Retirement Planning Guide for Working Men and Women

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

Retirement Planning Guide for Working Men and Women

Retirement Planning Guide for Working Men and Women
  • 11th Mar 2021 |
  • 2,539

A secure retirement is a dream of many but the reality of a few. This is because of the lack of retirement planning, especially for young men and women. For working men and women, basically between 25 and 35-years of age, retirement might be the least of their worries. However, it is the most critical time to think about retirement because retirement planning requires time and an efficient strategy, which works best when deployed early in life.

Here is a retirement planning guide for working men and women to secure their golden years:

  • Identify your financial needs and create retirement goals: The first step in creating a fool-proof retirement plan is to know how much you would require during the non-working years of your life. It is important to remember that with time your needs will increase, they never reduce. As you grow older, you would need more money to take care of your medical expenses, support your standard of living, and even create an emergency corpus. As per experts, you would need at least 10-15 times your current monthly income to support your golden years. Based on your needs, you can set your retirement savings goals and figure out effective methods to reach the target.
  • Start saving early in life to accumulate significant corpus in the long-term: Irrespective of how small the amount is, it is essential to start saving as early in life as possible. When you are working and young, you have a defined income source, fewer responsibilities, and a physically fit body. Hence, the idea of saving might not appear attractive. But during retirement, you will have a pile of medical expenses in addition to several responsibilities. Therefore, it is best to set a savings target and aim to achieve it.
  • Invest wisely to optimise returns for your future: Investments lay strong foundations for the coming years. So, the sooner you begin making wise investments, more secure your retirement years will be. Starting early helps you take advantage of the power of compounding, and also structure your portfolio as per your financial needs, goals, risk tolerance, age, etc. You can opt for Kotak Retirement and Pension Plans to take care of yourself during retirement. These plans help your secure a sense of self-reliance, by guaranteeing a relaxed retired life, assurance of savings and above all your emotional well-being.
  • Plan for emergencies to minimise the burden on your retirement savings: The value of an emergency fund is non-negotiable. A significant component in retirement planning is to create an emergency fund for those unplanned events. Ideally, you should set aside three months of your living expenses in a contingency reserve. Also, be strict with the usage of this money, and set guidelines for its usage. Alternatively, you can create an emergency corpus by investing in secure options like life insurance and health insurance plans. Kotak Life offers various life insurance plans to meet your retirement needs. These policies will act as your reliable assets for times of need.
  • Work longer to save better for the retired years: Life expectancy numbers have recorded a sharp increase. Also, mounting living expenses require you to work longer than expected and ensure you accumulate significant funds for your retirement. Moreover, you should ideally start planning for your post-retirement career during the working years of your life. This will help you stay independent in the long-term.


Retirement planning is an exercise you should take up as you begin working. Both working men and women should understand the different retirement plans that can work best to their advantage and secure their non-working years.

Kotak e-Invest

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

Download Brochure


  • Return of Mortality Charges*$
  • Enhanced Protection
  • Multiple Plan Options
  • Zero Premium Allocation Charges
  • Tax Savings^

Ref. No. KLI/22-23/E-BB/521


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Top 6 Flexible Benefits That ULIPs Offer

What are the Benefits of ULIP - Explained

Is ULIP Better Than FD?

8 Charges in ULIP That You Must Know

What are ULIPs and their Types?

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

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

Which Is Better: ULIP or SIP?

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

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

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

Best Insurance Plans for a Guaranteed Monthly Income After Retirement!

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

What are the Instruments Available for Building a Retirement Corpus?

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

A Beginner's Guide to Understanding 401k Retirement Plan

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

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

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

At What Age Should You Start Your Retirement Planning?

Terminologies You Should Understand About Retirement Plans

5 Notable Investment Options for Retirees

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

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

Types of Pension Plans for Your Retirement

Benefits of Early Retirement Plans

What tax benefits are there on saving for retirement?

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

Invest for your second innings with a guaranteed savings plan

How Has NPS Performed in Comparison with Other Instruments?

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

Save Early to Keep Living Your Dreams Post Retirement

How has ULIP Grown Over the Last 3 years?

What are the Advantages and Disadvantages of ULIP?

Meaning of Sum Assured in a ULIP

Give Your Retirement Savings A Booster-Shot with Annuities

Can I Surrender My ULIP Policy after 2 Years?

