Let your heart lead you and your family during retirement

Retirement is perhaps the most anticipated phase of a working person’s life. From ensuring the best education for kids to putting food on the table, most people spend their working life ensuring that the dreams and wishes of their family members are fulfilled. Retirement is the time when you get to enjoy things you never could before. Hence, it is crucial to plan well for your retirement.

When you retire from work, the flow of income stops but life and expenses do not, so it is necessary to plan ahead. Retirement planning is an important part of financial strategy that helps you lead a stress-free life in your golden years. A good financial plan helps you live out your second innings the way you want without having to depend on others. It is important to start your retirement planning early as it gives you enough time to accumulate the amount you would need to lead a hassle-free post-retirement life. It is especially crucial for people employed in government or private organisations that have a fixed retirement age. Rising inflation’s impact is a key factor to be considered while calculating the amount you would require to meet your financial needs post-retirement.

While financial planning is key to making sure that you live your golden years doing things you enjoy. One thing that most people wonder about their second innings is how much retirement corpus is enough for ensuring a stress-free retirement life. There are various factors such as healthcare costs, lifestyle expenses, inflation, etc. that need to be evaluated while trying to understand how much funds would be sufficient for you. An amount that may seem adequate today might not be enough in the future. Retirement planning requires number crunching to ascertain the ideal retirement corpus. This is where the retirement/pension calculator comes to your aid. It is an online tool that uses the pension calculation formula to help you determine the right retirement corpus for you.

A good pension plan is an important investment aspect if you plan to live the golden years of your life with peace of mind. There are a variety of retirement plans available in the market. It is vital to identify their benefits and choose the one that suits your needs the best. The HDFC Life Pension Guaranteed Plan offers a plethora of benefits and can be of great aid when your regular stream of income from a salary stops.

HDFC Life’s Behind The Journey series focuses on the stories of everyday heroes who turned their life around through financial planning. Ryan and Samara’s story is about a couple who came to India on a year long sabbatical which got extended due to the pandemic. When their tenants left when the pandemic hit, they decided to continue with the cafe and backpack hostel business. Soon, it became a steady source of income for them ensuring a secured future and retirement.

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