Retirement Plan

What is Retirement Plan?

Retirement planning is the process of setting retirement income goals, and the actions and decisions needed to achieve those goals. Retirement planning involves identifying sources of income, shaping expenses, implementing a savings program, and managing assets and risk.

Types of Retirement Plans

Employment based Retirement Plans

When you're in employment, some part of your salary is deducted and deposited every month in a government scheme called EPS (Employees Pension Scheme). The employer also contributes to the employee's EPS account.

Government Retirement Plans

The central government has created a dedicated body called PFRDA(Pension Fund Regulatory and Development Authority) to administer a country-wide pension scheme, called NPS(National Pension Scheme). It gives you a higher real rate of return indirectly.

Insurance based Retirement Plans

Insurance-based retirement plans are a combination of both pension income and death benefit. These plans are offered by various insurance companies and can be directly availed by the individual. Hence they are also known as personal pension plans.

Benefits of Retirement Plans:

However, this planning involves a lot of calculations. Listed here are some benefits of retirement planning to help you make the right investment choices:

Preparation for unexpected expenses
Power of compounding
Peace of mind
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          Am I saving enough for retirement?
          Saving money for retirement competes with "living in the present". At first it can mean consumer goods and a busy social life. After a while, it could be a new home or kids. As retirement planning consultants, our job is to help you strike an equal balance between saving for retirement and other competing demands for your earnings.
          Am I spending too much? Will I run out of money before I die?
          Our retirement planning income projection tools will help you to gauge your spending to assure that you will not run out of money before you die.
          Should I Buy an Annuity?
          An annuity is an insurance product that insures your income for life. If you have other sources of guaranteed income, such as Social Security and a pension, and those sources cover most of your living expenses in retirement, then you probably don’t have a need to insure additional income.
          When can I retire?
          Retirement income planning should be done while you are still working and still able to influence your future financial situation. Our Retirement Planning are useful in determining when you can plan to retire. We assist with lump-sum distributions and retirement plan rollovers when you actually reach your retirement date.

          Do I have too much money? Should I be giving some of it away now?
          A retirement income projection tool is also useful for demonstrating if one has more than sufficient existing assets to ensure a secure retirement, and if estate reduction measures should be implemented to maximize wealth transfer to the next generation.

          How Much Will I Spend?
          Some people spend more once retired. They travel or engage more in hobbies such as golf, skiing, or boating. To determine how much you might spend in retirement, sit down and examine your current spending. Then, estimate which items may increase or decrease, to come up with a retirement budget.

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