Retirement Planning

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Retirement Planning can be described as the process to plan the long-term and short-term financial goals and the ways to accomplish these goals. Retirement Planning involves identifying different income sources, analyzing the financial objectives, estimating the future expenses, opting for savings program and managing risk and assets.

Planning for retirement is rather a life-long process. Even though, one can start their retirement at any age but it works best, when an individual includes this factor into their financial planning from the starting. Planning for retirement from an early stage of life is the best way to ensure a secured, safe and fun retirement.

Let’s take a look at the key take away of retirement planning.

• Retirement planning can be described as the financial planning of investment, savings and final distribution of money in order to sustain one’s self at the time of retirement.
• There are various popular investment options, which allow the individuals to accumulate fund with the advantage of tax benefit.
• While planning for retirement it is important to consider factors like future liabilities, expenses and life expectancy along with asset and income.
• The early one starts planning for retirement the better fund they can accumulate over a long period of time in order to have a secured life after retirement.

Advantages of Retirement Plans in India

If you are trying to find the best pension plan in India, it is very important to understand the advantages of retirement planning and the benefits offered by various pension schemes in India. Each pension scheme in India comes with its own specific retirement benefits, further here we have mentioned some of the advantages offered by the pension scheme in India.

• Savings for a Longer Term

Irrespective of the premium payment mode selected by you, which can be multiple small payouts or a lump sum payment, one thing that you assure with a retirement plan is savings for the long term. Pension scheme India mainly focuses on creating the annuity that can further invest in generating a steady flow of cash for your post-retirement years.

• Regular Income after Retirement

The pension scheme in India offers a guaranteed income that helps the policyholder to meet their day-to-day expenses. Your current income and future inflation should lay a foundation of your retirement planning as it will help you to compute the money you’ll need post-retirement. Some of the insurance plans offer income that ensures that the policyholder does not have to worry about the future. Since these life-income plans offer better returns, it is a smart way to walk down the lane of retirement planning.

• Insurance Cover

The retirement planning solutions people invest in provides them with an insurance cover, to financially protect their family if the worst comes to pass. Most life insurance companies offer an insurance cover benefit under various retirement plans so that the spouse does not have to face any financial difficulty if the unfortunate happens.

• No-Risk in Investment

The pension plans in India protect the policyholder against any kind of investment risks. If your Pension Plan is offered by your employer, then also you need not worry. This is because, even if the downfall in the stock market, the company has to make up to recover the lost money. However, there will not be any negative effect on your retirement benefit. Moreover, even if your company goes bankrupt, nothing happens to your pension even then. This is because, the government entity- the Pension Benefit Guaranty Corporation, takes care of your pension payouts.

• Tax Benefits of Pension Plans

The investment you make in the Retirement Planning solutions will help you to save significantly on your tax. In fact, if you plan it well, enjoy the offered tax benefits. Checking the policy details will also allow you to understand if you can avail tax benefits under Section 80C of the Income Tax Act.

• Money When You Need It

Some plans offer lump-sum payment that you can use to meet major expenses (if any). In the years leading up to retirement, an individual may need funds for various reasons such as buying a flat or paying for children’s wedding. Some pension plans offer to withdraw a large chunk of your corpus to meet financial emergencies. Checking the policy details for the various plans will help you in Retirement Planning, as you will be able to pick the ones that suit your future financial expectations.

Guaranteed Period Annuity

Under guaranteed period annuity plan, the annuity is provided to the policyholder for certain periods like 5years, 10years, 15 years or 20 years, whether or not the insured survives that duration.

Life Annuity & Joint Life Annuity

Under the life annuity plan, the pension amount will be paid to the annuitant until death. After choosing the option of ‘with spouse’, the amount of pension will be given to the spouse of the policyholder, in case of the death of the policyholder.


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