Retirement Planning Tips for Late Starters
November 13, 2018
Below are a few tips to help you to select best retirement plan in India:
- Estimate your need: It’s important to find out how much you will need during retirement. Most people don’t have an idea about their financial needs and end up either over planning or under planning. Knowing what your target number is makes it easier to figure out how much you need to be saving in order to reach your goal.
- Understand your saving options: There are a lot of ways to fund your retirement. You can contribute in a PPF and Pf through your Company. This will ensure you have another source of saving. If you’re not eligible to participate in plan through your company, you can always chip in money to a traditional or Roth IRA. Traditional IRAs offer tax-deductible contributions while a Roth IRA gives you a tax break when it’s time to start making withdrawals.
- Cost cutting: The closer you are to retirement the more important it is to start getting your finances into order. Minimizing your expenses will free up additional cash that you can put away in savings and it can give you some breathing room if you’re expecting your income to drop once you retire. While you may not need to do something as drastic as sell your home, getting rid of high interest debt and looking for ways to save on your everyday bills can make a big difference in how long your retirement savings will last.
- Invest in SIP and ULIPs: Both SIP and ULIP were on the magic of compounding. Your savings grow twice as much instead of growing in a linear manner. When you are planning your retirement options late, it makes sense in investing in them instead of only a traditional saving account or an FD.
It’s better late than never to plan for your retirement. Even if you have started late, it’s quite possible to utilize that time and create a comfortable savings cushion for your retirement.
Term Plan Articles
Investment Articles
Savings Articles
Life Insurance Articles
Tax Articles
Retirement Articles
ULIP Articles
Subscribe to get the latest articles directly in your inbox
Health Plans Articles
Child Plans Articles
Popular Calculators
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
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 Searches
- Term Insurance Calculator
- Investment Plans
- Investment Calculator
- Investment for Beginners
- Best Short Term Investments
- Best Long Term Investments
- 5 year Investment Plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- income tax calculator
- bmi calculator
- compound interest calculator
- income tax slab
- Income Tax Return
- what is term insurance
- Ulip vs SIP
- tax planning for salaried employees
- HRA Calculator
- Annuity From NPS
- Retirement Calculator
- Pension Calculator
- nps vs ppf
- short term investment plans
- safest investment options
- one time investment plans
- types of investments
- best investment options
- best investment options in India
- Term Insurance for Housewife
- Money Back Policy
- 1 Crore Term Insurance
- life Insurance policy
- NPS Calculator
- Savings Calculator
- life Insurance
- Gratuity Calculator
- Zero Cost Term Insurance
- critical illness insurance
- itc claim
- deductions under 80C
- section 80d
- Whole Life Insurance
- benefits of term insurance
- types of life insurance
- types of term insurance
- Benefits of Life Insurance
- Endowment Policy
- Term Insurance for NRI
- Term Insurance for Women
- Term Insurance for Self Employed
- Benefits of Health Insurance
- Health Insurance for Senior Citizens
- Health Insurance for NRI
- Best Term Insurance Plan for 1 Crore
- personal accident insurance
- Annuity Calculator