How to Plan for Retirement?

Retirement is a crucial turning point in one’s life. Many people look forward to retirement, their golden years of life, but never plan for it. They undermine the importance of getting a retirement plan and justify this mind set up by saying that their present savings will be enough to meet the retirement expenses.

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Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

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7.7 Crore

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Disclaimer: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

This assumption is far from truth. It is always good to get a retirement plan and here’s why -

The conventional savings are never enough to keep up with the inflation costs
You may fall short of your savings in case of unforeseen medical expenses
It’s wiser to be financially independent when you retire
A retirement plan gets you a regular income post retirement
A retirement plan funds your post-retirement dreams

Plan your Retirement in 4 Simple Steps

Planning you retirement is not rocket science. All it needs you is to be a little proactive and start assessing your needs, set realistic goals and the means to achieve them within a specified time frame. A retirement calculator is a smart tool that helps you to plan out your retirement in 4 easy steps.

Put in your present age and the age at which you plan to retire. Post that you’ll be asked to put in the age, you expect to live post retirement. The calculator will yield an investment tenure that is how many years you have in hand to build a decent corpus for your retirement.
Put in your current cost of living that encompass expenses incurred on household, travel, personal goods, leisure, EMIs if any and so forth. Taking into account the inflation rate, you’ll get an idea of your cost of living in the future when you retire.
Enter your present savings and investments and your present monthly contribution towards your retirement along with the expected rate of return.
The calculator will assess if your current savings will or will not be enough to suffice your post retirement expenses. If not enough, the calculator will show the shortfall mark and come up with an ideal corpus; you need as a lump sum or as annuity at the time of retirement. Eventually, you’ll get to know the monthly contribution; you should start making today to achieve your retirement goals.

A retirement plan is one of the best forms of investment. It not only gets you a decent return in the form of regular annuities but also assures a financial back up for your dependents in case of an unfortunate event. So you get to enjoy the best of both worlds, the insurance and the investment.

Handy Tips

Start early – The earlier you start, the larger corpus you will build for your retirement.
Never too late - Even if you are quite close to your retirement, you should start planning because it’s never too late to start retirement planning.
Switch smart – If you opt for a retirement ULIP, you should invest the funds in equities in the initial years and transfer the funds from equities to debts as you reach the end of the policy term. This will help you to lock in the returns earned.
Take new health resolutions – A timely retirement plan will back you up financially but the real wealth is health. Staying healthy gets a long way to make the later years of your life, golden in the true sense.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.