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

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

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

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

5 Retirement Planning Tips for a Financially Controlled Post-Employment Life
  • 10th Oct 2021 |
  • 443

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.

Kotak e-Invest

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


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

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


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Why ULIP Should Be a Part of Your Investment Portfolio?

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

Importance of Retirement Planning

What are the Uses of ULIP?

What tax benefits are there on saving for retirement?

5 Common ULIP Myths That You Should Stop Believing

Meaning of Sum Assured in a ULIP

Is ULIP Better Than FD?

Top 6 Reasons Why You Should Get A Pension Plan

Ten Signs That You're Ready to Retire

Do Pension Plans Allow any Death Benefits?

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

Is It Worth Buying ULIP Plans For 10 Years?

How To Make Most of Your Money After Retirement?

Understanding Annuity Plans

What are the Rules for Exit From NPS?

How should one decide on fund allocation within NPS?

What are the things to consider before buying ULIPs?

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

Saving for approaching retirement with retirement insurance

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

Can I Surrender My ULIP Policy after 2 Years?

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

Top 6 Flexible Benefits That ULIPs Offer

Is the ULIP Policy Surrender Value Taxble?

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

Pros and Cons of Retirement Annuities

How Does NPS Work?

Invest for your second innings with a guaranteed savings plan

Benefits of Early Retirement Plans

Importance of financial Planning for Retirement

How To Keep Your Retirement Accounts from Being Hacked?

यूलिप के 8 शुल्क

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

ELSS vs ULIP: Which is a Better Investment?

Top 4 Myths About ULIP Investments You Should Know

How Safe is it to Invest in ULIP plans?

Retirement Planning at 50? You Are Still Good to Go

What Are Superannuation Benefits?

What Are Mortality Charges In ULIP?

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

Benefits Of Retirement & How Investments Can Help You Enjoy Them

7 Secrets that can Make Your Post-Retirement Phase Prosperous

What is ULIP and Its Benefits?

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

Types of Retirement Plans

Top 4 Mistakes To Avoid While Planning For Your Retirement

Is ULIP a Complex Financial Product?

What is the difference between Life Insurance and ULIP?

Benefits of Early Retirement Planning in India

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

Terminologies You Should Understand About Retirement Plans

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

5 Steps to Gift a Smart Retirement Plan to Your Parents

8 Charges in ULIP That You Must Know

What are the Differences Between ELSS ULIP and Mutual Funds?

How can NPS help you save tax?

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

FAQs on Taxation of ULIPs

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

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

How Does ULIP Work in India?

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

Why are ULIPs One of the Best Tax Saving Instruments?

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

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

Save Early to Keep Living Your Dreams Post Retirement

How Can I Achieve My Wealth Goal with ULIP Investment?

Calculating a Retirement Corpus that can Support Your Lifestyle

Which Is Better: ULIP or SIP?

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

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

How Does Pension Plans in India Works?

NPS for Housewife

How Is ULIP Different from Other Life Insurance Plans? Where Can I Invest - ELSS, ULIP, or PPF?

What is Partial Withdrawal in ULIPs?

How To Choose The Right Pension Plan?

How Much Corpus Does One Need for Retirement?

How to Choose the Best ULIP Plans to Invest in 2022?

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

Is ULIP A Good Investment Option?

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

Managing Your Retirement Income with an insured retirement plan

What are the Benefits of ULIP - Explained

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

What are ULIPs and their Types?

Un-Retirement - Are You Ready For It?

Give Your Retirement Savings A Booster-Shot with Annuities

What is a Retirement Plan - What are its Features?

How Do Annuity Options Work In NPS

Retirement planning with a systematic life insurance plan

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

Why Should You Invest in NPS?

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

Can NRIs Invest in ULIP Plans Offered in India?

Tips to invest your voluntary retirement scheme money

What Are Retirement Pension Plans?

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

What is Lock-In Period in ULIPs?

Different Types of Retirement Schemes

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

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

The Significance of Number 8,000 in Retirement Planning

Best Insurance Plans for a Guaranteed Monthly Income After Retirement!

How To Invest Money In ULIP?

Retirement: A New Start to Life!

What are the Charges Levied on ULIP?

Types of Pension Plans for Your Retirement

Why Are ULIPs Called Flexible Investments?

Retirement Planning Guide for Working Men and Women

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

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

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

A Beginner's Guide to Understanding 401k Retirement Plan

At What Age Should You Start Your Retirement Planning?

Are Annuities Great For Early Retirement?

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

How is ULIP NAV calculated? How is the return calculated in ULIP?

How has ULIP Grown Over the Last 3 years?

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

Advantages of Pension Schemes and Retirement Plans

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

How Has NPS Performed in Comparison with Other Instruments?

Why Should I Invest in ULIP?

What are the Advantages and Disadvantages of ULIP?

Top Investment Options for Retirement Planning

यूलिप के फायदे (Benefits of ULIP in Hindi)

5 Reasons to Buy ULIP for a Secured Financial Future

Long Term Investment Guide for Your Retirement

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

Different Types of ULIP Investments in India

Do ULIPs Give Good Returns On Investments?

What Happens to ULIP Premiums Paid if the Market Crashes?

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

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

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

Which are the Best ULIP Plans in India for Children?

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

Inflation: A Key Factor to Consider into Retirement Planning

Demystifying the Retirement Planning Process

What are the Instruments Available for Building a Retirement Corpus?

A Quick Guide to Retirement Plans

What is an Annuity Plan and How Does Annuity Plan Works | Kotak Life

How to Win at Retirement Savings?

Retirement Planning for Millennials

Is ULIP a Good Option for People Above 60?

What is the Minimum Lock-in Period for ULIP?

Why You Should Invest In An Annuity Plan?

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

Which Pension Plan Suits You best?

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

5 Notable Investment Options for Retirees

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

Know Why You Should Stay Invested in Your ULIP Plan

ULIP Plan or Traditional Insurance Plans - Which is better?

What is Fund Value in ULIP?