Retirement Plans

                The main idea of Retirement Plans is to save a certain amount every month/year till the year of retirement so that when you retire you have an adequate amount of fund from which you can withdraw as a pension month by month like you used to withdraw from your salary.

               For this set a goal towards your financial requirements like monthly expenses, medical expenses, travel expenses, children’s birthdays, marriages gifts, festivals etc. You must set a realistic goal during Retirement Plans so as to know the correct future flow of income. 

               Many Retirement Plans exist in India that not only takes care of the pension that you will get but also secures your life during the planned tenure in the form of insurance. If anything happens to You your family gets the pension or funds as planned by you. 

                Retirement Plans are available with almost all Banks & Insurance companies. As stated above you need to chart out from when you want to start receiving the pension & from when do you wish to start saving for the retirement. This can be called as phase of Retirement Plan given as follow.

               There are two phases of a Retirement Plan.

1. Accumulation Phase

2: Annuity Phase

1. Accumulation Phase:

                During Accumulation phase you will regularly pay premiums so that a requisite fund is  accumulated  for retirement. This fund will be calculated based on your current age and age during retirement.

2. Annuity Phase: 

                The Annuity Phase is from the time you actually start receiving the regular income as Pension that depend on the frequency (monthly/quarterly/yearly) and term chosen by you.

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