6 Benefits of Retirement Planning
There are umpteen numbers of benefits of buying retirement plan for yourself. In fact, the earlier you invest in one, the better. Listed are some of the benefits of retirement planning:
Peace of mind-Planning ahead will reduce uncertainty for you and will help you be mentally free for your later years. Not planning can leave you uncertain with regards to your income after retirement thus creating stress.
Contextualize Pre-Retirement Decisions-You will be able to make more efficient decisions related to career presently if you plan for your retirement. Is it better to do a job, or start your own practice independently? These decisions may be different for someone with fifteen years to retirement compared to someone with only five years until retirement.
Getting on the same page-Some retirement plans are often affected by a saves desire to meet other objectives such as assisting an adult child in starting or acquiring their business. To the extent that these goals may affect your own retirement savings, you will benefit from planning beforehand. One of the benefits of early retirement planning is that you can make sure your plans work well with other relevant parties.
Tax Benefits-There are several tax benefits of retirement planning, including reducing the amount of income taxes you will pay during retirement and ensuring that beneficiaries to retirement and other account types pay as little tax as possible. Sensible thing to do is tax diversification. This involves establishing different pools of money in accounts that are taxable, tax-free and tax-deferred. These different accounts allow income during retirement to be strategically withdrawn from a variety of sources depending on future conditions.
Cost Savings-There are many ways to reduce costs with appropriate planning. Many of the insurance policies you may need (long-term care, etc.) can be acquired at a lower premium when younger and in good health rather than waiting until retirement and risking a higher rate or denial of coverage.
Legacy Opportunities-Planning for retirement can also provide benefit to your heirs or your favorite charitable causes. You may also wish to contribute to charitable institutes. Planning your retirement ensures all your wishes are fulfilled in the correct manner.
HDFC Life offers various retirement plans. Choose the best suited for you and start your retirement planning now.
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"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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