Retirement planning has three important constituents.
An early start, a good choice of scheme(s) and a periodic stock taking exercise. The power of compounding is an accepted concept that conveys the need to start early. Some tend to dismiss it as sales rhetoric manufactured by financial services firms to meet targets. An early start helps in many ways; it gives your money time to grow. It ensures you don’t take disproportionate risks.
Having decided about the early start, it is important that you choose your plan well. We live in an era of choices. While there are choices aplenty in individual centric pension plans that insurers manage and other retail products, I will focus on the ones that are available at your workplace.
Most employers are mandated to offer Employees Provident Fund (EPF) and its allied schemes (Employees’ Pension Scheme and Employees Deposit Linked Insurance). In addition to these, some employers offer the National Pension System.
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Esta historia es de la edición August 2017 de Outlook Money.
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