Demystifying the Retirement Planning Process
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

Demystifying the Retirement Planning Process

Demystifying the Retirement Planning Process
  • 10th Oct 2021 |
  • 737

The life of most people follows a basic chronology that comprises childhood, student life, working life, and finally, the retired life.

The retired life has some distinctive features that set it apart from other phases-

  • Once commenced, it never ends.
  • People get the maximum time to plan for this phase.
  • Despite knowing its importance, many people wait too long to begin the process of retirement planning.

The most common cause of delaying retirement planning is not knowing how to start and the factors to consider while drawing out the plan. However, the whole process can be simplified in few easy steps.

Step 1. Decide the Retirement Type

To begin with, make up your mind about the time of your retirement. Your retirement planning will largely depend upon whether you want a regular retirement or an early retirement.

While you will get enough time to plan and save for regular retirement, you may need to be more aggressive on your investment options if you want to retire early.

Step 2. Begin Early

Starting early gives you the leverage of time. Apart from gaining the benefits of compounding, you will be free to take more risks and afford to rectify some inadvertent investment mistakes.

Delaying your retirement planning will not only cost you losing out on these benefits but also put unnecessary strain on your personal finances when starting out late.

Step 3. Build Retirement Corpus: Freeze on a Number

When it comes to retirement planning, be definite about your goals. Think practically and arrive at an amount of money that you think will be enough to sustain your lifestyle post-retirement. Once done, you will have a target to achieve that can help you in taking decisive steps toward actively building a retirement corpus.

Step 4. Consider Inflation

Inflation is one of the biggest causes of wealth erosion and a silent destroyer of wealth. Try to have an idea about the impact of inflation on your wealth at the time of your retirement and how much would you need to brace for this impact.

Step 5. Post-Retirement Goals

Everyone has a different picture of life after retirement. For instance, your retirement planning will vastly differ depending on whether you want to open a business post-retirement or just happily read a novel.

Access your goals carefully to have an idea of how much savings will help you in attaining your goals.

Step 6. Arrange an Income Source

The dwindling bank interests can no longer guarantee a stable income for a retired person. Therefore, try to have a stable income source post-retirement.
You may consider a reputed pension plan to achieve this purpose. Check our pension plans to get an idea about the amount of pension you can get regularly after you retire.

Embark Upon Your Journey

An old Chinese proverb says, ” The journey of a thousand miles begins with a single step.” The same can hold true for retirement planning as well. The whole process might seem overwhelming at first sight, but it gets simpler once you begin. So, start your journey toward a happy and peaceful retirement with a firm planning process in action.


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

How to Win at Retirement Savings?

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

Is the ULIP Policy Surrender Value Taxable?

Ten Signs That You're Ready to Retire

8 Charges in ULIP That You Must Know

Top 6 Flexible Benefits That ULIPs Offer

Retirement Planning at 50? You Are Still Good to Go

What is the Minimum Lock-in Period for ULIP?

How Does NPS Work?

What Are Mortality Charges In ULIP?

Understanding Annuity Plans

5 Notable Investment Options for Retirees

ULIP Plan or Traditional Insurance Plans - Which is better?

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

How can NPS help you save tax?

Are Annuities Great For Early Retirement?

Is ULIP Better Than FD?

How Does ULIP Work in India?

Why Are ULIPs Called Flexible Investments?

What is Partial Withdrawal in ULIPs?

What are the Benefits of ULIP - Explained

यूलिप के 8 शुल्क

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

ELSS vs ULIP: Which is a Better Investment?

What is a Retirement Plan - What are its Features?

5 Common ULIP Myths That You Should Stop Believing

Retirement planning with a systematic life insurance plan

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

How has ULIP Grown Over the Last 3 years?

What are the things to consider before buying ULIPs?

NPS for Housewife

Calculating a Retirement Corpus that can Support Your Lifestyle

How Can I Achieve My Wealth Goal with ULIP Investment?

