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Financial planning for retirement pension

 


 


Importance of Pension Planning

Millennials are going to live longer...mind it

you have only 14K days to

EARN for non-working days of LIFE ....


THE REAL DANGER

As populations continue to grow and live for longer than ever, need for money in non-working years of life is at rise. Life expectancy is on the rise and this means that the non-earning period after your retirement will put that much more strain on your monthly expenses.

The danger that lies ahead is obvious and cannot be brushed under the carpet. Your current monthly expenses of Rs.50,000  would balloon to Rs.1.32 lakh in 20 years time at an inflation of 5 per cent a year. BE READY.
Given above is your life cycle, generally people get redy to earn until 20-25 years of age, then from around 20 they start earning with their 1st job and build their 1st house, 1st car, get married.

Later on till 40 they have liabilities of children education and other house hold expenses also as they grow in career they switch jobs to build their second car and save more money for other important life goals.

Then they reach their 60, which is where most of us enters a non-earning phase of their lifes called retirement period, where some still face familiy libailities.

So, point is you have to plan for these 7300 days well in advance, during 14600 days of working life.

have you STARTED yet ...?

Who should opt for Pension Plans?

Anybody who wants to secure their retired life financially should start investing in pension funds. Section 80C also allow several retirement plans that also offer tax deduction up to Rs.1.5 lakhs.

4 reasons why Retirement Plans are a must buy

  • Inculcates a Savings Habit
  • Gain from Compounding
  • Offers a Flexible and Scalable Investment Plan along with Insurance
  • Safeguards the Interests of Loved Ones


5 steps to calculate how much money you will need for retirement
1. Split current monthly expenses into two most regular expenses and several other expenses.


2. Calculate expected income after retirement
3. Calculate net income needed in retirement
4. Calculate the future value of the additional income needed during retirement
5. Calculate the retirement corpus needed at 60

Stages of Retirement Planning

  • Young Adulthood (Ages 21-35)
  •         Best time to put in most
  • Early Midlife (36-50)
  •         Liabilities increased
  • Later Midlife (50-65)
  •         Time to release your responsibilities

 START EARLY...reap more, fix appointment today and discuss