We answer a viewer query on whether a particular regular monthly investment amount in a tax saving scheme will take him to his retirement savings target. FundooMoney Website: www.fundoomoney.com
Edited Highlights 2:45 Vishal Jadhav asks: "Investing Rs 5,000 every month for 30 years in tax saving scheme, will I be able to save Rs 2 crore for retirement?"
3:02 If you invest Rs 5,000 every month in a ELSS which provide 12% annually, you will end up saving Rs 1.74 crore in 30 years
3:54 It is not necessary for you to invest in a tax saving scheme while saving for retirement
4:06 Equity linked savings scheme provides you tax savings and growth of an equity fund
4:13 Invest in an equity linked savings scheme only if you need to save tax
4:20 After a point, you don't need to invest in tax saving schemes
4:37 Determine how much tax saving investment you need
4:53 Home loan repayment and PF also provide tax deductions
5:50 You might want to go for top up SIP where your SIP amount increases over time
