What I… retire, no way? Well, at the age of 25 years, the thought of retirement may not be the first that you will be having when you receive your first salary. At a young age, the idea of having a retirement plan that will take care of your needs at old age will be the last priority. Yet, the earlier you begin your retirement planning, the better your returns will be at an old age.What Every NRI ought to know about retirement plans?
Are you getting old? – No, of course not
Planning for one’s retirement does not mean that you have begun ageing. It is a plan that takes care of you at your old age. The common age for retirement considered across the world is 65 years. The working span for most individuals is around 30 to 40 years. Even considering life events like marriage and children, investing in a retirement planning should be considered as a component before these events occur. As much as you would not like to think of the future given the present needs, the idea of beginning a retirement plan should be considered as vital as an insurance scheme. Having at least one of these plans can determine the comforts at an advanced stage of your life. Investing in high returns in the short term can build your savings. Market related investments and other regular investments are different from that allocated towards retirement. What Not to do While Planning for Retirement
Let’s take a look at the numbers to get an idea of what’s one’s returns could look at:
Let’s consider two regular individuals interesting retirement planning for the sake of retirement returns.
The difference between these retirement pension plans is below:
Apart from these factors, investments in various other factions can get you good returns such as PPFs, NSS etc. Don’t hesitate to evaluate the pros and cons of each of the schemes slated for retirement. Planning for retirement necessarily does not include the welfare of you alone, but it also includes the welfare of your near and dear ones. 5 Investment Options: The Road to a Tax-Free Retirement
About HDFC Life
HDFC Life , one of India’s leading private life insurance companies promoted by HDFC Ltd. & Standard Life Ltd., offers a range of individual and group insurance solutions. HDFC Life’s product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health.
(Republished With Amendments)