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Retirement Insurance

Tips For Choosing The Right Retirement Plan

“Do something today that your future self will thank you for.”

-Sean Patrick Flanery

How do you know which is the right retirement plan for you? You may choose the best available retirement plan in the market. But what if the best does not match your requirement and affordability? Will it be any good? Of course not!

If a recent report of a leading online news portal is to be believed, 47% of the working population in India, have either not started saving at all or have stopped saving due to difficulties. And how do these difficulties arise? Due to lack of proper planning! The same report also confirmed that a considerably less percentage of the people consult professionals for retirement planning. Most of the times, it is the family and friends that they consult for the same. Although family and friends can be great advisors but when it comes to long-term financial planning, you need to consult financial experts. Particularly, if you’re looking to invest in a long-term insurance plan like retirement, then an expert’s suggestions must be sought. Therefore, in this article, in consultation with experts at OneInsure, we have compiled some tips in choosing the right retirement plan. Read on further to know them.

1. Distribute your savings

To have a stronger investment portfolio, you need to distribute your savings in different groups of investments like stocks, fixed deposits and gold. A balanced and appropriately distributed portfolio will not only yield higher growth but also spread the financial risk. This will save you from losing out all if one investment type performs badly. You must ensure that your asset mix is aligned to your investment time frame and financial needs.

2. Invest in stocks

Investment in stocks promise potentially higher returns, hence, they must be a part of your investment portfolio. Some financial experts recommend that you allocate your funds in stocks, especially when you are looking for long term investments. Hence, allocate your savings wisely on the basis of the retirement goal you wish to achieve. However, one must bear in mind that investment in stocks come with higher risk. So, take a decision wisely.

3. Choose your Vesting Age

Vesting age is basically the age from which you start getting returns on your investment/pension plan. So, if you wish to start getting an income on your retirement plan, say from the age 50, choose a plan where the vesting age is 50 years. Similarly, if you plan to retire late, then you may choose a plan with a higher vesting age.

4. Affordable Premiums

When choosing a retirement plan, another thing that you need to take care of is that the premiums are affordable. You shouldn’t opt for a plan whose premiums disturb your day-to-day expenses, thereby eventually making it tough for you to stick to your budget. Check the monthly (or yearly or whatever the case is) premium amount and on that basis, take a decision as to whether or not you can afford a particular premium amount.

5. Commitment

“No one’s ever achieved financial fitness with a January resolution that’s abandoned by February.” – Suze Orman

Choosing a retirement plan can be tough and sticking to it, tougher. But if you wish to achieve a desired goal then you need to stick to the plan that you’ve bought. Do not break into it before it matures. Watch it grow to eventually pay you out the money that you will need to fulfil your retirement dreams.

Read here to know how to be your own retirement planning advisor. 

To conclude, it is best to start your retirement planning as early as possible to ensure you achieve your desired goals. While identifying the right retirement plan to secure your financial future can be difficult, with the help of the above mentioned tips and a financial expert by your side, it is possible to make this easy. Our experts at OneInsure not only help their clients in taking decisions like these but also ensure that they have a hassle-free post purchase experience. OneInsure’s customer support team works round the clock to provide all insurance related services including claim assistance, without any charges. In case you need any insurance advice, know that we will be available at just a call away. You can reach us at 86559 86559 or drop an email at for any query or assistance.



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