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Here are some time-tested nuggets of wisdom about retirement plans from the desk of our in-house insurance gurus. Use these points when you compare retirement plans.
The earlier you buy retirement plans, the lower the premiums and the higher the returns tend to be. This is quite obvious – the more the years the insurer has with your money, the more it compounds and the higher the pay-out. For example, when 30-year-old Mr. X invests Rs 3,000 in a retirement plan for 30 years, he receives a pay-out of Rs 44 lakh. However, when 35-year-old Mr. Y invests Rs 3,000 in a retirement plan for 25 years, he receives a pay-out of only Rs 28 lakh
Retirement is a life-altering event that changes the way you live, your spending habits, the way you think about finances, the way you think others value you, and so on. Good retirement plans make this life-altering event more comfortable and easy to bear by providing a financial cushion. If these funds come early, you will tend to spend a good portion of it. If they come too late, there will be a dip in your standard of living.
When 60 was decided as retirement age, a male’s life expectancy was 67 – 70 years. Therefore, his retirement funds at 60 were enough to carry him through till his eventual death. With technological and medical advances, however, the average life expectancy of an Indian male is 77 today and only getting higher (female – 79). While this is good news, it needs proper financial planning or there will be no funds left to enjoy your sunset years in comfort. Plan your investments in such a way that there is some money coming to you when you hit 70 years of age.