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What is retirement planning?

You would have to choose investments to reach your retirement goal based on how much money you would require after retirement.

The major factor in setting up a retirement goal is at what age you want to retire .Earlier you want to retire, more is the importance you need to give to your retirement planning.

Take up investments to match your retirement goals based on the risk you are willing to take. If you are a conservative investor invest in risk free securities. If you are an aggressive investor, invest in securities which give higher return at higher risk.

Why Retirement Planning

Live an Independent Life

Your children would provide you money for a retired life. But is it right for you to depend on them?

 

Retire Early

You can retire early with excellent retirement planning. You will have plenty of time to catch on your hobbies and other interests.

Money for Retirement

You get no income after retirement. You have to plan for your retired years now, if you want to enjoy the same lifestyle you currently enjoy.

Tax Benefits

You get tax benefits if you invest your money in a pension plan or an annuity scheme. This helps to save on tax.

 
Key factors to consider for Retirement Planning

How to do your retirement planning?

  • Retirement planning is done based on age.
  • Retirement planning is done keeping inflation in mind.
  • Retirement planning if done well should help you lead the same lifestyle after retirement, that you lead now.

Steps in retirement planning

  • Your current age and when you plan to retire is very important in retirement planning.
  • Know your current expenses. Higher they are, more is the money you require at retirement.
  • Keep inflation (General rise in prices of goods or services with time), in mind when you do retirement planning.
  • Calculate how much you would require after retirement to maintain the same kind of lifestyle you enjoy now.
  • You have to estimate how long you would live after your retirement. If you were to live up to 80 years (20 years beyond your retirement age of 60 years) you would have to plan for these years.
 

Concepts & FAQ's Retirement/Pension Plans

What is Retirement Planning?

Retirement Planning is the process of planning for financially independent life after an individual retires from work.

One of the stages of life which requires careful planning is retired life. In fact, achieving what is anticipated in retired life is the most difficult part of financial planning in today's scenario. One can even decide on when one wants to retire is careful financial planning is done.

Objectives of Retirement planning

  • Maintaining pre-retirement style of living
  • Financial independence
  • Minimizing Taxes
  • Early Retirement
  • Wealth Transfer
  • Improved standard of living in retirement

Types of retirement plans :

1. Defined benefit plans
It is a kind of plan which specifies the benefits each employee receives at retirement. In most of the plans the benefit is stated as a percentage of pre-retirement salary, which is payable for the remaining life as a regular payment or a lump sum on the date of retirement.

2. Defined contribution plans
It is also known as money purchase plans. Retirement benefit plans can be structured in such a way that, some part of salary can be set aside every month /year either by the employer alone or by the employer and employee together or by employee alone.

3. Hybrid (Defined Benefit + Defined Contribution) plans
In addition to the above two stated plans there is a third plan too which is combination of both of them and is very rare in nature. In such plans, both the ends i.e. the rate or the amount of contribution to be made to the beneficiary is fixed.

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Frequently Asked Questions

When should I start planning for retirement?

It is advisable to plan for your retirement once you start earning. But, the ideal age to start for your retirement planning is around 35-40 years.

How Much Should I Save for Retirement?

It depends on your way of living and other costs like: cost of living, proposed life expectancy, Medical bills, Health needs, Travel expenses etc. One needs to consider inflation and other economic aspects also before arriving at a particular figure.

Does everyone need a retirement plan?

Absolutely - regardless of someone's personal savings or income levels, it is important to start with a retirement plan. A plan allows you to take action now, which can mean the ability to accumulate more retirement income in the future.

What are some of the common mistakes one makes while planning his retirement?

  • Miscalculating his retirement age
  • Miscalculating his day to day expenses
  • Not taking inflation into consideration
  • Overburdening oneself with debt.

Is inflation an important aspect while making a retirement plan?

Absolutely, inflation is an important aspect which is to be considered as the value of money changes over time.

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Retirement/Pension Plans Articles

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Simply Invest In NPS Online

18 June 2019, Tuesday    

What is NPS? NPS or National Pension System is a government-sponsored pension scheme. It was launched way back in January 2004 only for government employees. It was opened in 2009 to all sections of society. NPS allows you to make regular contributions across working life. At retirement, you c ....

Retirement Planning - To Cover the Risk of Living Too Long

22 June 2011, Wednesday    

Retirement Planning - To Cover the Risk of Living Too Long Retirement planning calculations are geared towards estimation and planning for the money one needs in the post retirement years. However, while estimating through static analysis the longevity risk may still remain unplanned. Here is an ....

How Does National Pension Scheme Work?

10 May 2013, Friday    

How Does National Pension Scheme Work? You must have heard the famous proverb "Laugh And The World Laughs With You, Cry And You Cry Alone". What does this proverb mean? .This means that you always need to save for that rainy day .The National Pension scheme helps us to save funds fo ....

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Economic Survey 2019 makes a strong case for a higher retirement age

Thursday, July 4, 2019, 6:58 PM

Given that life expectancy for both males and females in India is likely to continue rising, the government should consider increasing the retirement age for both men and women, the Economic Survey said. "This will be key to the viability of pension systems and would also help increase female labour force participation in the older age-groups," the Survey said.

EPFO says will stick to 8.65% rate for 2018-19

Friday, June 28, 2019, 12:00 PM

The labour ministry and Employees Provident Fund Organisation(EPFO) are sticking to the 8.65% return proposed by the retirement savings body's board of trustees, citing adequate reserves and the Narendra Modi government's pre-poll political backing to the plan. The finance ministry has objected to the proposal for increasing the payout for 2018-19 to 8.65% from 8.55% in the previous year, and sought a review.
 

Yuvraj Singh Announces Retirement From International Cricket

Monday, June 10, 2019, 3:08 PM

India's swashbuckling all-rounder Yuvraj Singh announced his decision to retire from all forms of cricket on Monday. In nearly two decades at the highest level, since his ODI debut against Kenya in 2000, Yuvraj featured in 40 Tests, 304 ODIs and 58 T20Is, while also playing a pivotal role in India's two big triumphs - the 2007 World T20 and the 2011 World Cup.

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Retirement/Pension Plans Videos

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What is Pradhan Mantri Shram Yogi Maan-Dhan?

Wednesday, June 19, 2019, 12:50 PM

Pradhan Mantri Shram Yogi Maan-dhan is a mega pension scheme introduced by the Central Government for social security and old-age protection of the unorganized workers(UWs) in India. The Ministry of Labour and Employment governs the scheme, which is expected to benefit over 42-crore UWs. The scheme is implemented through CSC SPV and LIC and came into effect from 15th February 2019 across India.

What is the Trader's Pension Scheme?

Tuesday, June 18, 2019, 10:24 AM

The trader's pension scheme is a social security scheme, approved by the Narendra Modi led NDA government, which would benefit 3-crore traders across India. The scheme is a part of the PM's vision to encompass the business sector under a social security program. The main objective of the scheme is to benefit small shopkeepers and businessmen in SMEs and offer financial security during old-age.

What is EPF Pension Scheme?

Thursday, February 7, 2019, 6:18 PM

EPF Pension Scheme was introduced in the year 1995 to cater to the pension needs of the employees in the organized sector. All employees registered under the EPFO can avail the benefits of employees' pension scheme provided they complete 10-years of service. There are a host of other benefits covered under the EPS-scheme that extends to spouse/ nominee and dependent children of the members.

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