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

Top 4 Mistakes To Avoid While Planning For Your Retirement

Why Should I Invest in ULIP?

What are the things to consider before buying ULIPs?

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

Demystifying the Retirement Planning Process

Managing Your Retirement Income with an insured retirement plan

Why ULIP Should Be a Part of Your Investment Portfolio?

Know Why You Should Stay Invested in Your ULIP Plan

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

What are the Charges Levied on ULIP?

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

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

What is a Retirement Plan - What are its Features?

Why You Should Invest In An Annuity Plan?

Pros and Cons of Retirement Annuities

How To Make Most of Your Money After Retirement?

FAQs on Taxation of ULIPs

NPS for Housewife

5 Steps to Gift a Smart Retirement Plan to Your Parents

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

Advantages of Pension Schemes and Retirement Plans

यूलिप के फायदे (Benefits of ULIP in Hindi)

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

Retirement Planning at 50? You Are Still Good to Go

Understanding Annuity Plans

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

Do ULIPs Give Good Returns On Investments?

Is ULIP a Good Option for People Above 60?

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

What is ULIP and Its Benefits?

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

Long Term Investment Guide for Your Retirement

How to Win at Retirement Savings?

Top Investment Options for Retirement Planning

What is Lock-In Period in ULIPs?

How To Choose The Right Pension Plan?

Which are the Best ULIP Plans in India for Children?

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

Top 6 Reasons Why You Should Get A Pension Plan

7 Secrets that can Make Your Post-Retirement Phase Prosperous

What Are Superannuation Benefits?

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

What Happens to ULIP Premiums Paid if the Market Crashes?

ULIP Plan or Traditional Insurance Plans - Which is better?

Importance of Retirement Planning

What are the Uses of ULIP?

How Does NPS Work?

Why Are ULIPs Called Flexible Investments?

How To Invest Money In ULIP?

Top 4 Myths About ULIP Investments You Should Know

Ten Signs That You're Ready to Retire

The Significance of Number 8,000 in Retirement Planning

Retirement Planning for Millennials

Different Types of ULIP Investments in India

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?

What Are Mortality Charges In ULIP?

What is the Minimum Lock-in Period for ULIP?

Are Annuities Great For Early Retirement?

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

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

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

Importance of financial Planning for Retirement

What is the difference between Life Insurance and ULIP?

यूलिप के 8 शुल्क

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

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

Different Types of Retirement Schemes

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

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

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

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

ELSS vs ULIP: Which is a Better Investment?

What is Partial Withdrawal in ULIPs?

How Does Pension Plans in India Works?

Why are ULIPs One of the Best Tax Saving Instruments?

Tips to invest your voluntary retirement scheme money

5 Reasons to Buy ULIP for a Secured Financial Future

What Are Retirement Pension Plans?

What are the Differences Between ELSS ULIP and Mutual Funds?

Types of Retirement Plans

How To Keep Your Retirement Accounts from Being Hacked?

Is the ULIP Policy Surrender Value Taxable?

How Much Corpus Does One Need for Retirement?

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

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

Inflation: A Key Factor to Consider into Retirement Planning

Retirement planning with a systematic life insurance plan

Un-Retirement - Are You Ready For It?

A Quick Guide to Retirement Plans

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

What is Fund Value in ULIP?

Benefits Of Retirement & How Investments Can Help You Enjoy Them

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

How Does ULIP Work in India?

Calculating a Retirement Corpus that can Support Your Lifestyle

Which Pension Plan Suits You best?

Retirement: A New Start to Life!

Benefits of Early Retirement Planning in India

Is ULIP a Complex Financial Product?

5 Common ULIP Myths That You Should Stop Believing

How should one decide on fund allocation within NPS?

How can NPS help you save tax?

Saving for approaching retirement with retirement insurance

Why Should You Invest in NPS?

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

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

How Do Annuity Options Work In NPS

What are the Rules for Exit From NPS?

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

Is ULIP A Good Investment Option?

How Can I Achieve My Wealth Goal with ULIP Investment?

Is It Worth Buying ULIP Plans For 10 Years?

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

Can NRIs Invest in ULIP Plans Offered in India?

Do Pension Plans Allow any Death Benefits?

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

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