Kotak e-Term Plan
Protect Your family’s financial future with Kotak e-Term Plan.
Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium.
Insurance and investment in one plan with Kotak e-Invest.
Kotak Health Shield
Insurance against medical expenses related to heart, brain, liver and Cancer.
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.
In this policy, the investment risk in the investment portfolio is borne by the policyholder.