5 Retirement Planning Tips for a Financially Controlled Post-Employment Life
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

5 Retirement Planning Tips for a Financially Controlled Post-Employment Life

5 tips for planning a financially controlled retirement to stay cash-rich in the post-employment life. Save more using these retirement planning tips.

  • Oct 10, 2021
  • 767 Views

Today people are more conscious than ever about financially securing their future. The covid-19 and the subsequent job losses have made a deep impact on people’s psyche regarding job security, the uncertainties in life and the importance of retirement planning.

While the awareness regarding retirement planning has increased, people often find the whole process quite overwhelming. However, anyone can start retirement planning by following some basic tips.

1. Set a Retirement Date

You may consider 40 as the right retirement age, or you may think 60 is the correct age for retirement. You are right in both cases. The point is to have a clear vision of the date of your retirement and plan accordingly.

Setting up a retirement date helps you in creating an imaginary deadline to achieve your target and prioritize your finances accordingly.

2. Track Your Spending

You may be unable to set a realistic financial goal without understanding your spending habits. Therefore, organizing your spending habits is imperative. You can begin by writing down your monthly expenditure first and then dividing them under different sub-headings like necessary spending, avoidable spending, impulsive spending, etc.

Tracking your spending can give you an idea about your spending habits and how to curtail unnecessary expenditure, if any.

3. Start Investing Early

Once you get a clearer picture of your finances, start your investment journey right away. You should ideally start investing as soon as you get the first paycheck.

People tend to invest after budgeting their expenses, but ideally, it should be the other way around. Starting your investment journey has the following benefits.

  • You can develop a financial discipline of investing that helps you refrain from indiscriminate spending.
  • You can build a retirement corpus at a steady speed without straining your finances.
  • Your investments get enough time to reap the benefits of compounding.

4. Diversify Your Investment Portfolio

You need to walk the tight rope of wealth creation and the safety of your retirement corpus. While too much risk can hamper your investment returns, going overboard with risk-free investments may result in a retirement corpus that can fall short of beating inflation in the long run.

Therefore, it is advisable to create a diversified portfolio containing proportional weightage to different investment instruments.

For example, you may consider building a portfolio comprising lifetime pension funds, life insurances with moneyback options and ULIPs.

5. Don’t Forget Health Cover

The rising cost of medicines and hospitalization has made health insurance more important than ever. Therefore, consider buying health insurance that can adequately cover you and your spouse in the wake of any medical emergency during your retirement.

It is true that no one can control what happens in future, but you can certainly be better prepared to face any challenges or circumstances if your retirement is financially secured. Therefore, start laying a strong foundation in the form of a robust retirement plan for a secured and happy financial future.

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

Kotak e-Invest

Download Brochure

Features

  • Return of Mortality Charges*$
  • Enhanced Protection
  • Multiple Plan Options
  • Zero Premium Allocation Charges
  • Tax Savings^

Ref. No. KLI/22-23/E-BB/521

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

What Are Superannuation Benefits?

Retirement Planning at 50? You Are Still Good to Go

Understanding Annuity Plans

5 Reasons to Buy ULIP for a Secured Financial Future

What are the Rules for Exit From NPS?

What are the things to consider before buying ULIPs?

Ten Signs That You're Ready to Retire

Retirement: A New Start to Life!

Un-Retirement - Are You Ready For It?

Is ULIP a Good Option for People Above 60?

Tips to invest your voluntary retirement scheme money

Top 4 Myths About ULIP Investments You Should Know

Here's What Retirement Would Look Like 30 Years From Now

Saving for approaching retirement with retirement insurance

What is NAV in ULIP, and How is it calculated?

Advantages of Pension Schemes and Retirement Plans

5 Notable Investment Options for Retirees

5 Steps to Gift a Smart Retirement Plan to Your Parents

How Has NPS Performed in Comparison with Other Instruments?

Why Should You start Retirement Planning as soon as you start a job?

What are the Uses of ULIP?

Which Pension Plan Suits You best?

Types of Annuity Plan | Annuity Definition - Meaning & Key Benefits

Pros and Cons of Retirement Annuities

What is an Annuity Plan, and How Does Annuity Plan Work?

Top 6 Flexible Benefits That ULIPs Offer

ELSS vs ULIP: Which is a Better Investment?

Different Types of Retirement Schemes

5 Common ULIP Myths That You Should Stop Believing

What are the Advantages and Disadvantages of ULIP?

Is ULIP Better Than FD?

Benefits of Early Retirement Planning in India

Top 4 Mistakes To Avoid While Planning For Your Retirement

Can I Surrender My ULIP Policy after 2 Years?

At What Age Should You Start Your Retirement Planning?

Do ULIPs Give Good Returns On Investments?

What are the Charges Levied on ULIP?

Best Insurance Plans for a Guaranteed Monthly Income After Retirement!

What is the Minimum Lock-in Period for ULIP?

Benefits Of Retirement & How Investments Can Help You Enjoy Them

What are the minimum and maximum investment in ULIP? Would the Whole Amount Insured in The ULIP Insurance be Invested in the Market?

How has ULIP Grown Over the Last 3 years?

What is the Difference Between EPF, VPF, and PPF? What are Their Tax Benefits?

Calculating a Retirement Corpus that can Support Your Lifestyle

What is Lock-In Period in ULIPs?

Save Early to Keep Living Your Dreams Post Retirement

What are ULIPs and their Types?

What is Fund Value in ULIP?

What is the difference between Life Insurance and ULIP?

How To Choose The Right Pension Plan?

What are the Differences Between ELSS ULIP and Mutual Funds?

