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Source: Live Mint India’s population today has surpassed 1.4 billion (World Bank, 2023). While a significant portion of the population remains young, with those aged 15-29 comprising around 27% (UNFPA, 2023), the number of senior citizens has also surged to more than 10% of the population, or roughly 140 million people (Ministry of Statistics, 2023)….
Source: Live Mint In India, healthy life expectancy at birth improved by 4.02 years from 54.1 years in 2000 to 58.1 years in 2021, according to statistics from the World Health Organisation (WHO). As average lifespans grow longer, securing a financially sound future for yourself in the golden years is of utmost importance so you…
Source: Live Mint Effective financial planning includes defining financial goals and drafting out an investment plan to meet these goals. This is essential for achieving financial stability and building a strong foundation that lets you work towards meeting your financial commitments, both long term and short term. In Episode 5 of Let’s Mint Money, presented…
Source: Live Mint Some people like to keep the money in their Employees’ Provident Fund untouched even after retiring to let it continue to accrue interest. However, certain rules come into play with this, involving taxes, the interest accrual period, and the duration for which the funds can remain unclaimed. Here’s how it all works….
Source: Live Mint I resigned in August 2024 and received leave encashment as part of my final settlement. While making the payment, the employer deducted tax on the full amount of leave encashment, contending that I had resigned and not retired. Is my employer right to deduct tax on leave encashment, as I understand this…
Source: Live Mint A recent government notification, however, stumped him. The government said it would stop paying interest on NSS accounts from October 1. For the period from 1 March 2003 to 30 September 2024, the NSS interest rate was 7.5% per annum. The government’s decision left Shah and other investors in the small savings…
Source: Live Mint A credit card is a financial instrument that helps you streamline your financial health by consolidating expenses and debt and clearing them before a fixed date without having to pay any interest on it. It can help you manage your expenses in an organised manner. You can seek rewards, cash backs, get…
Source: Live Mint Planning your finances in advance can protect you from unexpected emergencies and help secure your future. A well-crafted financial plan not only assists in saving for long-term goals but also makes managing day-to-day expenses more manageable, ultimately leading to significant savings when executed correctly. What is financial planning? Financial planning is the…
Source: Live Mint The importance of wealth creation extends far beyond individual prosperity – it’s a catalyst for societal progress and national development. As we embark on this journey, it’s crucial to understand why wealth matters and how it can be harnessed at every stage of life. However, the path to wealth creation varies across…
Source: Live Mint The desire for early retirement is gaining popularity as more individuals aim to escape the traditional work timeline and achieve financial independence before the usual retirement age of 60. The National Pension System (NPS) is an excellent option for those seeking early retirement, offering a balanced combination of wealth creation, tax benefits,…
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