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Debunking Retirement Myths

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September 19, 2018

When it comes to planning for your retirement, there are certain myths that you might be guilty of blindly believing. While we understand that your retirement could be several years away, it’s important to remember that saving up for the future is one of the most important things you need to do. So, to help you separate fact from fiction, we’re here to debunk some of the most commonly believed retirement-planning myths.

          1. I’m Too Young to Start Saving for Retirement

This couldn’t be further from the truth. In fact, the earlier you start saving for your retirement, the better it is. Ideally, right from the day you start working, you should already be planning your pension. It may seem like you have more than enough time to plan for your golden years later on, but a small mishap could completely shake your financial plan.

           2. I’m Too Old to Save for Retirement Now

If you’ve suddenly woken up on the wrong side of 40 and realised you haven’t really planned for a time when you’re no longer on the work force, don’t worry. While it would have been ideal for you to have planned better, you can still play catch up. You can put money away in a medium-risk Unit Linked Insurance Plan (ULIP), which will guarantee you good returns in the long run. You should also diversify your portfolio and put in a small percentage of your savings in investments that could earn you high returns.

            3. I Don’t Have Enough Now to Save for Later

If you’ve just started working, you may feel like your salary is too small to cover all your expenses, leave alone save for later. However, it’s important to remember that when it comes to creating a nest egg for your retirement, a little can go a long way. You can choose to put a small amount of money away every month in a recurring deposit. Or, you can even find yourself a suitable pension plan  and pay an annual premium on that. If you look at the figures, you can get yourself a decent retirement plan for as little as Rs. 2,000 per month.

             4. The Stock Market is Too Risky

Most people feel like when it comes to saving for their retirement, they cannot afford to lose money by playing the stock market. While there are some inherent risks in investing money in stocks and bonds, there are ways in which you can safeguard your money while still earning returns. A ULIP will allow you to choose the kind of funds you want to invest your money in. Depending on your personal risk appetite, and the returns you’re looking for, you can invest in a mix of high-, medium-, and low-risk funds.

              5. I Can Use Some of My Retirement Money Now and Save Up Later

It is really not a good idea to touch your retirement fund before you actually need to. If you need a little extra money to help you pay for your child’s education, you can take a loan instead of dipping into your heard-earned savings. The logic behind it is quite simple – while you’re working, it’s quite easy for you to apply for and repay a loan. On the other hand, once you’ve hung up your working shoes, you may still get your loan application approved, but paying it back without a steady source of income could become incredibly risky.

Now that we’ve set the retirement record straight, we hope you will make smarter choices when it comes to planning for your retirement. If you haven’t already gotten your pension plan started, click here to secure your financial future today. 

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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.

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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.

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