25, 30, or 35 years...how much job is left! Start SIP with this calculation, you will be a millionaire at 60

Planning for retirement along with job is very important. For this, relying only on PF or savings is not enough. SIP i.e., Systematic Investment Plan is a smart and easy way for you, through which a big fund can be created from small amounts. The sooner you start investing, the less burden will be on your pocket and you will also get a long time for investment. If you have not planned about your future yet and you feel that you are a bit late, then also there is no need to be disappointed. Calculate according to your age how many years of job you have left, and start a monthly SIP accordingly. By adopting this kind of strategy, you can make yourself a millionaire by 60.

By investing a small amount every month in SIP, you can earn crores in the long term. The reason for this is the magic of compounding and the returns it offers. There is market risk in SIP, but even if we assume an average return of 12%, it is many times more than any FD or government scheme. Apart from this, to take advantage of compounding, invest in it for a long time. The longer you invest, the more you will benefit.

The retirement age of a common man is considered to be 60 years. In such a situation, if you are 25 years old, then 60-25 = 35 years, if you are 30 years old then 60-30 = 30 years and if you are 35 years old then you will have to work for 60-35 = 25 years. In such a situation, you can calculate your years of employment.

If you are 25 years old and you have 35 years left for employment, then you can start a SIP of just Rs 2000 and can accumulate more than 1 crore by the age of 60. Continue the SIP of Rs 2000 for 35 years. In this case, you will have to invest only Rs 8,40,000 in 35 years. According to the SIP calculator, you will get an interest of Rs 1,01,81,662 at the rate of 12 percent. In this way, at the age of 60, you will get a total of Rs 1,10,21,662 including the invested amount and interest, which will be much more than 1 crore.

If you have only 30 years of job period left, then start a SIP of at least Rs 3500 and continue it till the age of 60 i.e. for 30 years. In 30 years, you will invest a total of Rs 12,60,000 and at the rate of 12 percent, you will get an interest of Rs 95,23,406. In this way, at the age of 60, you will be the owner of Rs 1,07,83,406.

If you are 35 years old and only 25 years are left for the job, then you must start a SIP of at least 6200. Continue it for 25 years. In 25 years, your total investment will be Rs 18,60,000 and the interest on it will be Rs 86,93,681. In this way, at the age of 60, you will get a total of Rs 1,05,53,681 by combining the invested amount and interest.

Due to all the features like monthly small investment, demat account not necessary, benefit of compounding, high return potential, disciplined wealth creation etc., it is considered one of the best investment options.

Complete KYC (with Aadhaar and PAN), choose a fund from AMC (SBI, HDFC, ICICI etc.), decide the amount and date of SIP, set auto-debit from netbanking or UPI, run SIP for a long period without interruption.

Let us tell you that investment in mutual funds is done through SIP. Being a market linked scheme, there is some risk in it, and returns cannot be guaranteed. But SIP is considered less risky than investing money directly in stocks.