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

Retirement Planning for Couples

Once you commit to a future together, your financial decisions need to converge too. To build sufficient funds for a smooth retirement you need to start early. ...Read More

CALCULATE PREMIUM TALK TO OUR ADVISOR
Features of HDFC Life Systematic Retirement Plan

GET A FREE QUOTE

We respect our customers' privacy and do not spam them.

I authorize HDFC Life and its representatives to contact me through Call, Email, SMS or WhatsApp. This consent overrides my registration under DNC / NDNC (this would mean we would contact you even if you are registered on any Do Not Disturb list).
Retirement Planning for Couples

4 Steps for Couples Creating a Retirement Plan

4 Steps for Couples Creating a Retirement Plan
November 21, 2023

Table of Content

 

He is a risk-taker when it comes to investment. She wants her capital to be secured.  He is a travel freak. She prioritizes life goals like buying a house or children’s higher studies. 

When opposites come together as a couple, the harder it is to reach a financial decision. More so, when it’s about creating a retirement plan. So how about strategizing it the right way to ensure a happy future? 

The four steps to the right retirement plan

Here are the four basic steps you can take as a couple to chalk out the best retirement plan. 

  • Step 1: Bridging the perspectives

    As individuals, you two might have completely different perspectives towards money. But as a couple, you need to arrive at a common retirement plan. So, share in detail your individual growing up patterns, experiences, and how you look at decisions like spending or saving. 

  • Step 2: Scheduling the retirement

    When do you want to retire? Early or in the conventional age band of 60-65? Do you want to earn in some way during your retired life or just relax and enjoy the fruits of so many years of hard work? These are important questions to ask yourself and your partner. 

  • Step 3: Balancing debt and investment

    It’s important to list out individual and joint loans, monetary responsibilities like family contributions, retirement beneficiaries, alimony or child support from previous marriage (if any) to arrive at the total debt. On the other hand, consider the individual risk tolerances to create an investment path accordingly. Also check out together the available investment options in India, as also retirement plans that will let you both live out your golden years comfortably.

  • Step 4:  Prioritizing the goals

    Have in-depth conversations regarding your individual priorities. Accordingly, spread out your retirement plan. Focus on handling your money wisely when you are young so that all your couple goals get fulfilled and yet you have sufficient funds for a comfortable retired life.  

Tips for retirement planning for couples  

Here are a few tips that you can follow.

  • Sort out money management conflicts from the past and seek a solution.
  • Decide the retirement timeline, couple goals and individual priorities. It’ll be easier to spend, save or invest your money. 
  • Respect each other’s risk appetite. Build and balance your investment portfolio accordingly. 
  • Fix a percentage of income to be kept aside every month to build a corpus smoothly. 
  • Choose investment plans available in India wisely and keep checking their performances from time to time. 

Retirement planning mistakes to avoid  

The following are the most common mistakes couples make while planning for retirement.

  • Waiting till the 40’s or 50’s to start with a retirement plan and ending up with a smaller corpus.
  • Saving less over time to focus on travel, getting a fancy car etc. 
  • Not considering the inflation possibilities and suffering from a lack of funds in future.
  • Having a faulty income tax plan might end up reducing your retirement corpus.
  • Carrying forward too much debt in the form of EMIs. 

How to get your retirement plan started

To build sufficient funds for a smooth retirement, you need to start early. While on the one hand, you need to grow your money, securing the money you invest is also crucial. More so, when one is a risk-taker and the partner is not. Here you can build a large emergency fund and invest the rest in equities for higher returns. A retirement calculator can help you determine how much to save and invest. Capital guarantee solutions can also be a good choice.

Once you commit to a future together, your financial decisions need to converge too. Keep that in mind and plan wisely. Retire to a smooth life together. 

 Related Articles:

Talk to an Advisor right away

Not sure which insurance to buy?

Talk to an
Advisor right away

Talk to an Advisor right away

We help you to choose best insurance plan based on your needs

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 Retirement Plans.

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

Guide on Commuted Pension Scheme

Guide on Commuted Pension Scheme

A commuted pension allows you to get a lump sum of money at once, while the rest is given in regular payments throughout your life, giving you flexibility for urgent expenses.

Understanding Types of Annuities

What Is a Defence Pension Scheme?

Top 10 Benefits of Retirement Planning

Discover the benefits of retirement planning for financial security, peace of mind, and early retirement options. Start planning today for a stress-free future.

Top 10 Benefits of Retirement Planning
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.

Life Insurance Popular Search

Popular Searches

ARN - ED/10/23/5357 

down-arrow