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How to Win at Retirement Savings?

Making a consistent income during your retirement years is essential once you hang up your boots. Looking for safe ways to create a post-retirement income stream read ahead.

  • 2,375 Views | Updated on: Jan 15, 2024
  • Know much you require
  • TResearch properly without investing
  • Start young
  • Take professional assistance

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.

How to Win at Retirement Savings?

By assisting in attaining your financial objectives for now and the future, wise investments aid in the financial security of your life. You can increase your wealth, create a second source of income, and achieve returns that outperform inflation by investing. After retirement, when your regular income stops, it guarantees that you will continue to live comfortably. Here are how you can invest your money.

Insurance Plans

These tools will be very helpful to young beginners who have a steady source of income. Term insurance, for example, is a pure protection option that provides your family with financial security in the unfortunate event of your premature demise. As an alternative, consider alternatives like Unit Linked Insurance Plans that mix insurance with savings (ULIPs). Health plans, critical sickness plans, and accidental insurance plans are some other types of insurance.

Mutual Funds

Mutual funds are a common investing choice for new investors. Because of the expertise of competent managers, you have the advantage of indirectly engaging in the stock market through mutual funds. If you are too preoccupied with your work, career, or business, you might not have the time to follow the stock market and make any direct investments. Mutual funds may be helpful in this kind of circumstance. There are many possibilities available to you, including balanced funds, debt and equity mutual funds, and other comparable investments. Additionally, you have programmes that offer chances for growth or dividend income. You have a choice based on your financial goals and risk tolerance.

Fixed deposits, small savings and provident funds

Small savings accounts, fixed deposits, and provident funds (PF) are all secure investments with mediocre returns. These provide greater safety and liquidity. If you earn a salary, you can choose between voluntary and employee PF. Small savings plans are also appropriate for beginners to make a respectable living.

Wrapping Up

If you’ve never invested money before, it could seem intimidating. To make right financial decisions that will benefit you for years to come, you must determine

1. how you want to invest

2. how much money you should invest

3.. your level of risk tolerance

So, this is the time to plan your retirement savings and have a secured future ahead.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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