In order to live better life, An Individuals should create a roadmap to secure their future. Mostly parents give their priority for their kids in order to secure their future. It’s a responsibility for every individual owes to himself and his loved ones. With the increase in cost for inflation and the healthcare, one should must check out below suggested retirement plans ::
- One should know when to start retirement plan
Retirement planning must start Right from the time, you draw your first salary/income. Over time as your salary/income increases, increase your contributions towards the retirement goal. - Prioritise your financial goals
We should prioritise our financial goals as early as possible Right from the time, you draw your first cheque because early you start investing more the return will be in longer term. These goals could be your Dream Home, Luxury Car, Kids Education, Kids Marriage and your retirement pension income. Longer the horizon of your goals better the return will be. - Choose the best retirement plan
One should choose right retirement plan in order to secure their old age which will help them to live healthier life rather than dependent on others. Go for a pension plan which will ensures for guaranteed higher return, bonuses and other benefits. There are several companies giving good pension plan but these are my recommendations in the order ::
HDFC Pension Plan
ICICI Pension Plan
SBI Pension Plan - Keep Emergency Fund
Apart from investment, an individuals can figure out how much you can save each month in order to cover your family unforeseen expenses. Post considering an emergency fund, allocate other savings into investment plan to cover the financial needs. - Select Term Insurance Plan
Term Insurance Plan covers health related death or natural death. An Individual must ensures that they have enough life insurance coverage acts as a backup plan during their financial needs or liabilities for their family. There are several companies giving term insurance plan but one should definitely look at claim ratio which is between 95%-100%. Early you start the term insurance, less the premium. Here are my recommendations in the order::
LIC e-Term Plan
Aegon Life
Max Life Smart Secure Plus Plan
HDFC Life Click 2 Protect life
ICICI Pru iProtect Smart
