Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak Guaranteed Fortune Builder

A plan that offers guaranteed income for your future goals. Know more

Kotak e-Term

Protect your family's financial future. 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 life cover. Know more

Kotak e-Invest

Insurance and Investment in one plan. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more


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.

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

6 key retirement planning tips for a safe and sound financial statement after employment.

  • Oct 10, 2021

You might have been planning and working towards your dream retirement since your 20s or 30s. But the decisions you make when you are close to your retirement age significantly impact how you live your life after leaving employment.

While retirement is the time to relax and indulge in things you like, the smallest mistakes, especially close to the retirement age, can have severe consequences. If you are about to retire soon, here are six expert tips to help you live the retirement of your dreams.

Don’t Have a Pension Plan? Invest in an Immediate Annuity Plan

A retirement pension plan is an excellent way to ensure that you continue receiving regular income even after you retire. However, if you’ve missed purchasing a pension plan in your 30s and 40s, you can still consider purchasing an immediate annuity plan even if you are close to retiring.

With immediate annuity plans, you make a lump sum investment and start receiving annuity immediately after investment.

Debt-Free Retirement Life

For a stable financial future, it is generally recommended that you repay all the loans, like home loans, education loans, personal loans, etc., before they retire. Without a regular source of income, it can get challenging to continue repaying the loan after retirement.

Rather than extinguishing your savings after retirement, you should make every possible effort to close off your loans before you retire.

Health and Life Insurance Plans Are a Must

There is no stopping the medical inflation in the country. As healthcare expenses are only expected to rise in the future, it’d be wise to also invest in a health insurance plan if you haven’t already. Some insurance plans in the now offer health plans to individuals up to 55-60 years.

Similarly, also consider purchasing life insurance to ensure the financial safety of your spouse and other family members in case of your unfortunate demise.

Work on a Tax Strategy

Income from various sources, such as equity investments, mutual funds, fixed deposits, pension income, etc., are taxed differently.

While seniors are offered preferential tax treatment in most cases, it’d still be wise to know how income from these various sources will be taxed and what are the different ways you can claim deductions and exemptions. You can consult a tax advisor for the same.

Consider Safer Investment Options

When you are close to retirement, it is wise to switch to safer and more stable investment forms, such as fixed deposits, liquid or debt mutual funds, etc. Even if you have equity investments, consider only holding solid blue-chip stocks.

As you are no longer working, relying on investments that deliver risk-free or stable returns with minimal risk is better.

Have a Safety Cushion

You should never invest all your money, especially in your retirement years. It is generally recommended that you should have at least 1-2 years’ worth of expenses in a savings bank account to ensure that you can access the same as and when needed.

Investments like mutual funds and equity are market dependent. In case if the market falls, you’d not want to withdraw your investments at a loss. The safety cushion will ensure that you always have liquid money for short-term expenses.

Ensure Financial Security After Retirement

Finances will play a critical role in helping you live the retirement of your dreams. Keep these tips in mind if you are close to your retirement age, as they can save you from expensive mistakes that could have severe long-term consequences.

Kotak Life Time Income Plan

Download Brochure


  • 6 Plan Options
  • Tax benefits ^
  • Higher annuity rates for higher purchase price
  • 4 Annuity Modes

Ref. No. KLI/23-24/E-BB/1052


- A Consumer Education Initiative series by Kotak Life

Similar Articles

3 Ways to Save Early to Keep Living Out Your Dreams Post Retirement

What is a Defined Benefit Plan and How it Works?

5 Best Investment Options for Senior Citizens in India

Ten Signs That You're Ready to Retire

Mistakes You Must Avoid While Planning Retirement

Is ULIP Better Than FD?

Types of Pension Plans and Their Tax Benefits

Which Is Better: ULIP or SIP?

Changing Jobs? Reinvest Your Retirement Funds

Tips to invest your voluntary retirement scheme money

Mastering the 30:30:30:10 Rule: A Guide to Effective Retirement Planning

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

Retirement Planning at 50? You Are Still Good to Go

How to Protect Your Retirement Account from Hackers

ELSS vs ULIP: Which is a Better Investment?

