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Keys To Successful Retirement Planning

What you should keep in mind when it comes to investing in order to build a sufficient retirement corpus that would be beneficial for you in your retirement years. Follow the steps mentioned below to perfect your retirement planning.
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The thought of retirement can bring about feelings of anxiety for many people. After having lived a majority of their life earning a stable income on a regular basis, retirement can appear scary, if not worse. The one thought which crosses most people’s minds is maintaining their pre-retirement lifestyle after retiring. While it does sound scary, it doesn’t necessarily have to be so. Retirement is just another stage in life, which if prepared for well, can bring much peace and joy.

Retirement planning is something which everyone has to do, some time or the other. The goal is to create a corpus which will be sufficient to take care of all your needs and also those of your dependents for the remainder of your life. Retirement planning must also take into account the rising inflation, lowering interest rates, both of which combined can easily drive up the amount you require to have towards savings. However, it is not impossible to achieve. Here are some important things to remember which will help you start on your journey to plan for your sunset years.

Start Saving When You’re Young:

When it comes to any type of financial saving, the first and foremost thing to remember is to start young. When you’re young, retirement is not even in the horizon, this is the time you should start saving. By doing this, you will have a much longer duration at your disposal. Start saving as soon as you start earning, even if it is a meagre amount.

The trick to saving right is to cut down on expenses which may be unnecessary. Always keep in mind that health is wealth. However, dining out 3 days a week or going on a shopping spree every week are not necessities. Analyze your lifestyle and evaluate needs that are necessary and weed out the ones which are wasteful. Each month, you must aim to save at least 20% of your income, if not more. Also, try to pay off loans as soon as possible.

Save Regularly:

Another key to accumulating savings is to save regularly. While for some people, saving regularly is easy, others must cultivate the habit to do so over time. Systematic savings on a regular basis will help you chart out a financial plan, maximize your earnings from the income and also motivate you to be disciplined in your savings. With consistent savings and compounding interests, you can very well see your wealth growing.

Make a Plan:

There can be no retirement planning if you don’t have a plan. Planning is the backbone of everything. Start by assessing your current financial situation and expenses. Calculate the amount you need to save in order to take care of your expenses after retirement. Review how much you already have saved so you can calculate how much more you need to save.

While planning, you must also take into account changing financial situations and needs. Be prepared to review and change your plan according to changing financial situations. Don’t forget to review your plan at least once a year, if not more frequently.

Better Late Than Never:

While the importance of starting to save early cannot be stressed enough, it is also never too late to start saving for your retirement. As they say, better late than never. If you have been unable to save previously, start whenever you can. That way, you will at least have something towards your retirement savings. Invest in retirement plans which can help you build a corpus over a period of years. After all, something is always better than nothing.

Do Thorough Research On Investments Available:

Another important step towards planning is researching on available plans. Beside savings, look for retirement plans which you can invest in to get the maximum return on capital. Don’t just rely on your savings or your pension to tide you over. Seek the advice of experts and invest in plans which are especially designed to help build a retirement corpus. There are several options available like mutual funds, annuity plans, fixed deposit, PPF, life insurance and much more.

Keep Monitoring Your Progress:

After you have chalked out a plan and starting implementing it, your responsibility does not end there. As mentioned before, it is essential for one to review their retirement plan from time to time, not only to monitor progress but also adjust their expenses/savings accordingly. One’s financial situation will continue to change with time. As we grow older and move into higher paying jobs, our saving capacity automatically increases. This is why it is necessary for one to regularly monitor, review and adjust their retirement plans accordingly.

Put a Lock On Your Savings:

Temptation is something which will strike all of us. Whether it is for that new mobile phone, or shoes, or anything else for that matter, when we know we have money at our disposal, it becomes difficult to not spend it. Besides having self-control on your spending, it is also important that you put away your savings under lockdown. Indulging oneself is necessary, but it is also important to know when so much becomes too much. One of the best ways to keep yourself from spending unnecessarily is to put your money away in investments. After your salary is credited to your account each month, you can set instructions to have the investment amount be automatically debited from your account each month.

Retirement is a well-deserved period od relaxation which everyone must enjoy and use to do what they want. Be it to go on vacations, dedicating more time to a hobby, or anything else which makes you happy. Money is the last thing that you should be worrying about and planning right is the key to achieving this.