Why Should You Invest in NPS?

Different Types of ULIP Investments in India

How Do Annuity Options Work In NPS

Benefits of Early Retirement Plans

Is the ULIP Policy Surrender Value Taxable?

What Happens to ULIP Premiums Paid if the Market Crashes?

Retirement planning with a systematic life insurance plan

Is it Suggestible to Take a ULIP Plan Linked with a Term Plan?

Why You Should Invest In An Annuity Plan?

Retirement Planning Guide for Working Men and Women

Top 6 Reasons Why You Should Get A Pension Plan

Getting Close to Retirement? Six Key Retirement Planning Tips That Can Help You Retire

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

Who Gets the Benefit After the Maturity of ULIP: The Proposer or The Life Insured?

Retirement and Pension Plans in India- What are Your Options?

Long Term Investment Guide for Your Retirement

Is ULIP A Good Investment Option?

What are the Maturity Benefits in a ULIP Plan: Fund Value Sum Assured or Only Fund Value?

What is the Estimated Return Percentage on ULIP? Do Investors Get Compound Interest?

Retirement Planning Guide: These 5 Steps Will Help You Towards a Safe, Secure and Fun Retirement

A Quick Guide to Retirement Plans

Types of Pension Plans for Your Retirement

How Quickly is Fund Switch Effected in ULIPs? Is it Done the Same Day or After a Particular Number of Days?

Why ULIP Should Be a Part of Your Investment Portfolio?

What is Partial Withdrawal in ULIPs?

Importance of financial Planning for Retirement

Difference Between Unit-Linked Insurance Plans and Non-Linked Plans

5 Reasons Why ULIP Plans are One of The Best Retirement Planning Instruments

How Does ULIP Work in India?

What Are Mortality Charges In ULIP?

What is Premium Redirection in ULIPs Plans | ULIP Insurance Plans | Kotak Life Insurance

7 Secrets that can Make Your Post-Retirement Phase Prosperous

The Significance of Number 8,000 in Retirement Planning

How Safe is it to Invest in ULIP plans?

Importance of Retirement Planning

How Can I Achieve My Wealth Goal with ULIP Investment?

What are the Instruments Available for Building a Retirement Corpus?

How should one decide on fund allocation within NPS?

What are the 4 Financial Phases of Retirement? How to Budget For Each One?

How Does Pension Plans in India Works?

Worried About Running Out of Money in Retirement? 4 Tips to Avoid This Crisis

What tax benefits are there on saving for retirement?

Annuity Plan | How to Choose the Right Annuity Plan | Kotak Life

Terminologies You Should Understand About Retirement Plans

ULIP Tax Benefits: यहां निवेश करने पर मिलते हैं 5 बड़े फायदे

What are the Benefits of ULIP - Explained

How to Build a Tax-Free Pension Income for Retirement?

FAQs on Taxation of ULIPs

Meaning of Sum Assured in a ULIP

How To Keep Your Retirement Accounts from Being Hacked?

Can NRIs Invest in ULIP Plans Offered in India?

What is a Defined Benefit Plan and How it Works?

Do Pension Plans Allow any Death Benefits?

Retirement Planning - How To Calculate Your Retirement Premium in India?

What To Do With Your Retirement Accounts During An Employment Lapse?

Which Is Better: ULIP or SIP?

Top Investment Options for Retirement Planning

Types of Retirement Plans

Demystifying the Retirement Planning Process

How to Win at Retirement Savings?

How Much Corpus Does One Need for Retirement?

Single Premium ULIP or a PPF - Which One is Better?

Is it possible to live a financially independent life, even after you retire?

What Are Retirement Pension Plans?

What Happens If I Stop Paying My ULIP Policy Premium After Paying the First Premium? Will I Still Get The Return?

Are Annuities Great For Early Retirement?

यूलिप के 8 शुल्क

A Beginner's Guide to Understanding 401k Retirement Plan

Inflation: A Key Factor to Consider into Retirement Planning

8 Charges in ULIP That You Must Know

NPS for Housewife

Is ULIP a Complex Financial Product?

How To Make Most of Your Money After Retirement?

6 Signs That You Are Not Financially Ready For An Early Retirement

Give Your Retirement Savings A Booster-Shot with Annuities

Are You Planning an Early Retirement? Here's Why Buying Annuity Plan Will Make Sense

Retirement Planning for Millennials

How Can ULIPs Help You Plan for Your Child's Future?

10 Steps to Figure Out How Much Money You Will Need After You Retire

ULIP: Can You Surrender ULIPs or Withdraw Money from It?

ULIP Plan or Traditional Insurance Plans - Which is better?

What is a Retirement Plan - What are its Features?

How To Calculate The Present Value And Future Value Of Annuities?

What are the Chances of Losing all my Money in ULIP and How Much Return Should I Expect?

What is the Death Claim Payable in the Case of ULIP?

How Does NPS Work?

Know Why You Should Stay Invested in Your ULIP Plan

Why Should Retirement Planning Be on Top of Your Priority List?

How can NPS help you save tax?

Is it Advisable to Withdraw the ULIP Insurance Policy After 5 Years?

ULIPs or Pension Plans – Which is a Better Retirement Plan?

10 Steps to Figure Out How Much Money You Will Need For Your Post Retirement Plans

Invest for your second innings with a guaranteed savings plan

Looking for Ways to Earn Lifetime Income in Retirement? Here Are 6 of the Top Options

Does Having Both ULIP Plan and Other Health Insurance Plan Make Sense?

Is It Worth Buying ULIP Plans For 10 Years?

What is ULIP and Its Benefits?