A retirement fund is extremely important as we would want to live a financially fulfilling and peaceful life even after we have called it a day at work. Experts feel, it is best to start investing for retirement at the earliest as it will provide the power of compounding. There are various savings and investment options available in the market. When it comes to post-retirement financial planning, we have to consider certain factors.
Besides offering tax benefits, early planning ensures a financial discipline. Retirement planning entirely depends upon your comfort level. Different people have different requirements, disparate payment capabilities and financial liabilities.
Srinivasan Parthasarathy, Senior Executive Vice President, Chief Actuary and Appointed Actuary, HDFC Life, explains, “India’s elderly population is expected to double by 2035 (as compared to 2015). By 2050, one in six people in India will be over the age of 60. A significant section of the elderly male population is currently working to meet their retirement needs. More than half of the elderly population in both urban and rural areas are fully dependant on others. All these facts indicate that there is a strong need for retirement planning for Indians.”
Healthcare expenses usually go up with growing age and this should be considered while planning one’s retirement corpus. A regular savings bank account or fixed deposits do not guarantee regular income. Moreover, if not managed well, a financial emergency can wipe away a significant chunk of this corpus. Also, you may outlive your savings.
Diese Geschichte stammt aus der February 2020-Ausgabe von Outlook Money.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der February 2020-Ausgabe von Outlook Money.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Tax Reforms: What's In Store?
The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms
5 Questions That Will Lead You To The Right Financial Planner
Choosing a financial planner is not as easy as it may seem. Besides the right credentials, you should also consider things like the kind of services you will be needing-tax advisory, estate planning-as well as the fee structure. Here are five questions that will help you choose the right planner
Health Insurance Sub-Limits
Sub-limits in health insurance are restrictions placed by the insurance company on the SP maximum amount they will pay for specific expenses that are part of the total hospital bill.
Delayed Gratification, Humility, Understanding Inflation And Risks Key To Financial Success
The journey to financial success is continuous, requiring patience, education, and disciplined decision-making.
Avoiding Common Pitfalls through Asset Allocation and Multi-Asset Investing
Just as you track the calories and nutrients for a well-balanced diet, you need a balanced portfolio that has multiple assets to balance the risks and returns.
Mutual Funds for Financial Growth
Mutual funds allow you to invest in small amounts and seize the compounding growth, and experts help tackle volatility and asset allocation, making them a potent tool to create wealth.
Multi-Asset Investing is The Financial Equivalent of A Well-Balanced Diet
Just as you track the calories and nutrients for a well-balanced diet, you need a balanced portfolio that has multiple assets to balance the risks and returns.
Theme and Triumph: How Thematic Funds Can Boost Your Bottom Line
Thematic funds target high-growth opportunities in various industries and economic sectors, allowing investors to participate in future-focused segments to generate long-term returns.
Wealth Creation Through SIP - The Slow & Steady Road to Success
For investors seeking to create long-term wealth, SIPS are a powerful tool that enables regular, disciplined investments to generate compounding returns.
Tuition Fee Varies Among Countries
I am 22 years old and have recently started working in a software company.
