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Planning an early retirement? Here's how you can do it

Early retirement is a dream for many of us. The idea of being able to retire before one achieves the age of 65 years, can be enticing, but there are multiple challenges that you can be faced with to achieve growth during the pre-retirement phase and enhancing income during the post-retirement phase. To ensure a sustained income, one must distribute their investments across equities and debt using asset allocation.

While at it, it is wise to budget 15 percent or more for medical inflation. For individuals who have children, education inflation may represent 5 percent of their expenses. With such high inflation rates, it will be harder for people to save more money for retirement as they may need to use that money for their children's college or medical requirement.

Separate SIP for each financial goal is a tip to behold

SIPs, or Systematic Investment Plans, are a popular investment strategy that involves investing a fixed amount of money at regular intervals, typically monthly, into a mutual fund or exchange-traded fund (ETF). Having multiple SIPs for multiple goals is beneficial for a few reasons.

By investing in multiple SIPs across different asset classes, you can diversify your portfolio and reduce the risk of loss due to the performance of a single investment.

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