DSP

NATIONAL PENSION SYSTEM

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Retirement planning - Do I need to worry about it just yet?

Retirement may mean different things for different people depending on their stage in life and their readiness to plan for it. While the world is changing, one’s estimates of funds required to maintain a lifestyle of their choice may also need to be dynamic.

One thing is for sure - the future will not wait while you figure it all out.

How to start planning for Retirement?

Step 1: Assess Your Needs:
  1. Identify your retirement goals. The first step in determining how much income you will need in retirement is to pinpoint your goals.
  2. Itemize your anticipated expenses. Once you determine what you want to do in retirement, you can begin estimating the income required to fund those ambitions. Calculate your retirement corpus
Step 2: Identify Retirement Income Sources:
  1. Inventory existing income sources. Take stock of the income sources you have now or anticipate having in the future (e.g., full- or part-time employment, pensions, annuities).
  2. Identify investment assets. These may include company retirement plans, taxable investments, deferred annuities, real estate and cash value life insurance.
Step 3: Choosing right retirement product:
  1. Choose a retirement product which can help you in getting expected Returns with safety and is flexible enough to suit your investment needs.
  2. You may choose National Pension System (NPS) which has all these Benefits at the lowest cost. Know more about NPS
Why should you think about Retirement today?

Your earning years may not be much longer than your retirement years. According to the latest UNFPA report, the number of Indians above 60 years is projected to rise to 55% by 2050. The demographics also indicate an increasing longevity with a more active lifestyle after retirement owing to betterment in medical facilities.

The level of income you'll need to afford the lifestyle you desire during retirement may well exceed your current living expenses. Calculate your cost of living during retirement.

The sooner you start saving, the more time your investments will have to grow (See the illustration below)

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