Retirement Planning
Do you think life will always give you a second chance? Probably not!
Some mistakes in life cannot be rectified – not planning for your retirement is one of them.
You need to build a corpus to tick your bucket list and meet expenses post-retirement.
Sadly, many of us fail to account for 1) Higher life expectancy, 2) Rising healthcare inflation and 3) Emergencies, which could lead to a severe shortfall of savings, especially post-retirement.
If you have not yet planned for your retirement, this is a wake-up call to secure your financial future. It is crucial to consider a retirement product that facilitates diversification, tax benefits and the potential to create a sizeable retirement corpus.
We don't want you to regret - ‘Wish I would have planned earlier for retirement’.
Kyonki kuch galtiyan sudhaari nahi ja sakti.
What is Retirement Planning?
What comes to your mind when you hear the word 'Retirement'?
Importance of Retirement Planning
The earlier you kick-start planning for your retirement nest egg, the more time you have to benefit from the power of compounding and maximize the likelihood of achieving your financial goals.
Factors to consider when Planning for your Retirement
The maxim 'One size doesn't fit all' is true even for retirement planning.
Stages of Retirement Planning
With the evolving dynamics of life, retirement goals may also witness a radical change.
Modes of Investment
You can cherry-pick from a slew of investment vehicles for your retirement ranging from National Pension System (NPS), Public Provident Fund (PPF), Insurance Pension Plans, Annuity Plans & Mutual Funds.
Facts about Indians and Retirement Planning
The Indian Retirement Study published by Max Life Insurance in 2023 unveiled some interesting facts.
What is Retirement Planning?
What comes to your mind when you hear the word 'Retirement'?
Importance of Retirement Planning?
The earlier you kick-start planning for your retirement nest egg, the more time you have to benefit from the power of compounding and maximize the likelihood of achieving your financial goals.
Stages of retirement planning?
With the evolving dynamics of life, retirement goals may also witness a radical change.
Factors to consider when Planning for your Retirement
The maxim 'One size doesn't fit all' is true even for retirement planning.
Modes of Investment
You can cherry-pick from a slew of investment vehicles for your retirement ranging from National Pension System (NPS), Public Provident Fund (PPF), Insurance Pension Plans, Annuity Plans & Mutual Funds.
Facts about Indians and Retirement Planning
The Indian Retirement Study published by Max Life Insurance in 2023 unveiled some interesting facts.
Who can invest?
Someone who is 20-25 years from retirement can invest a small amount every month with a SIP and opt for SIP top-up (annual increase in SIP amount)
Someone who is 10-15 years from retirement can invest a lumpsum amount and simultaneously start a SIP and continue till earning.
Someone who is 5 years from retirement can invest a lumpsum amount keeping in mind the 5 year lock-in period.
FAQs
- Set a target retirement age
- Identify your retirement goals
- Calculate the amount you will need to meet these goals. Factor inflation into the calculation
- Invest in the right retirement plan that can help you stay financially prepared to meet your post-retirement goals.
- Your retirement age
- Your health and lifestyle
- Any loans or liabilities
- The retirement goals you may have
- Any commitments you may have to fulfil
