Best Retirement Planner In Nagpur

When is the right time to retire?

For a greater part of Indians, used to working in as tax paying salaried employees, the retirement age is settled, in a manner of speaking. Most companies resign their workers by 60 years or something like that; some significantly sooner than that by offering them the brilliant handshake.

People could obviously graph an different course altogether. They may like being busy and could work past retirement in in a part-time job or conversely they may decide to retire earlier if they believe they have saved enough money to achieve financial independence post-retirement.

So there is no settled retirement age – what is important is that the individual has sufficient cash to meet his post-retirement commitments.

Post-retirement income

Individuals looking for steady income, post-retirement can consider buying pension plans in india or taking an annuity.

This involves making a lumpsum investment in the annuity plan, which then makes payment to the individual on a future date or a series of dates.

The income payout is determined by a number of factors, including the tenure of the annuity.

The income depends on whether he has opted for a guaranteed payout (fixed annuity) or a payout stream determined by the performance of the annuity's underlying investments .

The individual can opt to receive the income payments for the rest of his life or for a fixed period of time.

Provision for medical expenses

Medical treatment, particularly for serious conditions are no longer affordable for a majority of individuals. And when you have retired, there is no regular income to fall back on. This makes the task of managing medical emergencies all the more painful.

Take cardiovascular ailments for instance. Treating a heart ailment, especially if it involves surgery, can be expensive.Unfortunately, most individuals aren’t prepared for such an event.

If the individual hasn’t saved enough money, he would have no option other than to dip into his savings and investments or borrow money as a last resort.

One way to provide for medical emergencies is by taking a health plan from an insurance company. Health plans offer a lot of flexibility both in terms of coverage and disbursal. For instance, certain health plans cover as many as 30 critical illnesses and over 80 surgical procedures. Payment towards illness/surgery is disbursed regardless of actual medical expenses. The policy continues even after the benefit payment on selected illnesses.