Retirement Planning Tips for Late Starters

Benefits of Retirement Planning

Everybody needs to have a nest egg to make their retired life comfortable. When you stop earning, you still have expenses and a lifestyle you want to maintain. It’s beneficial to start planning for retirement as early as possible so that you have enough during your second innings. But sometimes, people get delayed in planning for retirement and start planning it very late in life. Although planning for retirement in the early stages of your working life is sensible, however honestly it’s never too late to start.

Below are a few tips to help you to select best retirement plan in India:

  1. Estimate your need: It’s important to find out how much you will need during retirement. Most people don’t have an idea about their financial needs and end up either over planning or under planning. Knowing what your target number is makes it easier to figure out how much you need to be saving in order to reach your goal.
  2. Understand your saving options: There are a lot of ways to fund your retirement. You can contribute in a PPF and Pf through your Company. This will ensure you have another source of saving. If you’re not eligible to participate in plan through your company, you can always chip in money to a traditional or Roth IRA. Traditional IRAs offer tax-deductible contributions while a Roth IRA gives you a tax break when it’s time to start making withdrawals.
  3. Cost cutting: The closer you are to retirement the more important it is to start getting your finances into order.  Minimizing your expenses will free up additional cash that you can put away in savings and it can give you some breathing room if you’re expecting your income to drop once you retire. While you may not need to do something as drastic as sell your home, getting rid of high interest debt and looking for ways to save on your everyday bills can make a big difference in how long your retirement savings will last.
  4. Invest in SIP and ULIPs: Both SIP and ULIP were on the magic of compounding. Your savings grow twice as much instead of growing in a linear manner. When you are planning your retirement options late, it makes sense in investing in them instead of only a traditional saving account or an FD.

It’s better late than never to plan for your retirement. Even if you have started late, it’s quite possible to utilize that time and create a comfortable savings cushion for your retirement.

HDFC Life offers you various retirement plans to help you save for your future. For more information, visit

Show Full Article
Hide Full Article
Disclaimer ^


Products offered by HDFC Life :

Recent Posts
Subscribe to get the latest articles directly in your inbox
Successful subscribed
Subscription Successful

You will receive the newly posted articles on your email id.

Popular Posts


Speak to our Certified Insurance Experts

All days 9:00 AM to 9:00 PM IST

Instant Callback
Call Us

Mon-Sat 9:30 A.M to 6:30 P.M IST

Locate A Branch Near You
There has been changes in branch operation timings due to COVID 19
+91 8291 890 569   
Call Us

Mon-Sat 10 am to 7 pm IST (Local Charges Applicable.) (DO NOT prefix any country code e.g. +91 or 00.)

NRI Service

(For NRI customer only)

Call us


08000006609 to get details on your Fund Value
(Applicable for Unit Linked Plans only),
Premium Amount and Due Date
Stay updated with HDFC Life