined sum to your family. Even you can buy extra cover as well if you want.

Loans

It's better to think twice before taking a loan because after taking a loan it become mandatory to maintain the required balance in your bank account,or it will affect your credit score badly. A low credit score can hit your eligibility for loans. If you have an existing debt, pay it first. Get rid of loans on which the rate is the highest. If there is any amount outstanding against your name get rid of it immediately.
It doesn't matter how small the amount is, by which you can save more and invest more, for a better future.

Employers Provident Fund

EPF is designed to provide financial security after retirement. It is a very useful instrument for retirement planning. Most of us withdraw EPF money with every job change because of the time and procedure involved in transferring money from one company to another. Well, now the government took big step towards shifting EPF services online and making them more user-friendly by issuing universal account numbers, or UANs, to all EPF subscribers, Unlike previously, now your PF number does not change with the change of job. All you have to do is furnish your UAN and KYC details to the new employer, by which the new employer after verifying, will transfer money from the older account to the new account. But for accounts opened before the allotment of UAN, you still have to apply either online or offline.

Inflation

Inflation is increasing nearly 5% year by year. What this means that things will get costlier and with the same amount of money you will not be able to purchase the same amount as you did last year. So, you plan your investments in such a way that you beat inflation during pre- and post-retirement years.

Conclusion

It is extremely imperative that you follow the steps mentioned above, if you want to have a happy retired life. The health costs for the elderly is now soaring and one most save money for the future.