5 steps to get a comfortable, if not rich, lifestyle

Plan your retirement right when you start earning: At least 10 per cent of the salary must go into retirement fund as soon as you start working.

Arriving at your retirement needs: Calculate the amount you would require each month when you retire. Consider your monthly expenses at current costs. Assuming an inflation rate of about 6 per cent, inflate the expenses for the number of years left for you to retire. Invest now accordingly. 

Change asset allocation according to your age: At young age when you have just started earning, invest more in equities. However, move your investments from equities to debt as the retirement age comes closer.

Multiple debt instruments for regular income: For regular income use a combination of pure debt-based products, advise Peshotan Dastoor of Franklin Templeton Investments. Bank fixed deposits, Senior Citizens Savings Scheme, post office Monthly Income Scheme (MIS) and immediate annuities schemes should form the bulk of your portfolio.

Contingency fund: Post retirement, your equity exposure must be lowest. Mostly, invest only in high-rated corporate bonds to create a contingency fund for emergency expenses.