Ways To Plan Retirement in India - Step by Step Guide
The purview of retirement does not exclude self-employed persons and like their salaried counterparts, they too, are bound to feel the burden of a retired life unless they have planned their finances well in advance. Investments made earlier in life, if chosen well, can go a long way in ensuring financial freedom after retirement. Here is a list of certain important ways in which retirement can be planned:
Increase the volume of investment with increase in income:Starting from the earlier phases in life, choosing an investment that yields dividends as and when required is very essential. As the career graph moves on, there comes a phase when the volume of investment can be increased. You must always invest more when there is any such increase in earnings.
Start early:The cost of living in India is on an upward spiral and this makes us feel the pinch with each passing day. Therefore, it is important to start investing in your future as soon as you start earning. Younger the person is at the time of commencement of relegating funds towards a retirement investment, higher is the term build up and the resulting payout at the time of investment-maturity.
Allocate a fixed percentage of your income towards retirement corpus:Investing a fixed percentage of the income towards the main retirement corpus always helps. One must also be careful not to use any part of the corpus (i.e. the main amount) before retirement.
Consider the inflation factor while taking a retirement plan:Seeking to invest and build up on that investment is important. However, the fact that inflation affects the financial planning heavily must never be ignored or belittled. Inflation can make your returns take a plunge and therefore, while choosing any plan, you must make sure that you have taken the futuristic price-rise projections into your consideration.
Invest in health-insurance and specific plans simultaneously:You may not be in the prime of your health in your sunset years and therefore, start early when it comes to building up the financial safeguard in times of emergency. This ensures that your savings and the returns from the investments made by you do not suffer due to medical contingencies.
HDFC Life offers a range of exclusive and comprehensive retirement plan and pension scheme that are directed towards ensuring your financial independence even after you retire. For more details, check the mentioned link:
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How to Plan for Retirement as Per your Age
"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
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