Planning for retirement in 2015? Make your plans now

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Planning for retirement in 2015? Make your plans
now
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• When is the right time to retire?
• For a majority of Indians, used to working as tax
  paying salaried employees, the retirement age is
  fixed, so to speak. Most companies retire their
  employees by 60 years or thereabouts some even
  earlier than that by offering them the golden
  handshake.
• Individuals could of course chart a different
  course altogether. They may like being busy and
  could work past retirement in a part-time job or
  conversely they may decide to retire earlier if
  they believe they have saved enough money to
  achieve financial independence post-retirement.

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• So there is no fixed retirement age what is
  important is that the individual has adequate
  money to meet his post-retirement obligations.
• Post-retirement income
• Individuals looking for steady income,
  post-retirement can consider taking an annuity.
• This involves making a lump sum investment in the
  annuity plan, which then makes payment to the
  individual on a future date or a series of dates.
• The income payout is determined by a number of
  factors, including the tenure of the annuity.
• The income depends on whether he has opted for a
  guaranteed payout (fixed annuity) or a payout
  stream determined by the performance of the
  annuity's underlying investments (variable
  annuity).
• The individual can opt to receive the income
  payments for the rest of his life or for a fixed
  period of time.

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• Provision for medical expenses
• Medical treatment, particularly for serious
  conditions are no longer affordable for a
  majority of individuals. And when you have
  retired, there is no regular income to fall back
  on. Retirement Plan Company makes the task of
  managing medical emergencies all the more
  painful.
• Take cardiovascular ailments for instance.
  Treating a heart ailment, especially if it
  involves surgery, can be expensive.
  Unfortunately, most individuals arent prepared
  for such an event.
• Cost of a heart surgery in India could vary in
  the region of Rs 1.5 lakhs to Rs 3 lakhs. Five
  years later it could be a lot more expensive at
  over Rs 3 lakhs and at over Rs 8 lakhs after ten
  years, assuming 10 rise in annual cost.

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• If the individual hasnt saved enough money, he
  would have no option other than to dip into his
  savings and investments or borrow money as a last
  resort.
• One way to provide for medical emergencies is by
  taking a health plan from an insurance company.
  Health plans offer a lot of flexibility both in
  terms of coverage and disbursal. For instance,
  certain health plans cover as many as 30 critical
  illnesses and over 80 surgical procedures.
  Payment towards illness/surgery is disbursed
  regardless of actual medical expenses. The policy
  continues even after the benefit payment on
  selected illnesses.

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