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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.

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    Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.

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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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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 ....

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What is Indira Gandhi National Old Age Pension Scheme? Indira Gandhi National Old Age Pension Scheme is a non-contributory scheme launched by the Ministry of Rural Development in India, to provide pension to people above 60 years of age, living below the poverty line (BPL). It is a social pension ....

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Retirement/Pension Plans News

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Job creation up at 8.14 lakh in March: EPFO

Tuesday, May 21, 2019, 6:25 PM

Net employment generation in the formal sector was higher at 8.14 lakh in March 2019 against 7.88 lakh in February this year, according to the latest EPFO payroll data. Around 67.59 lakh jobs were generated in the entire 2018-19 fiscal, the payroll data based on members joining the schemes of the Employees' Provident Fund Organisation (EPFO) showed.
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EPFO offers online facility to withdraw PF balance

Saturday, May 11, 2019, 2:55 PM

The EPFO is offering an online-service to withdraw your PF account balance. To make the withdrawal process quicker and easier, the provident fund body has introduced a one-page composite form for those EPF subscribers who have linked their UAN with Aadhaar. The single-page composite claim form replaces multiple other claim forms like Form 19, Form 10C, Form 31, etc that were in use earlier.
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Notice to Jet for not depositing PF share of employees

Friday, May 10, 2019, 3:48 PM

The Regional Provident Fund Commissioner's office has issued a notice to the Jet Airways for not depositing PF of employees since March 2019 and directed the airline management to pay up immediately. "As per our records, Jet Airways has 13,839 employees," said the source, adding, "We will give money to employees as claims come. If anyone needs advance, we can give that as well."
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Retirement/Pension Plans Videos

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Retirement/Pension Plans Education

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What Is UAN?

Wednesday, September 5, 2018, 11:34 AM

The Universal Account Number (UAN) was launched by Prime Minister Narendra Modi, in October 2014. The UAN is a 12-digit identification number, provided to subscribers of the Employee Provident Fund (EPF). Subscribers to the EPF are allotted a UAN. Your employer could give you the UAN Number. The main purpose behind introducing the UAN was to create a common reference for EPF account numbers.
EPFO General Pension UAN Finance

What is Employee's Provident Fund?

Monday, September 3, 2018, 10:25 AM

Employee's Provident Fund (EPF) is a retirement benefit scheme thats available to all salaried employees. This fund is maintained and overseen by the Employees Provident Fund Organisation of India (EPFO) and any company with over 20 employees is required by law to register with the EPFO. It's a savings platform that helps employees save a fraction of their salary every month.
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What is Retirement Planning?

Thursday, August 30, 2018, 9:18 AM

Retirement planning is the process of planning and managing your short and long-term finances to help achieve your financial dreams both during your working years and retired life. It involves analyzing your financial objectives, current financial position and expected future cash flow to develop a comprehensive retirement roadmap.
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