Before you chalk a saving’s plan for retirement, it is essential to frame up post requirement needs that would meet our lifestyle needs. Sound planning is necessary to spare yourself the tremendous anxiety that could ensue following a dubious financial future. Most importantly, financial experts always advise in favour of choosing an investment action over savings since the possibilities of higher returns are more likely with the investment account. The burden of saving post-retirement also gets eased once you start increasing the contribution towards saving by 1% each time you get a hike, annually.
Key policies and frequent collaboration for savings post-retirement for a series of reasons-
- You would be acquainted with flexible plans regarding saving and investing
- You should have multiple options to decide the fate of assets without affecting financial security
- You would be able to pay you child’s college expenses and loan without compromising on savings
Several pension plans in India consist of the key strategies through which you avail more benefits once the policy matures and enjoy the dual assurance of equity and capital. You would be able to save from your 30s, accessing the features of multiple annuity plans and assuredly receiving a monthly income. You can both manage to pay your daily necessities as well as save a lump sum that would secure you for life. A number of pension plans offer specialized benefits to cope up the rising costs of treatment and healthcare in the country. Furthermore, with reputed pension plans under the government, you would now retain the option to choose how you save- whether you pay the amount annually, or ease the burden by contributing to it monthly. The motto is to offer maximum benefit to the user, wherein they have more liberty to decide how they should utilize their savings.
Now, a child education planner is indispensable to assure that you are contributing towards your children’s educational needs to make sure it is never compromised even when you are no longer working. Such a meticulous plan is a necessity to fund academic fees, accommodation, and transportation fees that could hike up over the next few years.
As timely investments are crucial, take a look at some of the added benefits of advanced planning-
- Fund at the right time- this feature would be resourceful when your child is joining a professional course for a secured feature. You can start investing from early on to pay the bills just in time. By the time your policy matures, your family would be able to access it even if you are not around. This corpus received should be sufficient to match up to the inflated fees structure that is expected over the next few years.
- Avoid Market Fluctuation- Unlike other plans, child’s plans and policies offer a better shield against market volatility that leaves many parents vulnerable. The best way to avoid the same is by relying upon a reputed child plans that are reputed for higher privileges and returns at varying stages. Additionally, your family can benefit from such plans that waive off premiums on the demise of the policyholder. Therefore, even if the person is disabled from paying the money, you can be assured that your child’s dreams are never butchered.
- Withdrawals in Installment- at various phrases, you can withdraw the amount to pay for your child’s fees. The periodic pay-outs are synonymous with less anxiety to pay on time and accentuating your child’s skills towards a dream career. These would remain the same, even without your presence to avoid hassles and termination.
One of the smartest ways to anticipate a worry-free post-retirement or child’s plan is by adhering to key strategies that would be compatible with your lifestyle requirements. For instance, if you need funds for during critical ailments and disability benefit, consult your financial advisor to narrow down the choices for you.