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Retirement Planning Tips to Secure your Golden Years

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Retirement Planning Tips to Secure your Golden Years
May 13, 2019
By the year 2035, India will have a population of 200 million people who are 60 year olds. With advancement in science and medicine, we have been thankfully able to increase our life expectancy and quality of life.

As we will live 20-30 years more after our retirement, it becomes important to plan for the golden years in a precise manner. Planning for a comfortable retirement requires a systematic approach and it is better to start early on in life.

Analyze your expenses

Analyze your monthly expenses, income from your assets, medical bills and lifestyle requirements. Based on the current expenses, calculate the amount which will be required to financially support oneself and the family, after retirement. You can find a retirement calculator on any insurance company's website.

Once you have figured the amount, start saving a predetermined amount of money regularly that will help you build the desired corpus for life after retirement. It always makes sense to keep aside a portion of your income as savings before spending it rather than saving what is left after spending.

Instruments you can use for saving

There are various options you can choose from to begin saving early on in life:

  • Unit-Linked Insurance plans:

    Market-linked plans have proven to be cost effective over time. These are very beneficial to the customers during the accumulation phase, and also provide a life cover. People can choose the asset allocation based on their risk profile. You should always view this investment on a long-term basis as they have the potential of delivering high returns due to the mix of debt and equity.

  • Mutual funds:

    Due to the exposure to equities, mutual funds are a good instrument to build on your retirement fund. They come with high liquidity. But you should note that they do not provide any tax benefits, except for ELSS products.

  • National pension system:

    National pension scheme invests in equities, corporate bonds and government securities, and allows the customer to choose the asset allocation of their choice, with a cap of 50 per cent on equities. Exposure to equities could provide potentially higher returns over the long term.

  • Public Provident fund:

    Public Provident Fund is a 100 per cent debt-oriented investment, guaranteed by the government of India. A minimum contribution of Rs 500 a year is compulsory and it has a lock-in of 15 years. Partial withdrawals are permitted from the sixth year subject to certain conditions.

HDFC Life offers HDFC Life Click 2 Wealth, a Unit Linked, Non-Participating, Life Insurance plan that offers market linked returns, charges minimally, provides valuable financial protection for you and your family.

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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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