Keys To Successful Retirement Planning Reviews

Page 1 of 50 1 2 3 4 5
  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have chosen 2 policies, long term and money back. LIC is good but they will provide the information only If I request them. Paying monthly 2500 rupees through ECS. I did not see any benefits and have no access for online. Every 5 years once they are giving bonus on the money back plan.
    Was this review helpful? 0
    , hosur
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and it was taken almost now 10 years through an agent. The tenure period is 21 years and its a JEEVAN ANAND. The benefits are quite good. I never contacted the customer service, I go through with an agent. I make the premium through online every quarter.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Jan 14, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • LIC Life Insurance
    "Good for me and for my nominees"
    0.5 4.0/5 "Great!"
    I have purchased Jeevan anand policy with LIC, my policy has the tenure period of 20 years. As per my policy I need to pay the premium for 15 years, I make Rs. 30,000 per annuam. At last I get the premium cover upto Rs. 20 lakhs and one other good benefits even after the policy expiry there is a maturity benefits of 14 lakhs will provide to the nominees for certain demise its good. But I suggest they need more improvement on the customer support,
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    It was taken the policy with LIC in month of 2014, they have good reputation and my relative is working as an agent. To secure my family I took this policy, the policy which I am holding it for 25 years, I will be getting the maturity after the tenure period.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Good Investment"
    0.5 5.0/5 "Blown Away!"
    Agents are professional in LIC, and they have flexi in the payment options. I have Jeevan anand policy it has the term period of 15 years, I need to pay the premium for whole year after 24 years I get the return value also they provide life coverage.
    Was this review helpful? 0
    , dandeli
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy to take"
    0.5 4.0/5 "Great!"
    LIC is providing lots of tax benefits policy hence i have chosen the policy with them. I have taken the Jeevan Anand policy. I used to make the premium amount through online. I'm very much satisfied with the sum assured amount. Total tenure period of the policy is 15 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have money back policy policy with LIC, it has premium of Rs. 10,000 per annum. It gives the maturity benefits after 20 years of the tenure period, I used to get the bonus amount around Rs. 40,000 for every five years it has the tax benefits too.
    Was this review helpful? 1
    , malda
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    It has been a good policy and i had started this insurance a long time back. The premium amount has not been not too high and i have been paying it annually where the payment method has not been high. The policy is good and can be suggested to others.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy with Life Insurance Corporation of India. I have selected the LIC because of the wife's suggestion. I have chosen the Jeevan Bhima policy. I am paying the premium amount of Rs. 30000 every year. I have no idea about the coverage value. I make the premium through agent via money transfer.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Better to invest"
    0.5 5.0/5 "Blown Away!"
    I have a money back policy from LIC which was taken before 10 years through an agent. Every 4 years once they are providing good benefits like bonus points. The agent was very helpful. I got the insurance paper. I am paying the premium every quarterly 1000 rupees through online.
    Was this review helpful? 1
    , pondicherry
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Benefits part should be increased"
    0.5 2.0/5 "Expected more"
    I have term insurance with LIC, they give the life coverage to the nominees, they have option to add multiple nominees. I have taken it for 20 lakhs hence I need to pay the premium around Rs. 7000 per annum, the draw back with this policy they wont provide paritial amount to the holder.
    Was this review helpful? 0
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Bonus Policy"
    0.5 4.0/5 "Great!"
    LIC is national insurance company and it has the good reputation. I have taken the policy called money back policy, it has maturity period around 15 to 20 years, I used to get bonus amount every 3 years or 5 years, they have tax benefits and other facilities.
    Was this review helpful? 1
    , thrissur
    Reviewed on Jan 09, 2019
  • ICICI Prudential Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance was bought from ICICI prudentuial. One of my friend who is working over there has recommended me about this policy. I paid the premium amount of Rs. 25000 annually. I have paid the premium for 2 years after that i have discontinued the policy due to the personal reasons. I have to pay the premium for 7 years actually.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have taken some policy with LIC, I could not recall the name of the life insurance. But it has the term of 15 years, I need to pay only for 10 years, I get the coverage for whole year. They are providing tax benefits with the life insurance premium and it has life coverage.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have my life insured with LIC from last 15 years and it is a long term policy. I pay my premium once on 6 months through direct payment and i am convenient with the payment options. I am not happy with the returns and tenure period for this policy is for 25 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Trusted Insurance"
    0.5 5.0/5 "Blown Away!"
    They saving our money and providing the loan based on the premium but we need to maintain proper track record for the LIC. I have taken the policy for the tenure of 25 years, I need to pay the premium for whole year I expect good value from my three policy.
    Was this review helpful? 0
    , cuddalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Life Saving Policy"
    0.5 5.0/5 "Blown Away!"
    My life was insured with Life Insurance Corporation of India. I have purchase a plan called Jeevan Bhima Yojana. Since my father is paying the premium, I'm not sure about the amount. This is a 20 years tenure period policy. I never had any trouble with this policy.
    Was this review helpful? 1
    , chandigarh
    Reviewed on Jan 08, 2019
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took this insurance long bank , the agent had explain me clearly about the policy coverage and plan benefit,and i pay premium on quarterly basis, i pay up to 2700-2800 rupees which was nominal for me,it use to get auto debited from my account.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
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