Investment Plans

Plans allow systematic enhancement of wealth with insurance

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Investment Options For The Newly Retired People in India

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Planning for the future is what all individuals do. When a person reaches the retirement age, all that he can think of is how to secure a certain amount of money to keep him financially independent in old age. Do you know where you would be and what you would be doing after five or six years? It is a known fact that people cannot predict the future. That does not mean that you have to do nothing and wait for what life has in store for you. Financial security is a must for people in their old age.

Retirement planning is what one is required to do to have a stress free life. The last years of life can be spent in a relaxed and jolly mindset. Indians are known to put their complete dependence on their Pension after they retire. It is of course a great compliment to the work done by them for many, many years. But don’t you think some extra retirement plans should be done a little early in life. Making such plans is not a cake walk. People with limited knowledge on such aspects can take professional help from certain agencies.

Challenges to meet during retirement planning

Outliving the savings and investments made during retirement planning is one challenge that many old people have to face. Having the ability to safeguard and manage money in the right way is another risky task. It is a common sight to see medical expenses shooting up during old age. Finding a long Term Policy to protect them during old age is a burden. Changing the scenario of having a lot of debts and less in equity has to be completely changed. The allocation of assets has to be done in a proper manner.

Some renowned retirement investment plans available for Indians

ULIPs

The ideal choice to be made by the retired people is ULIPs. Financial planning with ULIPs secures the future of retired people. A lot of value is added to the person’s savings when this option is selected since equities tend to do well in the long run. Choosing equity related funds and then shifting it to the secure debt funds at a later stage is advisable. ULIPs are the most attractive investment options for the retired people.

Pension Plans

These are also referred to as Annuity or retirement plans. Retired people can get benefits based on the policy or plan chosen by them at an earlier stage. Deferred as well as immediate Annuity Plans are available to suit the needs of retired people. Being ensured of getting a regular income after retirement is a boon to individuals.

Saving schemes for senior citizens

One of the most commonly used retirement savings plan. Individuals, who complete the age of 60 or those above 55 years of age having received voluntary retirement, opt for such savings plans. Participation in the scheme can depend on the amount preferred to be deposited by the retired person. Returns are offered after a span of five years.

Post Office Monthly Income Scheme

Another avenue to get regular income on a monthly basis is this post office scheme. The scheme runs to a maximum of six years. It has to be noted that the interest gained in this scheme is taxable, so they are not eligible for any tax benefits under the post office scheme.

Fixed deposits

Assured returns can be expected in fixed deposits. Retirees can get a monthly income option with the option of getting the interest payout done every month. Based on their requirements retirees can add one of these to their portfolios and get secured lifelong.

A lot depends on the planning and staying punctual to the time frame. Having a set goal and reaching towards it is the best way to have a good retirement investment plan. Educating oneself and taking professional assistance can add to the benefits.

Any investment done after retirement has to be done after a lot of research. After all it is the hard earned money of the individual. A successful and secure plan can be made possible when such ideas are considered.