We all have an aspiration for perfect post retirement tenure. To make it ideal you will have to not just retire from your regular work but also from your worries and stress. Our retirement solutions have been designed to offer you a new beginning at the age of 60.
How we do it
We compute the amount that would be required post-retirement considering the inflation and time value of money into account.
Using Systematic Investment Plans (SIPs) and other long-term growth orient products; we would build a decent retirement corpus for you.
After retirement an individual may not be in the position to earn in future so we focus on safe investments to ensure adequate post retirement income.
While designing a retirement kitty, one should never miss the contribution of Mutual Funds as it would not only help you generate desired wealth over a period of time but will also beat the inflation factor.
Why we keep talking about inflation is the fact that it can erode the value of money disturbing your future plans. Let’s say today you manage your monthly groceries with 10,000 every month but if we assume inflation at 5 percent, after 30 years to buy the same quantity of groceries you would be shelling out 40,000 every month.
It is always advised to diversify your investment and same goes with mutual funds as well. You can invest in equity funds and achieve capital appreciation, put a portion in debt funds for regular income or gold funds for securing your future.
To proceed, simply start with investment in a Mutual Fund SIP. SIPs smoothens unpredictable market movements by accumulating more units when the markets fall.
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People often don’t feel comfortable with the idea of investing in a product that
exposes the investment to equity. But there is hardly anything to worry about as
most of the ULIP retirement plans invest only a small amount in equity-based
funds to avoid risk and secure capital. If you are still young and have limited
liabilities, you can invest for a longer term. Opt for higher equity input to
ensure better potential earnings. Presently, all available retirement ULIPs are
single-premium based and can give you huge returns due to the compounding
It offers you a wide choice of investments, so that based on your need and risk appetite you can invest in pure equity, debt or select a right mix of both these funds.
ULIPs encourage systematic investment. When you consider investment in small doses, over a time period it allows you to gain maximum benefits from rupee cost averaging and also saves your investment from market fluctuations.
In most of the cases you can choose the life cover and desired premium amount. Also, with limited hassle you can switch funds as per your preference.
The investment is completely transparent. You can anytime view the details of your funds and can easily track its performance.
What if due to some emergency you have to withdraw the fund? ULIPs allow you to surrender policy after completion of 5 years and you can withdraw the amount without paying any sort of penalty or additional charges.
National Pension System (NPS)
NPS is a pension scheme offered by Government of India where, you can regularly invest in this scheme and get a part in lump-sum at your retirement and it gives fixed monthly income for the lifetime. It has proved to be common man's doorway to getting pension benefits post retirement. NPS scores over other retirement plans as:
It is a cost effective mode of planning for one's retirement, the cost structure is far more efficient when compared with charges levied by mutual funds or other investment options.
Investment in NPS is highly safe and it contains very less amount of risk – these schemes were launched in May'09 and have yielded about 12% annualized return.
It provides tax benefits under section 80C of income tax.
Government provided pension plan directly regulated by PFRDA, hence it comes with utmost safety.
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These products are designed to ensure a guaranteed regular income for your retirement years. Pension plans offer your financial security so that you can chase your unfulfilled dreams. They equip investor with flexibility to choose the retirement date and the manner in which they want to receive the pension. If opting for a pension plan is something on your check list, our advice is start early, as the earlier you initiate preparations for retirement, the larger will be the corpus for you at the time of your retirement. But, if you choose to overlook your retirement needs, it can prove to be costly later in your life.
Pension plans not only cover your comforts of retirement days but also provide you with superior tax saving benefits.
It is basically an insurance scheme that pays out income, and can be used as part of a retirement plan. Annuities have become a common choice for investors who need a steady income post retirement.
There are two elementary types of annuities:
In case of a deferred annuity, your sum is invested for a time period until you are set to begin taking withdrawals, normally after your retirement.
If you chose to go for immediate annuity, as soon as you complete your initial investment, you will start getting the benefits.
The amount you contribute to the annuity scheme is not taxed, but your earnings are taxable at your regular income tax rate.
As you age, your health conditions will not be the same and that calls for extra expenditure in form of medical care. It is advisable to opt for a health insurance policy to cover your surging medical bills. But, that doesn’t mean you should wait for your retirement, take a medical insurance when you are young and healthy to avoid paying higher for your premiums. There are several advantages of health insurance:
You get healthcare facilities at an affordable price.
You don’t have to delay any immediate medical expenses.
Enjoy access to extensive range of hospitals with cashless facilities.
Covers your existing medical condition.
Peace of mind in case of any unforeseen illness.
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