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Best Way To Live A Financially Healthy Life- Retirement Plan

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Have you heard the phrase" When you retire as a Rich Man, then heaven sets your bed every night"? It cannot be told wrong because a financially stable person faces fewer problems compared to people who had only relied upon pension policies. It is said the earlier you start investing, the better it is.


Do you know what a retirement plan is?

A retirement plan is an insurance policy that requires your financial contributions to some funds that are set for your post-retirement years.


Types of Retirement Plans

Serval types of pension plans available in India:


  • Deferred Annuity -

This pension scheme allows the policyholder to invest a lump sum amount of money through annual/monthly premium plans over a fixed tenure.


  • Immediate Annuity-

In this type of pension scheme, the pension starts quickly. It begins as soon as one deposits the first premium. The amount spent is also exempted from taxation under the Income Tax Act, 1961.


  • National Pension Plans-

The scheme was started by the Indian government into the favour of helping people for post-retirement years. It permits to withdraw 60% of the total savings at term-end while the rest can be used to purchase the annuity. However, the maturity sum is not eligible for tax exemption.


Benefits of Pension Insurance 


1. Peace of mind- Planning will reduce uncertainty for you and will help you be mentally free for your later years.


2. Contextualize Pre-Retirement Decisions- You will be able to make more efficient decisions related to your career presently if you plan for your retirement. Is it better to do a job, or start your practice independently? These decisions may be different for someone with fifteen years to retirement compared to someone with only five years until retirement.


3. Getting on the same page- Some retirement plans are often affected by a saver’s desire to meet other objectives such as assisting an adult child in starting or acquiring their business. To the extent that these goals may affect your retirement savings, you will benefit from planning. One of the benefits of early retirement planning is that you can make sure your plans work well with other relevant parties.


4. Tax Benefits- There are several tax benefits of retirement planning, including reducing the amount of income taxes you will pay during retirement and ensuring that beneficiaries to retirement and other account types pay as little tax as possible. The sensible thing to do is tax diversification. This involves establishing different “pools” of money in accounts that are taxable, tax-free and tax-deferred. These different accounts allow income during retirement to be strategically withdrawn from a variety of sources depending on future conditions.


5. Cost Savings- There are many ways to reduce costs with appropriate planning. Many of the insurance policies you may need (long-term care, etc.) can be acquired at a lower premium when younger and in good health rather than waiting until retirement and risking a higher rate or denial of coverage.


6. Legacy Opportunities- Planning for retirement can also provide benefit to your heirs or your favourite charitable causes. You may also wish to contribute to charitable institutes. Planning your retirement ensures all your wishes are fulfilled correctly.


Can Pension Insurance make life better?

Yes, living a healthy and financially fulfilling life is the best way to live the sunset years but doing it in the right direction is also important because available frauds in the market can rob your every single penny if you are not cautious, So We advise you to consult GST Suvidha Centers, it has variations and experts who can help you and guide you.




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