PV Subramanyam, trainer, author and blogger recently launched a revised edition of his popular book Retire Rich: Invest Rs.40 A Day.
Subramanyam, popularly known as Subra, originally published the retirement guide in 2013. “Between then and now there has been an explosion in the number of financial products and advisors offering financial planning services. The new edition includes information about retirement planning products, which have become popular in recent times such as NPS (National Pension Scheme). It also covers socio-cultural topics like money discussions with family. Overall, there are 100 more pages of insightful ideas,” said Subra.
Packed with examples and case studies, the book is divided into four sections. The first section talks about the need for retirement planning, talking about money with family and making a will. The second section gives the readers tips and actionable ideas to plan for retirement. The third section cautions the reader about mistakes that should be avoided while the last section gives financial calculators for retirement planning.
According to Subra, the book is aimed at both DIY (do it yourself) investors and advisors who want to better understand retirement planning. Here is an excerpt from the book that captures the need to start investing for retirement from an early age. ‘If you start earning at 23, retire at 49, and live till 94 – what you are trying to do is to make sure that the money earned in the 26 years is managed well for another 45 years so that you have a peaceful and restful retirement without seeking external financial help.’
This dichotomy between the accumulation phase and spending phase is what makes retirement planning so important. In the author’s words when it comes to retirement planning, ‘start early, keep increasing the SIP amount on a regular basis and do not interrupt compounding.’
