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

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

Why Should You start Retirement Planning as soon as you start a job?
  • 15th Feb 2022 |
  • 331

Retirement may feel like it is long away when individuals are in their early 20s, 30s, or perhaps even 40s. Everyone, however, must realise that setting good retirement plans at a young age is an essential part of financial planning. Having a retirement plan as soon as you start a new career not only ensures a steady stream of income but also helps you avoid medical emergencies, achieve life goals, and become financially secure in the future.

Saving for retirement entails formulating financial investment options and setting aside assets to help you live your post-retirement life comfortably and achieve your life goals. When you take a new job, investing your assets in a good retirement plan can provide you with a comprehensive view of your life goals and the path to achieving them. Here are a few more reasons as to why you should start early retirement planning.

Good ROI

When you save money in a savings account, you get only a few benefits. However, if you start financial planning from a young age or when you start a new job, you’ll make a higher profit and get better returns on your financial investments. Investing your money in a pension plan as soon as feasible also helps you maximize your returns by providing you with more quantifiable profits.

Tax Benefits

When you start planning for the future immediately after acquiring a job, you will be able to take advantage of several tax benefits that you might not be able enjoy if you wait until later to save and plan for retirement. As per Section 80C of the IT Act of 1961, you can easily get tax exemptions on the premiums you pay for retirement plans. Furthermore, retirement plans can help you increase the extent of your tax returns.

You do not want to have to tackle financial issues in case of medical emergencies in the future. That can drain you and your loved ones mentally. Hence, if you are the primary breadwinner in your household, it is critical to start saving for retirement as soon as you start working. Investing as soon as you begin a new job will allow you to amass as much money as possible, thereby allowing you and your loved ones to live a happy and stable life. These investments will also help your family maintain financial stability in the event of your death.

The Big Picture

As you become older, life throws a lot of crucial questions at you. Most of the time, the solutions aren’t straightforward or clear-cut. These life choices have a significant financial impact and can’t (or shouldn’t) be made in isolation. Knowing where you stand with your retirement savings plan gives you the necessary perspective to make informed decisions. This, in turn, also enables you to make better financial and personal decisions.

These are just a few of the reasons why you should begin early. However, you will also find several other convincing factors when you conduct your own research. Start today for a better and brighter tomorrow!

Kotak e-Invest

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

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 Keep Your Retirement Accounts from Being Hacked?

How has ULIP Grown Over the Last 3 years?

Why are ULIPs One of the Best Tax Saving Instruments?

What is ULIP and Its Benefits?

Demystifying the Retirement Planning Process

Top Investment Options for Retirement Planning

Are Annuities Great For Early Retirement?

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

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

What are the things to consider before buying ULIPs?

Top 4 Mistakes To Avoid While Planning For Your Retirement

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

Different Types of ULIP Investments in India

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

What is a Retirement Plan - What are its Features?

How to Win at Retirement Savings?

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

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

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

How To Choose The Right Pension Plan?

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

Pros and Cons of Retirement Annuities

What is Lock-In Period in ULIPs?

Why Should I Invest in ULIP?

How Can I Achieve My Wealth Goal with ULIP Investment?

What is Fund Value in ULIP?

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

A Quick Guide to Retirement Plans

How Does Pension Plans in India Works?

How To Invest Money In ULIP?

Can NRIs Invest in ULIP Plans Offered in India?

Save Early to Keep Living Your Dreams Post Retirement

How Does NPS Work?

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

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

What are the Uses of ULIP?

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

5 Notable Investment Options for Retirees

Do Pension Plans Allow any Death Benefits?

5 Common ULIP Myths That You Should Stop Believing

Inflation: A Key Factor to Consider into Retirement Planning

Types of Retirement Plans

What are the Benefits of ULIP - Explained

Meaning of Sum Assured in a ULIP

ULIP Plan or Traditional Insurance Plans - Which is better?

What are the Instruments Available for Building a Retirement Corpus?

