Pension/ Annuity Plan

Retirement Plan

Planning for those days in your life where you have decide not to work anymore. A retirement planning ensures that you and your family members receive a regular income in the form of Pension amount post a retirement date. To live a better life during your retirement, it is not advisable to solely depend on the company pension plan or other returns. Instead, you should plan and invest in funds that give you higher returns and flexibility to choose the retirement date to help you fulfil your dreams.

Rather than depending on someone else, it is vital enough to save money individually and build a corpus which can be used post retirement. A crucial investment option which helps every individual considering the risk in a cost of living.

Let us look at some interesting but HARSH facts about retirement:

  • If you are reading this then you are probably among the 90% new age Indians who have absolutely no retirement support called Pension.
  • India’s 60+ populations will become 300 million by 2050 from 100 million today. Imagine the scenario when you will be one of those 300 million people with no source of income.
  • The Indian Government is facing a huge fiscal challenge to provide pension/support to private sector retirees.
  • The existing pension schemes are good for an organized workforce that forms about 10% of the total working population.  
  • Approx. 92% of the population working in private sectors refrains from social security. Only 7 - 8% of them are covered by pensions.

Having a pension plan is a vital decision. Let us look at certain points which will help you take a better decision:

  • Your average work life is of 30-35 years. But what about 30 years of life post-retirement when you won’t have any income?
  • The increasing disorganization of a joint family system due to urbanization is leaving more families insecure, vulnerable and devoid of social security.
  • A sudden increase in life expectancy is responsible for the growing retired population of India. The happiness of living long doesn’t come alone. Increased longevity also means more money is required to meet requirements. 

Got a Job, Start Planning for Retirement:

  • All of us get bogged down with immediate expenses like housing EMI’s, Rents, Car EMI’s or child’s education. These expenses are inevitable same is retirement too.
  • Start as early as possible and invest at - least 10% of you income for retirement. Earlier you start better the compounding effect.
  • Let me share an example

Retirement Age is 60yrs

Saving Start Age

30

40

Years of Saving

30

20

Value of 5k invested / Monthly @8% Return

Rs. 74.51 Lakhs

Rs. 29.45 Lakhs

 

Retirement Corpus Compulsion:

 

There are certain occasions where we plan for an investment but after a certain period, we need to withdraw our investments due to certain emergencies. If we have decided to invest for a defined goal, it is important to stick to such goals. This decision will help to build a better corpus for your future requirements. It is wise to invest in fixed amount schemes, where it is difficult to exit and it will help you to be invested for a longer duration.

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