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Top 3 Reasons Why You Should Start Retirement Planning Early

Planning retirement as soon as you start a job helps in viewing your life goals and the path to achieve them. Here are a few more reasons visit now to know.

  • 2,078 Views | Updated on: Mar 18, 2024

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.

Why plan for a retirement

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

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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