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

Do ULIPs Give Good Returns On Investments?

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

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

Different Types of Retirement Schemes

Retirement Planning for Millennials

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

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

What is Partial Withdrawal in ULIPs?

Benefits of Early Retirement Plans

ELSS vs ULIP: Which is a Better Investment?

FAQs on Taxation of ULIPs

Top 6 Flexible Benefits That ULIPs Offer

Which Pension Plan Suits You best?

What Happens to ULIP Premiums Paid if the Market Crashes?

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

8 Charges in ULIP That You Must Know

Tips to invest your voluntary retirement scheme money

Is the ULIP Policy Surrender Value Taxble?

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

Is It Worth Buying ULIP Plans For 10 Years?

Which Is Better: ULIP or SIP?

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

Is ULIP a Complex Financial Product?

Un-Retirement - Are You Ready For It?

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

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

Give Your Retirement Savings A Booster-Shot with Annuities

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

A Beginner's Guide to Understanding 401k Retirement Plan

Retirement Planning at 50? You Are Still Good to Go

Can I Surrender My ULIP Policy after 2 Years?

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

5 Reasons to Buy ULIP for a Secured Financial Future

Why You Should Invest In An Annuity Plan?

How Do Annuity Options Work In NPS

Advantages of Pension Schemes and Retirement Plans

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

7 Secrets that can Make Your Post-Retirement Phase Prosperous

Ten Signs That You're Ready to Retire

Which are the Best ULIP Plans in India for Children?

What are the Advantages and Disadvantages of ULIP?

Understanding Annuity Plans

How Much Corpus Does One Need for Retirement?

What Are Retirement Pension Plans?

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

Importance of financial Planning for Retirement

What Are Superannuation Benefits?

How Has NPS Performed in Comparison with Other Instruments?

What are the Charges Levied on ULIP?

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

Is ULIP a Good Option for People Above 60?

Long Term Investment Guide for Your Retirement

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

What are the Rules for Exit From NPS?

Retirement Planning Guide for Working Men and Women

How To Make Most of Your Money After Retirement?

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

Importance of Retirement Planning

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

Retirement: A New Start to Life!

What is the Minimum Lock-in Period for ULIP?

What are the Differences Between ELSS ULIP and Mutual Funds?

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

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

How Does ULIP Work in India?

Know Why You Should Stay Invested in Your ULIP Plan

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

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

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

Managing Your Retirement Income with an insured retirement plan

यूलिप के फायदे (Benefits of ULIP in Hindi)

What are ULIPs and their Types?

Why ULIP Should Be a Part of Your Investment Portfolio?

Is ULIP Better Than FD?

How Safe is it to Invest in ULIP plans?

Terminologies You Should Understand About Retirement Plans

Types of Pension Plans for Your Retirement

What tax benefits are there on saving for retirement?

Why Are ULIPs Called Flexible Investments?

Benefits of Early Retirement Planning in India

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

At What Age Should You Start Your Retirement Planning?

Why Should You Invest in NPS?

Best Insurance Plans for a Guaranteed Monthly Income After Retirement!

What is the difference between Life Insurance and ULIP?

Top 4 Myths About ULIP Investments You Should Know

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

Top 6 Reasons Why You Should Get A Pension Plan

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

Calculating a Retirement Corpus that can Support Your Lifestyle

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

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

5 Steps to Gift a Smart Retirement Plan to Your Parents

What Are Mortality Charges In ULIP?

Is ULIP A Good Investment Option?

Retirement planning with a systematic life insurance plan

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

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

Saving for approaching retirement with retirement insurance

NPS for Housewife

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

How should one decide on fund allocation within NPS?

Benefits Of Retirement & How Investments Can Help You Enjoy Them

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

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

How can NPS help you save tax?

Invest for your second innings with a guaranteed savings plan

The Significance of Number 8,000 in Retirement Planning

यूलिप के 8 शुल्क