Retirement Planning in India
by Abhjeet Kumar Seo ConsultantContingency
requirements during old age are largely unanticipated. Research
shows that most working people in India feel that since their accumulated
savings would be sufficient to take care of their post-retirement needs, a targeted
retirement plan is a misnomer. What they forget is that in the absence of a
social security net in India, only a retirement plan can guarantee
financial independence in their sunset years. Here is a why you should plan for
your retirement in India:
Rise of
nuclear families - The joint
family system in urban India is crumbling, giving way to more nuclear families.
Since young people are opting to strike out on their own, parents are under
tremendous pressure to fend for themselves after retirement.
Increased
life expectancy – With
increased life expectancy resulting from better healthcare facilities and
advances in medical science, you will live longer post-retirement than your
parents. It is therefore important to plan for a steady income stream after
retirement that can sustain you throughout your life.
Rising
Costs – Till not
too long ago, retirees could survive on a modest
income. However, in the present economic scenario, the cost of living has gone
through the roof. With the cost of living rising incessantly, you can envisage
what the future holds. Only a proper retirement plan can provide a steady income
every month to shield you from rising costs.
Retirement
planning is a significant stage of personal financial planning
and largely depends on the portfolio of savings and investments. Therefore
you need to prepare well in advance to cater to these needs. An organized and regular investment approach is
required to build the nest egg for future financial security and facilitate you
to retain your current lifestyle as well as pay for crucial medical expenses in
your old age.
Retirement
Planning Simplified
Retirement
Planning can be challenging for many people, but with Principal
Retirement Advisors you have access to retirement calculators and
products with the flexibility and options to achieve your long-term financial goals.
We offer the strength; stability and personal advice for our clients take
informed decisions. We recognize the importance of understanding your unique
situation and goals and provide different options for retirement planning.
With over 130
years of experience in providing retirement planning services, The
Principal Financial Group® (The Principal®) has the breadth and depth of
expertise to provide customized products and services to suit every
individual’s needs. A broad range of investment funds – from conservative
low-risk to aggressive high-risk funds – managed by professional and respected
investment managers are offered under our retirement product suite along with
retirement calculator tools.
In a country
such as India, which offers low levels of social security to the elderly, only retirement
plans can guard you against destitution since they provide a stable stream
of income till the end of your life while living at standards you are
accustomed to.
To help you
continue rejoicing your life post-retirement to the fullest, Principal
Retirement Advisers presents various Retirement Calculators that assists
you plan for your retirement days better! With our Retirement Calculators you
remain in charge of your retirement income.
Click here for Retirement Calculator
Retirement
planning is an ongoing process which requires
dedication, patience and consistency on part of investors to harvest rich
dividends in your sunset years. Consumers now have access to various
products that allow them to plan for their retirement. While the knowledge for
retirement planning in India is rising, most of us delay investing for it.
Starting retirement planning at an early age can
considerably augment your dream to achieve financial freedom in your old age.
Sponsor Ads
Created on Dec 31st 1969 18:00. Viewed 0 times.