Secure your future with retirement plans

Retirement is one of the toughest decisions to make in life. There’s always some greed of working a couple of months extra in order to accumulate a little more cash and there’s always a fear whether they amount of money you’ve saved after working endlessly for decades will last you your entire retired life! But trust us, with proper planning and a positive attitude, the money you’ve saved after working hard and burning yourself daily for decades will definitely prove its merit and last you your entire life. Here are a few tips that can help you with your retirementplanning .

·         Brush up your basics: You should pick up newspapers daily and read up the financial sections. Papers have a specialized column dedicated to latest developments in the field of investments, mutual funds etc. You need to study them well in order to be abreast with the latest developments. Unless you’re clear with the basics, you cannot go a long way with your retirement planning. Also, keep one thing in mind that your retirement income in usually 65-70% of the money you earn when you’re well settled. After retirement, your life will sober down a bit as compared to your heydays.

·         Keep a track of your present income: Most professionals don’t keep a track of their money. They don’t have an account sheet where they can note down the money they’ve spent the loans you’ve given or have borrowed. This will help you to effectively plan out a data chart showing whether your expenses are going towards needs or wants! This will give you a realistic figure of the amount you can save every month so as to decide the best retirement plan in India for you.

·         Calculate your future position: There are various factors which we are dependent on for our future. It might be our children, our social security benefit and so on. But assess them carefully and evaluate the kind of benefits you stand to receive in your future. We’re not talking about your children here but rather, plans like social security benefits. Aren’t plans like social security dwindling? If not, what’s their scope in near future? Such questions need to be answered for building an effective wealthmanagement plan for future.

·         Forecast future expenses: This is what we are looking at majorly. You need to forecast your future expenses to see how much money you’ll spend each month. To best way to calculate is to keep on noting down your daily expenses that take place right since the time your day starts till the time it ends. You’ll have an amazing idea of how much you spend on auto/taxi, how much on outside food, how much on other wants which are now unavoidable. Even if you go to the best of wealth management companies in India, they’ll suggest you the same.

·         Start investing! : After you’ve carefully evaluated all pros and cons, it is time to start investing! Start investing a portion of your salary for your future.

Plan your retirement yourself!

Retirement is usually a tough decision to make. When my parents chose to retire from work, they had a lot of considerations before them. They had plans of enjoying their post retirement life like they enjoyed their youth, but were worried whether their savings will suffice. It took a couple of weeks for me to convince them that the money they’ve saved after working hard for decades will definitely suffice and in fact, give them a better life than their youth. My parents expressed their apprehensions over unforeseen circumstances and whether they’d have enough money left after such events. Retirement plans usually don’t include unforeseen events but let me assure you, they’re not even important to be included.

A retirement plan can be fruitful for a lot of reasons:

·         Travel is cheaper for senior citizens. Everywhere in the world, senior citizens get first preference and a good amount of discount on train tickets, hotel reservations and flight bookings. This way, people can travel to destinations they’ve harbored since long post retirement without having to worry about the trip being expensive.

·         Governments usually have special medical facilities for senior citizens that cost lesser as compared to those run by private organizations. Further, various charitable institutions treat senior citizens are subsidized costs. Make sure you keep contacts of such places handy before retirement so in case any difficulty arises, you will have some contacts handy.

A retirement should be planned right since the time you start working. Yes, that early! This is because the various policies and funds that you invest in, will take a couple of decades before they start maturing and give you good returns. Right at the start of your career, find out some best mutual funds to invest in. Find out from your seniors about the ones that offer monthly pension on the aforesaid date. It is always good to deal with firms that are true to their words. And when you’re in an old age phase, it would be difficult to make rounds of insurance companies to make your claim. 

Mutual funds form an important part of investing for future, but they are not the only option. There are various saving schemes which you can best know about in detail from wealth management companies in India. Wealth management firms specialize in maximizing your investments for a secure future. In return for a meager commission, they guide you through various interesting plans that can positively impact your savings and offer you the best returns. Consulting such firms can be fruitful and give you a sense of positivity regarding your latter life.

From amount the various plans these companies offer, the best retirement plan in India is that of your own! You should definitely consult wealth management experts but believe me; no one can plan your retirement as good as you can. You will know best about your personal needs, about your income, the kind of expenses you’ve and the kind of savings you can do. It is best to plan your retirement by yourself!

Join your one-stop shop for all your investment plans and insurance coverage

Investments have always been the key to one’s progress, personal or in business. Investment means great returns. Today you would be spoilt for a choice with the types of investment instruments available in the market. It’s quite natural you would want the maximum returns from your investment. Indian mutual funds market is brimming with options these days. Ranging from government launched ones to various financial companies and now the private sector is all full of opportunities catering to your unique need. Studies say people who have invested with the Best mutual fund in India chose mutual fund as they are professionally managed and quite diverse most of the time when compared to other forms of investments.

Consider the following advantages if you are short listing the Best mutual fund in India.

• Diversified mutual funds – Go for the ones that involve variety of investments in a portfolio. Mutual funds are usually spread across industries and assets. You can be benefitted even without investing a huge amount in individual portfolio.
• Professionally managed – Your mutual funds should be take care by skilled professionals. They conduct research, analyze performance, and are always on the lookout for prospects providing you the premium service from expert fund managers.
• Is it liquid enough – Go for the ones where you can redeem your units at anytime of course with a fee for exit load.
• How flexible are they – You would find investment plans that are flexible enough for withdrawal or reinvestment. That provides you ample flexibility.

If you are looking for family health insurance plans find out which insurance provides the maximum benefit. Most of it has coverage for diseases, injuries, surgery or any care needed by the individual or the family. The good ones are packed with features such as cash credited on daily basis, daily cash for accompanying an insured child, maternity expenses, health check-up to name a few. The best in the market

• Provide cover for treatment of illnesses and accidents where the patient is hospitalized.
• Cover critical illness where the illness is pre-defined.
• Cover diagnostic procedures, ICU cost, surgery and prosthetic costs.

Unlike few years ago, people today are fully aware about life insurance and it is one of the most important factors in financial plans of many people like you.  To help you determine what type and how much of coverage is appropriate for you and your family you can refer to the Life insurance calculator. With certain basic information of your family such as resources, debt, expenses, current coverage and so on you could get an estimated amount needed as your life insurance coverage.

These days many people and most importantly youngsters at the beginning of their career have begun to think of pension plan as an important form of investment to secure their future. You could go for retirement plans that are usually tax exempted. Some plans have the employers make contributions toward a pool of funds set aside for the employee's future benefit. There is various type of plan and you could choose from defined contribution plans, defined benefit plans or predefined contributions according to your requirement.