What Are Mortality Charges In ULIP?

How Has NPS Performed in Comparison with Other Instruments?

What Is A 401(k) Retirement Plan?: A Beginner's Guide

How Much Corpus Does One Need for Retirement?

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

15 Passive Income Ideas for Seniors to Boost Retirement Income

What tax benefits are there on saving for retirement?

Retirement: A New Start to Life!

Importance of Retirement Planning

Gift Your Parents a Sound Retirement Plan

What are the Charges Levied on ULIP?

Importance of financial Planning for Retirement

Embracing the FIRE Movement: Financial Independence and Early Retirement

What Retirement Would Look Like 30 Years From Now

The Rise of ESG Investing in Retirement Planning

Is an Annuity a Good Investment Option?

Managing Your Money After You Retire

Turbocharge Your Retirement Savings with Annuities: Unlock Greater Returns

Types of Pension Plans for Your Retirement

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

What are the Rules for Exit From NPS?

How to Win at Retirement Savings?

14 Tips to Ensure Successful Retirement Planning

Pension Funds In India – Meaning, Overview, How Do Pension Funds Work, Types, Pension Plan Features and Tax Benefits

The Significance of Number 8,000 in Retirement Planning

7 Secrets that can Make Your Post-Retirement Phase Prosperous

Demystifying Retirement Financial Planning

Top 3 Reasons Why You Should Start Retirement Planning Early

Long-Term Investing: Boost Retirement Income with an Income Booster

Why is it Good to Have a Retirement Plan Before Your Marriage?

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

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

What is a Retirement Plan - What are its Features?

What Are Retirement Pension Plans?

How to Calculate Your Retirement Corpus?

How Do Annuity Options Work In NPS

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

How to Maximize Your Retirement Savings with a Pension Scheme in India

What are the Benefits of ULIP - Explained

Right Age for Retirement Planning and How to Go About It

Plan Your Retirement in India - Retirement Calculator

Early Retirement Planning Tips

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

Reasons you should Buy a Retirement & Pension Plan

How Does ULIP Work in India?

Types of Retirement Plans

How to Save for Retirement With Retirement Investment Plans?

Here's Retirement Planning Guide for Working Men & Women

Inflation: A Key Factor to Consider into Retirement Planning

How Does NPS Work?

What are the Instruments Available for Building a Retirement Corpus?

How to Register An EPF Grievance Online

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

7 Best Guaranteed Income Plans 2023 in India Their Eligibility, Features & Benefits

Guide to Long Term Investment

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

Know the Pros and Cons of Retirement Annuities

How To Choose The Right Pension Plan?

Turbocharge Your Retirement Savings with Annuities: Unlock Greater Returns

Here's are Advantages of Pension Schemes and Retirement Plans

Which Pension Plan Suits You best?

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

Understanding Annuity Plans

Top Investment Options for Retirement Planning

Terminologies You Should Understand About Retirement Plans

What is the Minimum Lock-in Period for ULIP?

Benefits of Early Retirement Planning

6 investment options for the retired

Retirement Planning: Use our Retirement Calculator to Plan Ahead

Benefits of Annuity Plan Investment

Retiring soon? Here’s why buying annuity plans may make sense

How Can NPS Help You Save Tax?

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

What are the Differences Between ELSS ULIP and Mutual Funds?

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

Retirement Planning for Millennials

Different Types of Retirement Schemes

Do Pension Plans Allow Any Death Benefits?

A Quick Guide to Retirement Plans

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

Here's Benefits of Post Retirement Investment Options

Retirement planning with a systematic life insurance plan

Which are the Best Investment Plans for Indian Senior Citizens in 2022?

How should one decide on fund allocation within NPS?

4 Tips to Avoid Running Out of Money in Retirement

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

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

NPS for Housewife

Meaning of Sum Assured in a ULIP

How To Check EPF Claim Status- The Complete Process

What Are Superannuation Benefits?

Benefits of Early Retirement Planning in India