Take The Worry Out Of Life With LIC Best Selling Pension Plans
Retirement planning is an essential part of a sound financial plan, especially at a younger age. When you begin preparing for your future earlier, there is sufficient time to tackle any unprecedented challenges and live comfortably in the meantime. Many reasons add up to the importance of retirement planning in life.
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Retirement planning means preparing today for your future life so that you continue to meet all your goals and dreams independently. This includes setting your retirement goals, estimating the amount of money you will need, and investing to grow your retirement savings.
Every retirement plan is unique. After all, you may have very specific ideas on how you want to spend your retired life. This is why it’s important to have a plan that is designed specifically to suit your individual needs.
You retire from work, not life. You may have a new set of dreams for your post-retirement life. At the same time, you may also want to maintain your day-to-day lifestyle without worrying about expenses.
By planning in advance, you can define the path to achieve these life goals without any financial dependence.
Retirement planning helps you secure your financial future by ensuring that you have enough savings to cover your expenses during retirement.
Knowing that you have a retirement plan in place can give you peace of mind and reduce financial stress.
Retirement planning involves setting specific financial goals, which can help you stay focused and motivated to save for your retirement.
Having a retirement plan in place can help you maintain your financial independence during retirement.
Retirement planning allows you to choose the retirement lifestyle that you want and make adjustments as needed.
Below are the advantages of a retirement plan:
Returns for life
Retirement plans such as annuity plans provide you returns for life. You may choose to invest regularly or as a lump sum and stay financially independent for your entire life.
Regular income after retirement
A retirement plan helps you create a regular flow of income after retirement. Retirement plans offer a fixed income which substitutes for your pre-retirement salary. You can use this money to cover your daily expenses, such as groceries, fuel, electricity, and more. You can also meet your post-retirement goals, such as traveling, pursuing a hobby, starting a new venture, and more.
Tax2 benefits
A retirement plan provides you with tax2 benefits. You can claim a deduction of up to ₹ 1.5 lakh for the premiums paid towards the plan under Section 80C2 of the Income Tax Act, 1961. So, you can save for your future needs as well as lower your taxes.
Stay financially prepared for medical emergencies
As you grow old, you may need healthcare facilities. A retirement plan can help you cover these expenses without affecting your savings.
Stay financially independent
A retirement plan can help you continue your current lifestyle even after retirement. The income from the plan can help you meet your day-to-day expenses and meet your financial goals post retirement.
Help your family as well
Retirement plans not only help you but also those around you. Income from the plan can enable you to help your loved ones, including child and your spouse, whenever they are in need of money.
Meet your financial goals
Apart from life’s necessities, retirement plans can also help you fulfil your goals post retirement. You may have retirement goals, such as traveling, pursuing a hobby, starting a new venture, and more. Retirement plans can help you fulfil these goals without any worry.