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.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
PLANNING TO BUY CHILD INSURANCE? THINK TWICE
Child insurance plans combine insurance and investment but often offer low returns due to high costs, making a combination of a term insurance cover and mutual fund a better option for securing your child’s higher education needs
How Do You Define Happiness?
Money does buy happiness, but after a while, the appeal fades. We talk about our relationship with money, but, maybe, it’s time to revisit our relationship with happiness
Avoid Crypto As It Is Highly Volatile
I am 22 years old and have recently started working. I want to invest a small portion of money in cryptocurrency. How should I go about it? Does it require a huge capital investment?
Invest Right, Don't Speculate
The lure of high returns and quick gains from equity tips, cryptocurencies, and equity F&O can be enticing. But remember, return of capital is more important than return on capital
The Wedding & Budget: Is Minimalist Trend The Right Knot For You?
Indian weddings are known for their pomp and grandeur, but minimalist weddings are also in vogue now. Dia Mirza was one such celebrity who went for a minimalist wedding. If you also want to keep things minimal on your big day, here’s how to do it
Here's How To Buy An ETF?
Mutual funds are the preferred choice for retail investors. However, they come at a cost and fund management risk, apart from other risks. A smarter alternative is to invest through ETFs.
How Passive Funds Help Diversify
Passive funds provide a simple way to invest in broad markets as well as in specific themes and sectors, making them ideal for an investor's satellite portfolio
The Rise Of Passive Funds
The popularity of passive funds among retail investors has risen post Covid, and fund houses are out with many variations of ETFs and index funds. Does this category present a new opportunity for investors?
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
