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 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.

  • Kotak E-Invest Plan

    Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.

  • Icon for Kotak Guaranteed Savings Plan

    Kotak Guaranteed Savings Plan

    Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.

  • 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!

  • 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.

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

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

View Plans
  • 15th Feb 2022
  • 124

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

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!

- A Consumer Education Initiative series by Kotak Life

Also read

    • 10th Oct 2021
    • 310

    How to Win at Retirement Savings?

    Start planning your savings today to ensure retirement income for staying financially secure. Know more about winning at retirement savings.

    Read more
    • 27th Aug 2021
    • 357

    Retirement Planning at 50? You Are Still Good to Go

    If you are in your 50's and want to plan your retirement you can do it with a bit of research and planning with Kotak life insurance, read the article...

    Read more
    • 27th Aug 2021
    • 300

    Benefits of Early Retirement Planning in India

    When you start investing for your retirement planning from an early age, it gives you more time to build the corpus. Read more about the benefits of e...

    Read more

Related Plans

  • Kotak Premier Pension Plan

    Kotak Premier Pension Plan

    Kotak Premier Pension Plan helps you accumulate enough wealth for your retirement, while you are earning sufficiently and also offers assured benefits...

    Know more
  • Kotak Assured Pension

    Kotak Assured Pension

    Kotak Assured Pension is an annuity plan that promises to pay a regular stream of income on immediate basis or post deferment period for life, ensurin...

    Know more
  • Kotak Saral Pension

    Kotak Saral Pension

    A single premium non-linked and nonparticipating individual immediate annuity plan that gives you the assurance of regular stream of income throughout...

    Know more
  • Kotak Lifetime Income 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 ...

    Know more