It’s a harsh reality that the value of money is steadily eroding due to inflation. For instance, a car that costs ten lakhs today could easily double in price after 15 years.
The same goes for house rent and food costs, which have seen a significant uptick compared to a decade or two years ago. Inflation is a silent thief, steadily devaluing your hard-earned money.
Financial experts are sounding the alarm-one crore rupees today may only be worth 17 lakhs after 30 years, thanks to inflation. But here’s the kicker-you might need more than this to retire comfortably.
This stark reality raises serious concerns about your ability to afford housing, your children’s education, and a comfortable lifestyle in your golden years.
It’s crucial to consider inflation when proactively planning for retirement. The cost of living is projected to increase, so retirement planning should be done according to future expectations rather than current calculations. This means being prepared for the impact of inflation.
It is advisable to invest in schemes that offer high returns, such as the stock market, mutual funds, and real estate, to mitigate the effect of inflation.
These investments can potentially counter the devaluation of money due to inflation, offering hope for a secure financial future.