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Steps to Build a Financially Solid Retirement Plan

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Steps to Build a Financially Solid Retirement Plan
January 23, 2023
 

After working for a period of 45 years, everyone dreams of enjoying a peaceful and financially stable retired life. Unfortunately, the times we live in make it difficult for many to achieve this. With the rising cost of healthcare and other living-related expenses, it has become vital to save as much as possible for your golden years.

So, whether you are 52 or 22, the best thing you can do is start planning early for your retirement. To help you get started, we have compiled six simple steps that will help boost your savings:

  1. Define Your Goals:

    It is important to understand your financial goals for the future, and determine how to reach them. For example, if you have kids, you will have to set aside a sum that covers their education and marriage. Here, consider questions like - at what age do you hope to retire? This will help you understand how much time you have on hand, and how much you need to save to achieve your goal? Or, do you have debts? If any, how do you plan on clearing them?
    Such questions will help you re-evaluate things and make a better decision.

  2. Choose to Invest in Pension Guaranteed Plans:

    Such type of plans allow you to enjoy and live a comfortable life after retirement. A Pension Guaranteed Plan falls under single premium annuity plans, and guarantees regular income for as long as you live. Such plans also offer guaranteed rates on a deferred annuity plan at the time of purchase, which is quite rare.

  3. Set up Your Budget:

    When planning for your expenses, it is important to fix a budget. A budget will help you get started, and also keep you going. Based on your income, you can allot a certain amount towards your expenses, and save accordingly.

  4. Stash Extra Funds:

    If you have extra money, do not spend it carelessly. If you receive a salary bonus or a raise, or if your parents or relatives gift you some money, set it aside as savings.

  5. Step Out of Debts:

    After you have a sufficient amount in your savings account, it is time to cater to your debts. Start by paying off your smallest debts, and slowly but surely try clearing all your debts. 

  6. Track Your Expenses:

    Small expenses may not seem much, but they can eat into your savings. It is wise to keep them in control and save the extra money for a rainy day.

These are a few ways in which you can build a steady retirement corpus for the future. However, it is imperative that you take the first step and start saving right away.

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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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