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    RETIREMENT

    Perspective on Retirement Planning

    Last Updated On 29-09-2016

    People’s take on retirement lies broadly two outlooks - some look forward to it while the rest dread the thought of not having anything to occupy them. Either way, one thing is certain- retirement involves a significant drop in income, without a corresponding drop in expenses. This requires everyone to plan their retirement so as to avoid a finance crunch.
    Here are a few tips to keep in mind when you plan for your retirement:

    1. Save early: The early bird catches the worm, is an old saying that applies to everything including retirement planning. By beginning to save early and being systematic about it, not only do you rack up funds for your golden years, but also do it without stress.
    2. Know your needs: A comfortable retirement plan accounts for multiple elements including your standard of living. Experts estimate that you will need at least 70 percent of your preretirement income to maintain your standard of living when you stop working. Yes, retirement does not mean free living.
    3. Employer’s Retirement Savings Plan: If your place of employment offers an Employer’s Retirement Savings Plan or Pension Plans, it would be in your best interest to opt for them. Tax deductions, and accrued interests over time make such schemes extremely beneficial in the long run.
    4. Keep basic investment principles in mind: Today, there are multiple avenues for investment that are open. It is important to choose the right one that is best suited to your needs. Inflation and the type of investments you make play an important role in how much you will save towards retirement. Remember to not put all your eggs in one basket. So diversify your investment portfolio.
    5. Don’t dip into your retirement savings: Retirement savings should be there to stay. If you withdraw from your savings account, you lose out on principle, interest and tax benefits, and even bear withdrawal penalties.

    There are many important elements that are to be kept in mind while planning for your retirement, for you to have that perfect retired life. It is important to remember that these 5 tips will go a long way in making that task that much easier.

    Disclaimer:

    The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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