Can you think of any person who does not want to get out of the rat race? Everyone enjoys their work, the busy schedule, the pressure of making ends meet but doesn’t that make it all the important to plan your retirement? Are you not entitled to enjoy the old age when you have been working to provide for your family for so many years?
OFCOURSE you are.
All you need to do is follow few simple steps:
- Choose age at which you would like to retire.
- Estimate how much you need to save.
- Evaluate the options available.
| PLAN | Features | Utility | On vesting |
|
Traditional Pension Plans |
Charges are hidden | For risk-averse investor | At desired age: Regular investments stop and pension starts |
| Returns based on bonuses | For no market-linked return seekers | Up to 25 or 33.33 per cent of the corpus can be withdrawn tax-free | |
| Flexibility is low | You can get pension for your lifetime | ||
| Investments required till vesting age | Other pension options are also available | ||
|
Unit-Linked Pension Plans |
3-10 fund options; Max. 100 per cent in equity | If you want to invest in equities over the long term | At desired age: Regular investments stop and pension starts |
| Returns are market-linked | If you are looking for flexibility | Up to 25 or 33.33 per cent of the corpus can be withdrawn tax-free | |
| Flexibility is high | You can have pension for your lifetime | ||
| Life cover is optional | Other pension options are also available |
Besides these there are New Pension System (NPS) and Pension Plans (Mutual Fund) also available to pick and choose.
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Tags: RETIREMENT PLAN