Have you made any Retirement Plans for old age days? In your non-earning days i.e. your retirement days you need a fixed income for a proper life. You must be doing a lot of hard work to complete your daily day to day needs but while completing you basic and luxury requirement you must plan for your retirement at an early stages. You should not think like you don’t need money at retirement as according to current life expectancy rate a person can’t live longer. Thinking in such a manner can cause you many problems in your retirement age. You never know about your death. How much longer you will live, but you have to live your retirement life. In your young days, you take a life insurance policy as it is important because you have liabilities on you.
Balancing your financial life is very important. You have to plan for your family (with you and without you), apart from family planning you have to plan for your retirement in early stages. whatever you are earning, but for your retirement, you plan to plan while earning i.e. in young age.
To secure your retirement you have basically two options to choose from. The one and most common is SIP (Systematic Investment Plan). 2000-3000 per month can give you a lot after 30 40 yrs. You have to invest in mutual funds in balanced plans or fixed income plans for best output. Balanced Plans means some amount in invested in equity (Market) and some amount in debentures (Guarantee Returns). The other option is One-time investment plans. You can invest in one-time pension guarantee plans with guarantee lifetime returns.
Consult you Financial Advisor for Retirement Plans
You can contact your Financial Advisor in New Delhi for more information about the retirement plans according to your needs.
In retired life, every person wants a financial security. You can not invest in banks for your retirement as the amount invested in banks is used for daily needs. If you are planning to invest, you have to invest in some mutual funds, pension schemes or fixed deposits. You can take a risk in young age by investing in equity market but for retirement, you can not depend upon equity market. For retirement you need fixed income source, this can be on the low rate of interest but guaranteed.
Some schemes offer life insurance and guarantee return in pension schemes. You should choose a scheme according to your current financial position but just due to the low financial condition you can not ignore your retirement planning.
How much should you invest in retirement plans?
You can go with SIP or one-time investment plan, but if you consider inflation rate. The amount that you are planning today would not be enough after 40 years. So planning with different schemes after few intervals. As a result, by different investments, you will get a good amount from different schemes in your retirement age.