Retirement Insurance

With life expectancy in India touching 80 – 85 years, retirement planning takes on a whole new meaning. While generations before us had to plan finances only until 70, the current generation has to plan finances for at least 20 – 25 years after retirement.

As the reader already knows, retirement planning is one of the most important financial decisions one can take in one’s earning life.

Retirement is a life-altering event that changes the way you live, your spending habits, the way you think about finances, the way you think others value you, and so on. Much and more is said about retirement, and financial managers will make you think it is some super-complicated endeavour that requires endless calculation and lots of toil. Nothing could be further from the truth, as we will see in this brief piece.

“You are a burden on your kids!”

What if we tell you there is a way to turn all your tax worries into regular pay-outs after retirement? What if we told you that you could get Rs 30,000 pension/month and up to Rs 52 lakhs for your family by saving just Rs 3,000/month?

Your ideal bank balance will allow you to live a life of independence and all the amenities you need, which you deserve because you have given up your entire earning life for your family and for others. You deserve a few decades of peace and plenty.

Frankly, you can’t apply the one-size-fits-all approach to determine the amount of money that is required to lead a peaceful retired life. People have varying spending habits and their financial responsibilities at the time of their retirements are also very different. However, there is a way to determine the amount of money that an average Indian individual needs to enjoy his/her golden years with financial ease.

With life expectancy in India touching 80 – 85 years, retirement planning takes on a whole new meaning. While generations before us had to plan finances only until 70, the current generation has to plan finances for at least 20 – 25 years after retirement.