Invest in Retirement Plans in India
Our life expectancy increased
Improved quality of medicines and good healthcare services has helped to rise the life expectancy in India to 77 years. In the next ten years, it is expected to rise to 85 years, which means that a reasonably healthy person can lead a Retired life of at least 25 years in India !
Early Planning helps for comfortable Retirement
With increasing life expectancy, rising inflation rates, mounting taxes and uncertain socio-economic circumstances, an efficient retirement solution becomes mandatory for your investment plans.
Why we should go for retirement planning?
Look at some of the factors that make it necessary to go for a retirement plan :
Increasing life expectancy
With life expectancy set to rise to 85 years, one will have more years of retirement to secure for.
No Social Security
In India, only about 11% of the population enjoys social security at an old age. In fact, very few self-employed professionals have any guaranteed form of post-retirement income.
Maintaining your lifestyle
You surely spend more on holidays than at work. Since retirement is as good as an extended holiday, you need to provide for a matching lifestyle at that time. And with inflation eroding money value, you need to provide for rising costs in future.
Nuclear family
Changing socio-economic patterns have led to a growth in nuclear families, especially in urban areas. The traditional financial and emotional support of children and grandchildren in joint families is no longer as widely prevalent as before.
When should you start saving for retirement?
There is no exact timing for that. The earlier you start saving, the lower the amount to be contributed, to earn a specific retirement package. With the power of compounding, money invested earlier has more time to grow. We suggest you to start today itself in Pension Plans.
In India various Financial Institutions like ICICI Prudential, HDFC and LIC are offering very attractive Pension plans ( Retirement Solutions).
Various issues are still going on in the nation regarding pension as it gives everyone a secured life after their job services. The article gives an overview regarding the various retirement plans and also deals with the benefits of pension plans that are implemented in India. It clearly specifies the benefits of pension in an individual’s life.