Friday, September 14, 2012

Plan your retirement yourself!

Retirement is usually a tough decision to make. When my parents chose to retire from work, they had a lot of considerations before them. They had plans of enjoying their post retirement life like they enjoyed their youth, but were worried whether their savings will suffice. It took a couple of weeks for me to convince them that the money they’ve saved after working hard for decades will definitely suffice and in fact, give them a better life than their youth. My parents expressed their apprehensions over unforeseen circumstances and whether they’d have enough money left after such events. Retirement plans usually don’t include unforeseen events but let me assure you, they’re not even important to be included.
A retirement plan can be fruitful for a lot of reasons:

·         Travel is cheaper for senior citizens. Everywhere in the world, senior citizens get first preference and a good amount of discount on train tickets, hotel reservations and flight bookings. This way, people can travel to destinations they’ve harbored since long post retirement without having to worry about the trip being expensive.
·         Governments usually have special medical facilities for senior citizens that cost lesser as compared to those run by private organizations. Further, various charitable institutions treat senior citizens are subsidized costs. Make sure you keep contacts of such places handy before retirement so in case any difficulty arises, you will have some contacts handy.
A retirement should be planned right since the time you start working. Yes, that early! This is because the various policies and funds that you invest in, will take a couple of decades before they start maturing and give you good returns. Right at the start of your career, find out some best mutual funds to invest in. Find out from your seniors about the ones that offer monthly pension on the aforesaid date. It is always good to deal with firms that are true to their words. And when you’re in an old age phase, it would be difficult to make rounds of insurance companies to make your claim. 

Mutual funds form an important part of investing for future, but they are not the only option. There are various saving schemes which you can best know about in detail from wealth management companies in India. Wealth management firms specialize in maximizing your investments for a secure future. In return for a meager commission, they guide you through various interesting plans that can positively impact your savings and offer you the best returns. Consulting such firms can be fruitful and give you a sense of positivity regarding your latter life.
From amount the various plans these companies offer, the best retirement plan in India is that of your own! You should definitely consult wealth management experts but believe me; no one can plan your retirement as good as you can. You will know best about your personal needs, about your income, the kind of expenses you’ve and the kind of savings you can do. It is best to plan your retirement by yourself!