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

Close

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.

Kotak e-Invest

Demystifying the Retirement Planning Process

Simple 6 steps planning process to help you achieve your desired retirement. Read more here.

  • Oct 10, 2021
  • 1,101 Views

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.


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

Kotak e-Invest

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

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Meaning of Sum Assured in a ULIP

Inflation: A Key Factor to Consider into Retirement Planning

How Does NPS Work?

ELSS vs ULIP: Which is a Better Investment?

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

Pros and Cons of Retirement Annuities

A Beginner's Guide to Understanding 401k Retirement Plan

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

What is Fund Value in ULIP?

What tax benefits are there on saving for retirement?

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

Advantages of Pension Schemes and Retirement Plans

How Can I Achieve My Wealth Goal with ULIP Investment?

How To Choose The Right Pension Plan?

Top 6 Flexible Benefits That ULIPs Offer

Is It Worth Buying ULIP Plans For 10 Years?

FAQs on Taxation of ULIPs

How Do Annuity Options Work In NPS

Top 4 Mistakes To Avoid While Planning For Your Retirement

Is ULIP Better Than FD?

What are the Advantages and Disadvantages of ULIP?

7 Secrets that can Make Your Post-Retirement Phase Prosperous

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

Types of Retirement Plans

What is a Retirement Plan - What are its Features?

5 Steps to Gift a Smart Retirement Plan to Your Parents

Retirement: A New Start to Life!

Do Pension Plans Allow any Death Benefits?

What is a Defined Benefit Plan and How it Works?

यूलिप के फायदे (Benefits of ULIP in Hindi)

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

What are the Rules for Exit From NPS?

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

Why ULIP Should Be a Part of Your Investment Portfolio?

How Does ULIP Work in India?

Top Investment Options for Retirement Planning

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

Calculating a Retirement Corpus that can Support Your Lifestyle

What is the difference between Life Insurance and ULIP?

ULIP Plan or Traditional Insurance Plans - Which is better?

Do ULIPs Give Good Returns On Investments?

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

How Much Corpus Does One Need for Retirement?

यूलिप के 8 शुल्क

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

Which Pension Plan Suits You best?

What Are Mortality Charges In ULIP?

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

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

What are the Instruments Available for Building a Retirement Corpus?

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

8 Charges in ULIP That You Must Know

Are Annuities Great For Early Retirement?

Is ULIP a Complex Financial Product?

Can I Surrender My ULIP Policy after 2 Years?

What are the Uses of ULIP?

Is ULIP A Good Investment Option?

Long Term Investment Guide for Your Retirement

Retirement planning with a systematic life insurance plan

Benefits of Early Retirement Plans

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

What are the things to consider before buying ULIPs?

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

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

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

Tips to invest your voluntary retirement scheme money

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

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

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

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

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

Why Should You Invest in NPS?

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

Is the ULIP Policy Surrender Value Taxable?

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

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

How Safe is it to Invest in ULIP plans?

Can NRIs Invest in ULIP Plans Offered in India?

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

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

Why You Should Invest In An Annuity Plan?

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

Saving for approaching retirement with retirement insurance

What Are Retirement Pension Plans?

Different Types of Retirement Schemes

Terminologies You Should Understand About Retirement Plans

Which Is Better: ULIP or SIP?

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

Understanding Annuity Plans

What are the Differences Between ELSS ULIP and Mutual Funds?

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

What is the Minimum Lock-in Period for ULIP?

Top 6 Reasons Why You Should Get A Pension Plan

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

Types of Pension Plans for Your Retirement

Save Early to Keep Living Your Dreams Post Retirement

5 Notable Investment Options for Retirees

At What Age Should You Start Your Retirement Planning?

How should one decide on fund allocation within NPS?

NPS for Housewife

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

Retirement Planning for Millennials

Is ULIP a Good Option for People Above 60?

Know Why You Should Stay Invested in Your ULIP Plan

Benefits of Early Retirement Planning in India

How can NPS help you save tax?

How Has NPS Performed in Comparison with Other Instruments?

Top 4 Myths About ULIP Investments You Should Know

Retirement Planning Guide for Working Men and Women

The Significance of Number 8,000 in Retirement Planning

Invest for your second innings with a guaranteed savings plan

Ten Signs That You're Ready to Retire

Give Your Retirement Savings A Booster-Shot with Annuities

Best Insurance Plans for a Guaranteed Monthly Income After Retirement!

Importance of financial Planning for Retirement

5 Common ULIP Myths That You Should Stop Believing

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

Importance of Retirement Planning

Un-Retirement - Are You Ready For It?

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

What are ULIPs and their Types?

What Are Superannuation Benefits?

How To Keep Your Retirement Accounts from Being Hacked?

What is ULIP and Its Benefits?

5 Reasons to Buy ULIP for a Secured Financial Future

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

How has ULIP Grown Over the Last 3 years?

What is Lock-In Period in ULIPs?

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

What are the Charges Levied on ULIP?

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

What Happens to ULIP Premiums Paid if the Market Crashes?

How To Make Most of Your Money After Retirement?

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

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

A Quick Guide to Retirement Plans

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

Different Types of ULIP Investments in India

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

Benefits Of Retirement & How Investments Can Help You Enjoy Them

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

How to Win at Retirement Savings?

How Does Pension Plans in India Works?

What is Partial Withdrawal in ULIPs?

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

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

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

Retirement Planning at 50? You Are Still Good to Go

What are the Benefits of ULIP - Explained