Retirement planning deals with planning and managing your finances in such a way that even after retirement you are able to lead a comfortable lifestyle. It involves identifying various sources of income, estimating what expenses will arise, creating a savings program and accordingly managing your assets. In other words, retirement planning involves analyzing your financial goals and then developing a retirement roadmap.
As you plan for retirement, here are a few points to keep in mind:
- Regular source of income - After you retire, you will no longer receive a regular flow of income. This is where annuity plans come into play. Consider investing in annuity plans of insurance companies as they provide regular income after retirement or from when you choose to receive it.
- Financial security for your loved ones in your absence - Having a life insurance cover is a must in this day and age. When you have a life cover, you can be rest assured that the payout will take care of your family’s expenses in your absence. It can be used to repay any pending debts, pay your child’s school or college fees etc. Another advantage of a life cover is that if you outlive the policy term, you stand to receive the maturity benefits (applies to certain kinds of life insurance products).
- Your investment should beat inflation - An important factor you need to consider while planning for retirement is inflation - your investment should beat inflation as over the time inflation will eat into the value of your money. Hence, you need to ensure that your retirement plan will generate real returns i.e. returns adjusted as per inflation.
These are various retirement products in the market you can consider investing in. The best time to start saving for your retirement would be a year or two after you’ve landed your first job. In case you have not started, now is the best time. Contact us or install our app to get the right information & services just when you need it.
GET BEST QUOTE FOR RETIREMENT-INSURANCE