How a Thoughtful Retirement Plan Lets Grandparents Enjoy Life

Table of Content

1. Income alone isn’t enough after sixty

2. Buying time with thoughtful planning

3. Role of customisation in a retirement plan

4. Not just for you, but whole family

5. Takeaways for worry-free retirement

A grandparent’s life is full of small moments with their grandchild. They give unconditional love, and impart wisdom and are the best playmates. So the last thing they need to worry about is money and finances.

Once the working years are over, grandparents deserve time, space, and good health and to fulfil their dreams. That’s why a thoughtful retirement plan matters. It isn’t just about money; it’s about memory-making power.

While most retirement advice starts and ends with income planning, we need to ask a deeper question: what if something unexpected happens? Will that plan still hold up? The truth is that sometimes income isn’t enough. It sounds scary, but there are ways to manage this.

Income alone isn’t enough after sixty

For many seniors, regular income through pensions, annuities or savings is the primary goal. That’s a valid approach. Bills don’t retire. But what happens if they are faced with a sudden change in their life, like a diagnosis of a critical illness?

The emotional toll is heavy enough. But the financial toll? It can quickly turn dreams of travel or family gifting into burden of stress. That's where most plans fall short. They prepare for monthly expenses, not medical emergencies.

Buying time with thoughtful planning

Retirement plans are chosen based on aspirations and plans for the future. Being diagnosed with a critical illness or a disability isn’t something one thinks about. However, not creating a financial buffer for the possibility can lead to debt, distress, or cutting back on things that would make a grandparent happy, like birthday tripsor family functions.

According to a 2024 health care report, healthcare inflation in India is rising 14% annually^*. Depending on just your pension or PF won’t be enough. A rider that has been combined with a retirement plan can help preserve the rest of your money, so it goes toward living, not just surviving.

Role of customisation in a retirement plan

A savings plan will help accumulate wealth. A plan with a customised add-on like a rider will protect your savingsin the event of an unexpected event. For instance, arider like a critical illness rider can provide you with a lump sum benefit upon diagnosis of any of the covered critical Illnesses.

What would this mean? A lumpsum payout at diagnosis would mean access to quick treatment options without worrying about dipping into your savings. You can also use the funds for covering hospital costs or hiring help to care for your grandparents in case of a disability.

Not just for you, but whole family

A well-designed retirement plan with a rider also lifts the burden off your children. It allows them to care for you without availing loans. It gives them a sense of security, knowing that your needs are covered.

This also means protecting family goals. Medical expenses can eat into family savings. This would impact the future financial goals. Your savings plan with a health rider would ensure this doesn’t happen.

Takeaways for worry-free retirement

• Combine savings plans with a rider like critical illness or disability rider for protection and growth
• Plan for health expenses, not just daily needs
• Choose plans that allow long-term goal planning, even post-60
• Start early and compound benefits build over time
• Talk to your children and let them know your plan is strong.

A grandparent's life should be filled with laughter, joy and happiness. They don’t need to worry about where the money will come from if they fall ill. A savings plan with customisation of add-ons does just that. It ensures that they are financially taken care of while enjoying the precious moments with their grandkids.

 Source:

*https://www.aninews.in/news/business/healthcare-cost-in-india-rising-by-14-per-cent-annually-report20240928093155/

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ARN: ED/07/25/25401