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Retirement Planning : Save Some For Those Rainy Days...

Retirement PlanningRetirement Planning is a promise that you will carry on making satisfying money and enjoy a comfortable life style, even when you are not working. Everybody wants a comfortable retirement, but without proper planning it never happens.

Which is the best retirement plan? Where we should invest?

These simple questions donít have one line answer.

If we really want to plan for retirement, rather than taking hasty decision, it is a good idea to take help of a retirement planner who has expertise.

However, we list here a plan that will take you on the road to retirement planning.

Start Early:
The key to good retirement planning is to start as early as possible. Never delay the planning of retirement. Start as early as possible. Keeping the inflation in mind, make a list of goals that you want to achieve when you retire. Consider your income and start putting certain decided amount aside.

Prepare a plan:
Consider your income. Calculate your expenditure. Make provision for unexpected emergencies. Then try to cut down the trivial expenditures. Try to save more money to put aside for retirement.

Consult Retirement Advisor:
If you are not able to create a feasible retirement plan, consult a retirement planner who can help you to create one.

Figure Out Your Needs:
It is very challenging to figure out your retirement needs. But if you are in your prime stage of youth and have a good earning ability, you can make a rough sketch of your requirements after 20 to 30 years. You have to take into account your marriage, children, children education, and some emergency expenses. Finally, you will have come to an amount that you are going to put it aside as retirement investment.

Keep Watch On Your Portfolio:
You will need to keep a close watch to your financial portfolio. You will have to tweak it as you progress. It will be better if you increase fixed income investments and decrease debts.

Get Rid Of Debts:
Before retirement, get rid of as much debt as possible. Special emphasis should be given to Credit Card Debts and other Personal Loans.

Health Insurance:
As you get older, your health will remain the major concern. Big health expenses sometimes disrupt your retirement plans. So relevant Health Insurance will keep you in place and your retirement plan will not hurt. And Tax break on Health Insurance Premium will be an addition benefit.

Retirement Life Style:
You will need to visualize the life that you want to live after retirement. Would you like to live at the same place or like to go to the cheaper one? Would you like to travel around the world? Would you like to engage in the activity that gives you financial help? So plan your retirement on the basis of you retirement life style.

Alternative Employment Opportunity:
There are few people who hate retirement. So if you are a financial whiz, you can start consultancy service. If you have expertise in certain domain and flair for writing, you can write a book. You just have to be creative from within.

Develop a Hobby:
After retirement, you will have ample spare time. You can develop a hobby that you nurture secretly. Your love for photography or your flair for writing or your passion for acting can provide you a creative as well as financial outlet.

Health is Wealth:
Never ignore your health. The ultimate goal is living healthy life. Eat good, Sleep good, and exercise regularly.

Have a look at some Retirement Investment options :
  • Public Provident Fund:
  • PPF is one of the best investment options for high tax payers, as it provide maximum tax rebate. It is good for even small investors, as it gives you 8% of post-tax return.

  • National Saving Certificate:
  • NSC is also one of the best options for investment because it gives you ample return and adequate safety. Period of Maturity is six years. Premature encashment is not permissible except at a discount in case of death of a holder.

  • NPS Pension Plan:
  • You can invest during working years and withdraw at retirement. Earlier NPS was only for Government employees, but now it is open of all citizen of the country. NPS is like Mutual Fund. If you invest in NPS, you have to choose three Mutual Funds.

  • Life Insurance:
  • Life Insurance ensures financial protection against accident or death. It enables the same life style even after death of loved one. The beneficiary can utilize the fund to replace the income one would have earned or help pay off debts or other expenses.

  • Term Life Policy:
  • Term Life Policy covers risk only during the selected term period. Under Term Life, the company pays a lump sum amount to the beneficiary in case of death of insured. The policies are generally from 5 to 35 years term.

  • Whole Life Policy:
  • Whole Life Policy is effective until the Policy Holder is alive. The risk is covered for the entire life of the Policy Holder. In Permanent Life contract, a portion of the money paid as premiums is invested in a fund that earns interest on a tax-deferred basis. Over a period of time, these investments are supposed to accumulate increased cash values which you will be able to get back either during the period of the policy or at the end of the policy or at intervals, depending on the policies.

  • Monthly Income Plan (MIP):
  • Monthly Income Plans are low risk Mutual Funds which invest in Debt Securities and pay regular monthly income. Monthly incomes are normally fixed term plans and appropriate for investors who seek regular risk free income over a period of time.

Yes, Retirement can be planned. Retirement planning is much talked about but it is not much pursued. It has been observed that people generally ignore to talk about retirement because it seems to0 far and more decisions are to be taken, which is true. However, JSAfinance.com will help you and guide you along a simple yet effective retirement plan and investment options.


For More Information Contact:
JSAfinance.com
Rizvi Park, E28 Ground Floor,
S.V.Road, Near Milan Subway,
Khar (West) - Mumbai - 400 0052 India.
Phone : (022) 2661 5092
Cell : 98925 22650
eMail : jsajinkya [at] gmail.com