RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

5 Things to Avoid While Investing For Retirement

down-arrow
March 11, 2019
Retirement is a stage of life when, after decades of dedicated professional work and long years of service, every professional looks forward to fulfilling her/his personal commitments and long-awaited aspirations. Understandably, every person wishes to live a comfortable retired life with no financial hassles and in fact, every person is entitled to such a stress-free retired life. After all, this is the golden phase of life and the ideal time to fulfill the special commitments that you have towards your loved ones. This is also the time when all the time that you have on your hands is meant for self development and for your family. Therefore, it is very important that you must begin planning for retirement at a timely stage when you are at the peak of your potential professional growth. This will ensure that the time-factor is in your favor and by the time you retire, there is a sufficient fund corpus in place for all your requirements.

There are a lot of factors which decide what sort of coverage will be ideal for you and your dependent family members after your retirement. However, there are certain mistakes that professionals commonly commit while planning their retirement. Below mentioned are five major factors that you must avoid while investing for retirement:

  1. Delayed approach: A timely decision is the best decision. Ideally, you must start planning for your retirement in the early stages of your career because this will allow you a proper term in years to build up and retain a sufficient coverage for your golden years. Therefore, it is important that you take a timely decision and start saving as soon as you are in a position to do so.
  2. Not choosing the due sum assured: Sum assured is the amount of funds that you will be entitled to when you retire. You must carefully choose the total sum coverage that you require post retirement in order to avoid being underinsured. For this, it is important to carefully list out your specific requirements and match them with the sum assured as per the retirement plan that you wish to choose.
  3. Not considering the inflation-factor: This is one of the most common mistakes that people make while planning for the future requirements. While choosing the coverage scope that you wish to avail, it is very important that you take inflation into consideration. Inflation is the general increase in prices over a period of time and reflects the cost of living index that will be in vogue after some decades. For any proper retirement planning, it is very essential that you consider this factor carefully.
  4. Wrong investment choices: Investment choices may be either equity-based, high-risk options or debt-based, low-risk ones. When you choose an investment option, ensure that it is as per your risk-appetite and the time-period that you have in mind for specific financial goals. Any unplanned decision can severely impact your financial freedom.
  5. Not having a balanced portfolio: You must equally invest in debt and equity fund options and not take a one-sided approach to investment. This will ensure that there is optimum fund growth and a durable financial reserve is created by the time of your retirement. Therefore, you must aim for a balanced financial portfolio.

HDFC Life offers various pension and retirement plans that seek to secure optimum benefits for your retired life. For details, click on the mentioned link: https://www.hdfclife.com/retirement-and-pension-plans.

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

How to Withdraw Pension Contribution in EPF Online?

How to Withdraw Pension Contribution in EPF Online?

Ready to access your EPF pension amount? Learn how to withdraw pension contributions in EPF effortlessly with our step-by-step guide. Secure your future with ease!

Income Tax on Pensions: Are They Taxable?

What is Family Pension?

Voluntary Retirement Scheme

Voluntary Retirement Scheme (VRS) is a corporate initiative allowing employees to willingly retire, often with financial incentives, for organizational restructuring.

Voluntary Retirement Scheme
How to view your PF passbook using UMANG app Previous
Importance of Asset Allocation in Retirement Planning Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches