Planning for retirement should be your vital financial goal

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Planning for retirement should be your vital
financial goal
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• We all
  aspire to live a lavish lifestyle. A house in
  dream city like Mumbai, good business or job, lot
  of wealth and well settled life. Although, many
  people plan in different ways to earn good income
  for young days very few dig deeper and think
  wisely for retirement days. With the inflating
  economy, increase life expectancy and nuclear
  family trends, retirement planning has a special
  importance for aged people.

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• A sound retirement plan
  will not only help you fulfill your dreams but
  will also let you live with pride in society
  without being dependent on children or other
  family members. It helps you save money for your
  retirement. It ensures that you continue to get
  some income after retirement thereby ensuring
  that you maintain the same lifestyle in old age.
• Insurance companies offer
  retirement plans under various categories. An
  individual can choose the plan based on their
  personal choice and requirements. Life insurance
  companies offer insurances under various
  categories. The insured or an investor can pick
  the same based on their personal choice and
  requirements.

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• While investors hunt for plans in market they can
  come across endowment, money-back and whole-life
  plans or some plans that exclusively cater for
  your retirement known as pension plans. While
  conventional plans let the insured to protect
  family from financial crisis in case of his or
  death, pension plan create a source of income
  after retirement for the insured person. Besides,
  in case anything unfortunate happens to them a
  lump sum amount is paid towards the family to let
  them come out of financial crisis. The premium
  paid is investment in market based equity, debt
  or balanced funds.
• A retirement cover focuses upon providing a
  steady source of income at the time of retiring
  days. Markets offer plan based on certain set of
  combinations such as annuity for a specific
  number of years, life annuity (pays annuity for
  your life), life annuity with return of premium,
  joint-life last survivor (annuity continues after
  death of the holder and in the name of the
  spouse), and joint-life last survivor with return
  of purchase price (in the case of death of holder
  as well as spouse, the premium is paid back to
  nominee).

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• Some benefits of retirement plan are as follows
• Lump-sum cash
• Most retirement plans offer maturity benefit in
  form of lump sum amount depending upon the plan
  selected. These pay-outs can be used to fulfill
  dreams such as taking a foreign tour, opening a
  small café, or constructing a home in native

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• Family needs
• Since most Retirement Insurance Company come
  equipped with death benefit cover they will
  provide sufficient amount to take care of
  familys basic financial needs. It acts like a
  financial cushion after the loss of breadwinner.
• Regular income source
• Most old people want to live with pride in
  society. They want to live on their own without
  bothering their children, siblings or other
  family members. Therefore, a well drafted
  retirement cover can be used as regular stream of
  income that will help you sustain your current
  lifestyle after retirement. It can also help you
  tackle inflation and receive adequate funds
  during post-retirement age.

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• Tax Benefits
• One of key features of retirement plans would be
  tax benefits. It is not only a tool to manage the
  expenses but will help you save on the tax paid
  to the government during the working years. You
  can avail tax rebate under section 80C 80D of
  the Income Tax Act. The withdrawals done from
  these products are exempt from taxation under
  Section 10 (10D) of the Income Tax
  Act.??????Please get the facts checked!

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