Retirement planning for self-employed: Invest in NPS, PPF and MF SIPs

Instead of reinvesting all surplus in business, invest a part in accumulating a corpus

Covid-19 has made people more aware of the need to save aggressively for retirement. Around 67 per cent of respondents in PGIM India Mutual Fund Retirement Readiness Survey 2023 said they have a retirement strategy in place, compared to 49 per cent in 2020.

The self-employed, however, were found lagging in their retirement planning and preparedness, said the survey that covered 3,009 people in nine metros and six non-metros). Of the respondents who said they do not need a financial plan, 40 per cent reside in Tier-I cities, have an income between Rs 50,000 and Rs 75,000, are aged between