How to Win at Retirement Savings?
Close
Close

Buy a life insurance plan in a few clicks

Now you can buy life insurance plans completely online right here.

  • Icon for Kotak Preferred e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.

  • Icon for Kotak Preferred e-Term Plan

    Kotak Health Shield

    The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.

  • Icon for Kotak Preferred e-Term Plan

    Kotak Lifetime Income Plan

    Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!

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.

Back

How to Win at Retirement Savings?

View Plans
  • 10th Oct 2021
  • 102
How to Win at Retirement Savings?

While the concept of retirement planning was alien in India until a few years ago, today, many youngsters in their 20s and 30s have started realising its importance. Unlike many western countries, there is no retirement benefit system in India. As a result, it is up to individuals to plan and save for their retirement.

If you are concerned about your life after retirement but don’t know where to begin and how to start saving, here are five golden rules that can help-

1. Know How Much You Need

To live a financially stable life after retirement, you must ensure that you have enough savings to take care of your everyday needs in the future. Only when you know how much you’ll need to retire comfortably can you work on your saving and investment plan.

To derive at the specific amount, you may need for a comfortable retirement, you must consider several factors like average monthly household expenses, retirement age, inflation, etc.

2. Start Early

Retirement seems to be a distant reality to most people. Due to this, they often push retirement saving to a later stage. But the sooner you start saving and investing towards your retirement, the easier it’ll be to build the required retirement corpus.

Even if you can only save a little, start today, and you’ll always have the option to increase your savings as you grow older.

3. Know the Popular Investment Options

There is no shortage of investment options in India. The most popular choices are government pension schemes, mutual funds, fixed deposits, gold, real estate, and equity. When building your investment portfolio, focus on factors such as your age and risk appetite.

It is generally advisable to build a more aggressive portfolio when you are young and switch to safer investments once you reach 40-50 years.

4. Purchase Insurance

Insurance policies such as life insurance and health insurance, should also be purchased as early as possible. In most cases, the younger you are, the more affordable the policy premiums. The premiums will continue rising with your age.

You can also find pension plans that offer dual benefits of regular income after retirement and life cover. Consider such plans for added safety.

5. Consider Professional Assistance

We often find ourselves consulting our friends and relatives for matters related to finances and investing. But for something as crucial as retirement planning, it’d be wise to consult a professional.

Whether choosing the right investment option or finding answers to tax-related queries, only an experienced professional can offer the correct guidance. You can reach out to the experts from Kotak Life Insurance at 932100307. Just say a ‘Hi’ and the experts will immediately get in touch with you and assist you with your queries and guide you through retirement planning and investment.

Ready to Start Saving for Retirement?

After working hard for several years, you’d want to live your retirement years enjoying the things you love. To live a dignified retirement life where you are not required to depend on anyone for financial assistance, you need to start saving and investing in advance.

Whether you are in your 20s, 30s, or 40s, commit yourself to retirement planning as the actions you take now will define your future. Focus on the rules discussed in this article, as they can help you kickstart the journey and protect you from common retirement-saving mistakes.

- A Consumer Education Initiative series by Kotak Life

Tags

Also read

  • Un-Retirement - Are You Ready For It?
    • 30th Nov 2021
    • 9

    Un-Retirement - Are You Ready For It?

    With rising inflation & an increase in the cost of living, un-retirement can be an excellent idea to beat the retirement blues & keep yourself physica...

    Read more
  • Types of Retirement Plans
    • 22nd Nov 2021
    • 11

    Types of Retirement Plans

    To prepare for retirement, it is suggested that you start planning early and invest in post-retirement plans. Here are different types of retirement p...

    Read more

Related Plans

  • Kotak e-Term Plan - Online Term Insurance

    Kotak e-Term Plan - Online Term Insurance

    Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...

    Know more
  • Kotak Raksha Group Micro Insurance Plan

    Kotak Raksha Group Micro Insurance Plan

    Kotak Raksha Group Micro Insurance Plan is a protection oriented plan that aims to cover the socially and economically weaker sections of the society....

    Know more