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Post Your Complaints on IndianMoney - Retirement Planning Scam Research Team | Posted On Monday, November 26,2018, 07:05 PM

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Post Your Complaints on IndianMoney - Retirement Planning Scam



What is retirement plan?

This is an investment plan that allows you to contribute money for retirement. A retirement plan helps determine retirement goals and the actions and decisions to be taken, to achieve this goal. A retirement plan is essential as it provides a source of income after retirement and helps maintain lifestyle without a compromise. The retirement plan helps establish a retirement budget based on personal plans and goals.

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Post Complaint on Indianmoney If You Are Cheated in Retirement plan

Types of retirement plans:

Among the different types of retirement plans are 4 main types of plans. They are:

  • Government sponsored plans: The government sponsored retirement plan is known as a social security plan. It is imposed and controlled by the government to provide social benefits like retirement benefits.
  • Defined benefit plan: This plan specifies the limit that each employee receives at the time of retirement. It is a retirement fund contributed by your employer and is paid after you retire.
  • Defined contribution plan: It is also known as money purchased plan. It is a plan towards which the employer, employee or both can make contributions on a regular basis.
  • Hybrid plans: This is a plan that is a combination of the defined benefit plan and defined contribution plan. In this type of plan, both the interest rate and the contribution made to the beneficiary are fixed.

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Retirement planning scams:

Many of us think of retirement as a stage when we would be able to retire comfortably and do the things that we dreamt on, all working life. This requires a steady source of income that lasts long and helps maintain lifestyle. The earlier you retire, the more important it is to manage money wisely. Unfortunately, there are certain schemes provided by the banks that promise more than they deliver. Mentioned below are the points that you must keep in mind, before investing in a retirement scheme:

  • Unsolicited offers: Be careful if you receive an unsolicited e-mail or SMS from a company for retirement plans. It is always better to reach out to a bank and discuss retirement plans rather than comply with mails of unknown people or companies.
  • Watch out for salesmen who prey on your fears: Many retirees worry on having adequate retirement funds or adequate money for medical expenses. There are some agents who pitch their products by using these fears and worries as a weapon to sell the financial product.
  • Mis-Selling of retirement plans: Some bank professionals know that the appearance of a professional combined with polite manners can lead investors to take their advice and purchase the products they offer. However, be careful as they may sell products that are not suited to you.
  • Take time before investing: there are some agents who try to push retirees to make decisions in a hurry. This is done so that agents can pocket commissions. These agents do not bother complying with your grievances.
  • Do not lose sight of your investment: Don’t rely on a financial professional who says “leave everything to me.”Always monitor the activities on your account and request regular statements. You should never feel uncomfortable on questioning any trading activity that you don’t understand. 

SEE ALSO:How To Handle Customer Complaints A Review By IndianMoney

Procedure for filing complaint:

If you are not satisfied with the financial product sold, then you can raise a complaint against the bank or NBFC. Call their customer care number or e-mail the complaint, explaining your problem. Wait for 30 days for the bank to resolve the issue. If you are not satisfied with the bank’s answer or if the bank does not resolve the issue, then you can approach the banking ombudsman. Below are the steps that you must follow to register complaint with the banking ombudsman:

  • To file complaint with the banking ombudsman first download the application form.
  • Fill the form and provide all the information along with necessary documents
  • Send the form to the address of the banking ombudsman that comes under your jurisdiction.

SEE ALSO:How To File Complaints On IndianMoney With Consumer Forum?

 Post Complaint on IndianMoney If You Are Cheated in Retirement Plan:

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