6 Key Retirement Planning Tips That Can Help You Retire
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

Kotak Health Shield

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

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

Getting Close to Retirement? Six Key Retirement Planning Tips That Can Help You Retire
  • 10th Oct 2021 |
  • 839

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 e-Invest

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

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

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Terminologies You Should Understand About Retirement Plans

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

How Do Annuity Options Work In NPS

Can I Surrender My ULIP Policy after 2 Years?

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

Why You Should Invest In An Annuity Plan?

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

What is a Retirement Plan - What are its Features?

Is ULIP A Good Investment Option?

Ten Signs That You're Ready to Retire

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

Retirement planning with a systematic life insurance plan

What are the Charges Levied on ULIP?

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

NPS for Housewife

Top 4 Mistakes To Avoid While Planning For Your Retirement

यूलिप के 8 शुल्क

यूलिप के फायदे (Benefits of ULIP in Hindi)

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

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

Top 6 Reasons Why You Should Get A Pension Plan

What are the Uses of ULIP?

A Quick Guide to Retirement Plans

How should one decide on fund allocation within NPS?

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

Demystifying the Retirement Planning Process

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

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

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

How Can I Achieve My Wealth Goal with ULIP Investment?

5 Steps to Gift a Smart Retirement Plan to Your Parents

What is Lock-In Period in ULIPs?

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

5 Reasons to Buy ULIP for a Secured Financial Future

What Are Mortality Charges In ULIP?

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

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

Meaning of Sum Assured in a ULIP

Can NRIs Invest in ULIP Plans Offered in India?

Is the ULIP Policy Surrender Value Taxable?

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

Top 4 Myths About ULIP Investments You Should Know

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

Different Types of Retirement Schemes

How Does NPS Work?

How Has NPS Performed in Comparison with Other Instruments?

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

Which Is Better: ULIP or SIP?

How Much Corpus Does One Need for Retirement?

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

What is Partial Withdrawal in ULIPs?

Know Why You Should Stay Invested in Your ULIP Plan

Give Your Retirement Savings A Booster-Shot with Annuities

Save Early to Keep Living Your Dreams Post Retirement

7 Secrets that can Make Your Post-Retirement Phase Prosperous

Un-Retirement - Are You Ready For It?

Why Should You Invest in NPS?

What Happens to ULIP Premiums Paid if the Market Crashes?

Calculating a Retirement Corpus that can Support Your Lifestyle

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

What is the Minimum Lock-in Period for ULIP?

Is ULIP a Complex Financial Product?

What are the Advantages and Disadvantages of ULIP?

Do ULIPs Give Good Returns On Investments?

What Are Superannuation Benefits?

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

What are ULIPs and their Types?

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

A Beginner's Guide to Understanding 401k Retirement Plan

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

Benefits of Early Retirement Plans

What is the difference between Life Insurance and ULIP?

How can NPS help you save tax?

What are the Rules for Exit From NPS?

How To Choose The Right Pension Plan?

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

What are the Benefits of ULIP - Explained

What is ULIP and Its Benefits?

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

What is Fund Value in ULIP?

Types of Retirement Plans

Advantages of Pension Schemes and Retirement Plans

Invest for your second innings with a guaranteed savings plan

Types of Pension Plans for Your Retirement

How has ULIP Grown Over the Last 3 years?

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

What tax benefits are there on saving for retirement?

Are Annuities Great For Early Retirement?

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

ELSS vs ULIP: Which is a Better Investment?

Why Are ULIPs Called Flexible Investments?

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

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

Retirement: A New Start to Life!

Best Insurance Plans for a Guaranteed Monthly Income After Retirement!

FAQs on Taxation of ULIPs

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

Importance of Retirement Planning

How To Make Most of Your Money After Retirement?

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

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

Retirement Planning for Millennials

How To Keep Your Retirement Accounts from Being Hacked?

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

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

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

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

8 Charges in ULIP That You Must Know

The Significance of Number 8,000 in Retirement Planning

Is ULIP Better Than FD?

5 Common ULIP Myths That You Should Stop Believing

Retirement Planning at 50? You Are Still Good to Go

How Safe is it to Invest in ULIP plans?

Is It Worth Buying ULIP Plans For 10 Years?

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

Benefits Of Retirement & How Investments Can Help You Enjoy Them

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?

Top Investment Options for Retirement Planning

Different Types of ULIP Investments in India

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

What are the Differences Between ELSS ULIP and Mutual Funds?

Inflation: A Key Factor to Consider into Retirement Planning

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

Top 6 Flexible Benefits That ULIPs Offer

What Are Retirement Pension Plans?

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

Retirement Planning Guide for Working Men and Women

How to Win at Retirement Savings?

Is ULIP a Good Option for People Above 60?

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

Importance of financial Planning for Retirement

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

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

At What Age Should You Start Your Retirement Planning?

How Does ULIP Work in India?

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

Long Term Investment Guide for Your Retirement

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

Here's Why it's a Good Time to Explore ULIPs as an Investment

Which Pension Plan Suits You best?

ULIP Plan or Traditional Insurance Plans - Which is better?

Why are ULIPs One of the Best Tax Saving Instruments?

5 Notable Investment Options for Retirees

Which are the Best ULIP Plans in India for Children?

Do Pension Plans Allow any Death Benefits?

Tips to invest your voluntary retirement scheme money

What are the Instruments Available for Building a Retirement Corpus?

Pros and Cons of Retirement Annuities

What are the things to consider before buying ULIPs?

Why Should I Invest in ULIP?

Saving for approaching retirement with retirement insurance

Understanding Annuity Plans

Benefits of Early Retirement Planning in India

How Does Pension Plans in India Works?