The Significance of Number 8,000 in Retirement Planning

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

Retirement Planning Guide for Working Men and Women

7 Secrets that can Make Your Post-Retirement Phase Prosperous

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

Top 6 Reasons Why You Should Get A Pension Plan

Do ULIPs Give Good Returns On Investments?

Meaning of Sum Assured in a ULIP

Advantages of Pension Schemes and Retirement Plans

How Do Annuity Options Work In NPS

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

Benefits of Early Retirement Planning in India

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

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

Importance of Retirement Planning

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

Top 4 Mistakes To Avoid While Planning For Your Retirement

Different Types of ULIP Investments in India

At What Age Should You Start Your Retirement Planning?

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

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

Benefits of Early Retirement Plans

Can NRIs Invest in ULIP Plans Offered in India?

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

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

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

What are the Rules for Exit From NPS?

Top Investment Options for Retirement Planning

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

Why Should I Invest in ULIP?

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

Which Pension Plan Suits You best?

Is ULIP a Good Option for People Above 60?

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

Un-Retirement - Are You Ready For It?

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

What are the Charges Levied on ULIP?

What are the Instruments Available for Building a Retirement Corpus?

Can I Surrender My ULIP Policy after 2 Years?

What Happens to ULIP Premiums Paid if the Market Crashes?

Pros and Cons of Retirement Annuities

5 Reasons to Buy ULIP for a Secured Financial Future

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

How To Make Most of Your Money After Retirement?

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

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

Importance of financial Planning for Retirement

How To Invest Money In ULIP?

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

Is ULIP A Good Investment Option?

How To Keep Your Retirement Accounts from Being Hacked?

Why ULIP Should Be a Part of Your Investment Portfolio?

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

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

Why are ULIPs One of the Best Tax Saving Instruments?

Best Insurance Plans for a Guaranteed Monthly Income After Retirement!

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

Terminologies You Should Understand About Retirement Plans

यूलिप के फायदे (Benefits of ULIP in Hindi)

Retirement Planning for Millennials

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

How To Choose The Right Pension Plan?

What is Fund Value in ULIP?

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

Why You Should Invest In An Annuity Plan?

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

What is ULIP and Its Benefits?

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

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

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

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

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

Top 4 Myths About ULIP Investments You Should Know

Inflation: A Key Factor to Consider into Retirement Planning

Tips to invest your voluntary retirement scheme money

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

How Has NPS Performed in Comparison with Other Instruments?

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

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

How Does Pension Plans in India Works?

5 Steps to Gift a Smart Retirement Plan to Your Parents

Why Should You Invest in NPS?

What tax benefits are there on saving for retirement?

Managing Your Retirement Income with an insured retirement plan

What is the difference between Life Insurance and ULIP?

What Are Superannuation Benefits?

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

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

A Quick Guide to Retirement Plans

Which are the Best ULIP Plans in India for Children?

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

Different Types of Retirement Schemes

How should one decide on fund allocation within NPS?

What are ULIPs and their Types?

Saving for approaching retirement with retirement insurance

Is ULIP a Complex Financial Product?

Types of Pension Plans for Your Retirement

How Safe is it to Invest in ULIP plans?

What Are Retirement Pension Plans?

Invest for your second innings with a guaranteed savings plan

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

What are the Advantages and Disadvantages of ULIP?

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

How Much Corpus Does One Need for Retirement?

Benefits Of Retirement & How Investments Can Help You Enjoy Them

Which Is Better: ULIP or SIP?

Do Pension Plans Allow any Death Benefits?

Know Why You Should Stay Invested in Your ULIP Plan

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

Save Early to Keep Living Your Dreams Post Retirement

What are the Differences Between ELSS ULIP and Mutual Funds?

Types of Retirement Plans

FAQs on Taxation of ULIPs

Give Your Retirement Savings A Booster-Shot with Annuities

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

A Beginner's Guide to Understanding 401k Retirement Plan

Long Term Investment Guide for Your Retirement

Is It Worth Buying ULIP Plans For 10 Years?

What is Lock-In Period in ULIPs?

What are the Uses of ULIP?

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

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

Retirement: A New Start to Life!