Category Archives: Pension

Pension plans are the convenient means of securing future in advance

Retirement

There is a time in life when everyone retires and starts a new lease of life. They go through a transition from lifetime of work to getting a respite.  In his retired life, he enjoys even the small pleasures of life which was otherwise always left in the backburner. Life begins at retirement but to sustain during this period and not depend on anyone else, one has to invest wisely into retirement plans. This way they can financially secure themselves and enjoy the golden years ahead in their life.

Once you invest in a retirement plan, there is a regular flow of pension money for him and his family and he gets the flexibility in choosing the retirement date and mode in which he receives the pension amount. There are certain things to keep in mind when capitalizing for the retirement plans.

It is very important to invest in a retirement plan at the earliest so that you can enjoy all the benefits after retirement.

Retirement age is the time when one decides to end the accumulation phase of money and make a transit to income phase and is largely based on the age of the person.

It is important to understand how much you will need as a pension amount  and the premium cost that you can afford.

PensionYou should calculate the medical costs or holiday costs before investing and map the income according to the current lifestyle  of the individual.

  • Different types of retirement plans:

There are different types of retirement plans offered by the insurance companies in India, some of them offer fixed returns and minimal deviation, while in other, the fund is invested in equity or debt funds. In this, the returns depend on the market trend.

Deferred Annuity plans : You start paying the premium while at work for a few years and when you retire, you start receiving the pension.

Immediate Annuity plan : This is best for people who have lumpsum cash. You start receiving pension from the day you make the payment.

You must check the investment returns and rates offered by different insurance companies. You can plan your retirement process efficiently if you determine the tax status.

Pension plans are best suitable for senior citizens in the family. It offers emotional and financial stability so that you don’t have to compromise on the best things in life. It also gives double benefit of insurance and pension. Be educated about the best retirement and pension plans available in the market. You can compare the different quotes in the market before finalizing with any insurance company. This will save both your time and money.