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Stay Financially Independent After Your Retirement

Thinking of investing in a pension plan for your retirement years? The pension calculator will help you choose the best plan offered by top insurers depending on the extent of your investment, and of course, the return to help you survive your retirement years.
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Retirement is supposed to be the most important stage of anyone’s life. After many years of hard work, struggle, stress, and working, retirement is one thing many working professionals look forward to. Before thinking about retirement, you will have to think about your financial requirements and how you are going to meet them after your only source of income is cut off. You must have have no financial burden to lead a stress-free retired life. Your savings should be enough for all medical, housing, food, and travel expenses which you will incur during your retired life. Plan your retirement well in advance and start saving for your future right away. The best way to stay financially secure after retirement is to invest in a pension plan.

What is pension?

A pension account is a fund into which an employee adds money on a monthly basis while he/she is employed. This fund will accumulated till the employee is in service and the sum total thereof will be given to the employee post retirement on a monthly basis. There are many types of pension. Some of them are employment-based pension, disability pension, social pension, and state pension. In India, employment-based pension is the most popular type of pension which is often enjoyed by government employees. Most of the time, employer or government funded pensions are not enough to meet financial requirements post retirement. That is why it is very important to have a personal pension fund.

Steps to start planning for your retirement life:

  • Draft a budget: This is the first and the most difficult step while planning for your retirement. Opinions vary on how much money is needed to retire comfortably — some experts argue that you should be shooting for eight times your ending salary, while others say you should be building toward Rs. 1 million. In reality, your retirement savings are very particular to you, so there's not really a one-size-fits-all approach. What's most important is that you determine the exact amount that you need to save for, so there's no guesswork; then you can start building your plan around that number.
  • Increase your savings: Generally, experts recommend that you save between 10 and 15 percent of your yearly income for retirement, but that might not actually be enough, especially if you're getting a late start. Start upping the ante: see if you can start socking away 20 percent from your payment alone. If the added financial discipline is hard to muster, set up an external savings account and have a portion of your paycheck automatically deposited there.
  • Reduce your debt: Tackle any outstanding debt you have and prioritize by starting with high-interest loans first, like credit cards. Seek out alternative solutions if your debt is too large, or it could compromise your retirement. See if you can consolidate your debt in a zero-interest card or low-interest personal loan.
  • Do not spend too much: Before you retire, make saving a habit. Do not shop frequently but buy things only when you need them the most.
  • Make use of employee benefits: Retirement planning doesn't involve just saving money. It also requires making sure you have safety nets in place. You need to maximize your employer benefits such as disability insurance, life insurance and health insurance. If you're not offered enough coverage through your employer, consider buying policies on your own.

Make use of pension calculator for retirement:

There are pension calculators available online which help you calculate the amount you need to live comfortably post retirement. Take advantage of this calculator to calculate how much you need to save before your retire. Pension Calculator helps you calculate your income requirements post retirement on the basis of your age, annual income, savings, nature of accommodation, and the expected growth rate. Pension Calculator basically helps you determine the monthly amount you need to invest towards a retirement plan, in order to meet your financial needs during your golden years.

The following are the key inputs you need to key in the Pension Calculator in order to get viable results:

  • Date of birth: The date of birth you need to enter in this field of the Pension Calculator is majorly for record keeping purposes. Therefore, in order to get the most reliable results from the Pension Calculator, make sure you enter your date of birth as per your government IDs.
  • Retirement age field: While the official age of retirement as per the government norms is 60 years for the salaried people, the Pension Calculator allows you to choose the retirement age as per your desire. This feature has been incorporated in the Pension Calculator keeping the self-employed people in mind as well the increasing trend of voluntary or early retirement.
  • Annual income field: In terms of annual income, you would be better placed to consider your net income instead of your gross income while using the Pension Calculator.
  • Savings field: Please mention the savings you have in this field.
  • Post retirement accommodation field: In this field of the Pension Calculator you are required to mention the nature of your accommodation after retirement.

