Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak E-Invest
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime!
There may be various reasons you wish to retire early, such as disliking your job, pursuing travel, other interests, etc. But early retirement involves much more than just giving up your job. Your finances must be stable, and you must have a plan to address your regular and critical expenditures in the future. Choosing to retire early without proper planning can make you regret your decision later on.
If you are unable to pay your bills comfortably with the current paycheck, early retirement may not be a good idea for you. While some expenses such as commuting may decrease when you retire, others like health, entertainment, and travel expenses may add on. Also, while struggling to pay your bills, there is little scope for investing and saving for retirement.
If you still paying EMIs for home loans, study loans, or other debts, early retirement can further misbalance your finances. Therefore, you should pay off the debts before choosing to retire so that it doesn’t take a toll on your finances in the future.
Early retirement calls for efficient planning for at least a few years before you plan to retire. You must have a retirement plan and other savings that are more than enough for your expenses post-retirement. If you have opted for a retirement plan, the corpus must be sufficient to serve you for those extra retirement years.
It is a crucial factor to look for while retiring early. It is vital to have insurance for health, life, and other disabilities before you retire so that such emergencies don’t affect your funds meant for other things. If you are still to get health coverage, it might not be a suitable time to retire.
If you have family responsibilities such as education or marriage of children, dependent parents, or other obligations, you must reconsider your plan to retire. It is a better idea to get rid of all the responsibilities of the dependents before you choose to retire early.
Emergencies can fall upon us at any time, and you must be prepared for them before you plan your early retirement. There must be a separate emergency corpus to handle such situations. It may be in the form of market investment, properties, or other assets that can be easily liquefied in times of need.
Early retirement is an excellent idea if you wish to lead a life on your terms, but the retirement years may be fruitful only if it has been planned wisely and well in advance. Also, you must be emotionally ready to retire with a plan in mind to utilise your free time.
Ref. No. KLI/22-23/E-BB/492
