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Retirement / Pension Plans

Earlier you plan for retirement, more is the money you have.
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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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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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    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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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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Modi Government Pension Scheme for Workers

05 December 2019, Thursday    

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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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Uttarakhand govt mulls pension scheme for acid attack survivors

Monday, January 13, 2020, 3:39 PM

Inspired by the movie 'Chhapaak' which revolves around the life of an acid attack survivor, the Uttarakhand government proposes to introduce a pension scheme for such victims in the state to help them lead a dignified life. A proposal to introduce a scheme like this has been prepared and will soon be presented before the Cabinet for its approval, state Minister Rekha Arya said.
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PFRDA may become regulator for all pension products

Saturday, December 21, 2019, 10:17 AM

The finance ministry may allow the PFRDA to become the single regulator for all pension products, with an announcement on this expected in the upcoming budget. The government is also considering doubling tax benefits currently available under the NPS to Rs.1L under Section 80CCD (1b) and making the annuity income tax-free. Currently, the annuity received is taxable in the year of receipt.
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Govt to scrap EPFO-NPS switch, allow lower PF contribution: Report

Monday, December 9, 2019, 11:28 AM

To boost consumption, the government may increase the take-home salary by giving the option of reducing provident fund(PF) contribution, according to a report. Organized sector employees may soon be permitted to lower their PF contribution, which is currently 12% of the basic salary, the report said. The ministry has also decided not to corporatize the EPFO and Employees' State Insurance Corporation(ESIC), the report said.
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What is Jeevan Pramaan or Digital Life Certificate?

Monday, August 12, 2019, 11:59 AM

The jeevan pramaan certificate is the proof that pensioners must submit to the relevant and authorized pension distributing agency(bank or post office) once a year, to certify the pensioner is alive. Providing the jeevan pramaan certificate, helps the pensioner receive the pension to the savings bank account. Previously, the pensioner needed to be present before the pension disbursing agency to obtain the life certificate.
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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.
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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.
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