Pension Calculator for Retirement Reviews

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  • LIC Life Insurance
    "Must Have"
    0.5 5.0/5 "Blown Away!"
    Its is feasible and I can get the loan based on the policy coverage. I took the Jeevan anand policy probably I make the premium around Rs. 15,000 per year it has term of 20 years, Almost I paid it for 15 years , remaining 5 years to go. LIC Is good for tax benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • SBI Life Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy a long time back, the services which they had been very good. The premium amount has been nominal and has not been high and the payment method has been simple. I can make the payments using my credit card and there has not been any hassle faced with the services of them.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life insurance corporation of India, i took my life insurance as the agent of that and he had suggested me good policy explain me well about the coverage and the premium amount they have charged me was nominal they have given me up to 3,000 , it is in monthly basis, and the premium amount gets auto debited from my account.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with Life insurance corporation of India from long time, and the agent of LIC was know person so he suggested me best policy and there premium amount they have given me was nominal , the premium amount i use pay on yearly basis,and there is no hidden charged , and i pay premium through auto debit .
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took jeevan anand policy , and the agent is my brother , he had explained me clearly and advise me which insurance is good for me and i pay premium on half yearly basis and monthly basis as i have two policy, i use to pay through off line mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took life endowment policy , and the agent had properly explain me out the plan benefits and policy coverage , he had explained me clearly and advise me which insurance is good for me and i pay premium on quarterly basis,i use to pay premium up to 14000 through on line, i have two policy second policy premium i use to pay 25,000 as an yearly basis,and there patrol is good,they use to update me if any policy they use to update me, i use to pay through on line mode, through neft transfer.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India, i have taken policy for my family , i have paying premium on half yearly basis up to 65,000 they have charged me , it is nominal for me , i use to pay through off line or on line mode,it depends according to my time, it i want to pay in emergency purpose i need to pay through on line,if there is delay in paying premium they use to charged me up to 230 rupees.
    Was this review helpful? 0
    , lucknow
    Reviewed on Jan 17, 2019
  • Bharti Axa Life Life Insurance
    "Good for nominee savings"
    0.5 4.0/5 "Great!"
    Reason to chose Bharthi Axa, my friend working there hence I took the policy. I have taken term insurance with the coverage of Rs.23 lakhs , I can add multiple nominees, I make the premium of Rs.95,000 its for per annum. It has term of 10 years, now a days they have different options too.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with HDFC LIFE INSURANCE recently in december , they have charge me nominal premium for a yearly basis, and it use to get through on line , and there agent was good they help me to get good policy and they use to update me if any update is there in this policy time to time.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good for future investment"
    0.5 4.0/5 "Great!"
    I don't have any query with Money back policy from LIC, they has all the option through online hence I can visit any branch for LIC queries. I get the bulk amount after 20 years , its good for my daughter marriage or education. therefore I make Rs.30,000 per annum.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good for education purpose"
    0.5 4.0/5 "Great!"
    Long back I done LIC, I was taken education policy for my daughter, I took for it 21 years, I need to pay the premium upto 18 years, then I get 20% of amount every two year once for my daughter education purpose, everything is online, I make the premium around Rs. 40k per annum.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE,there service is good, i use to pay my premium on yearly basis , they have charged me up to 5000 rupees ,i use to pay through on line , they are not taken any extra charges,the agent had explain me clearly about there policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good for tax benefits with safe investment"
    0.5 4.0/5 "Great!"
    I have one LIC Policy for Rs. 60,000 in an annual basis I make the premium, its good for the tax benefits. The policy which I took is jeevan anand has the policy term of 20 years. However it has the locking period of three years. I can view the statement through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 14, 2019
  • 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
  • IDBI Federal Life Insurance
    "I feel I should have taken a better product"
    0.5 2.0/5 "Expected more"
    I have taken IDBI Federal Incomesurance policy 6 yrs back, premium of Rs 1.2 Lakh/yr, for 15 yrs . Life Coverage only 18.3 lakh, I will get only 1.8 Lakh per year for 10 yrs at end of term, which is meagre by any std. I am not able to come out of it as I will be loosing heavily. I am retiring after three years and after that I have to pay for another 5 years to get this benefit (yrly payout) . I do not know what to do.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 13, 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
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