GET FINANCIALLY READY FOR THE BEST YEARS OF YOUR LIFE
Retirement should be about spending cherished moments, doing what you love. Financial worries and responsibilities should be things of the past, but with the joint family system long gone and skyrocketing inflation rates, one has to start retirement planning well in advance to enjoy the benefits of retirement. Given the increase in life expectancy, rising healthcare and lifestyle costs, one has to ensure a steady flow of income post-retirement.
Systematic investing over a sufficiently long period of time to leverage the benefits of a power of compounding can help you accumulate a sufficiently large retirement corpus. This is where investing early, in the right retirement plan, can help you in your financial planning.
LOOKING FOR INSURANCE PLANS FOR A WORRY-FREE/EASYGOING LIFE AFTER RETIREMENT?
Here's some food for thought
Look for flexibility in annuity payout
After retirement, you will have to depend on income from your investment to meet your day to day living expenses as well as other financial needs. For retirement planning, look for plans which give you the flexibility to choose payouts as per your financial need, like joint life annuity to ensure that your partner remains financially independent, even when you are not around.
Protect your dependents future
Retired lives are getting longer and it is important for you to secure both yours and your spouse or partner’s financial independence and lifestyle, even in your absence. To secure your partner's future, it is wise to consider investing in a plan that provides them income to take care of their day to day expenses, healthcare and other needs.
Make a provision for rising healthcare costs
Health risks are highest for senior citizens. Make sure you have provisioned for the rising health care costs for yourself and your partner by maintaining an adequate retirement corpus.
Enjoy Tax benefits
You can enjoy tax benefits as per prevailing norms under the Income Tax Act, 1961
YOUR KEY FINANCIAL GOALS
Regular income post-retirement
Save for healthcare costs