Investing in a proper retirement plan is the
primary concern of every employee worldwide and there is a wide array of
options available. You can plan ahead and watch your money grow to make your
retirement not only comfortable, but financially rewarding as well.
To arrive at a retirement plan, you need to check
out various alternatives and also follow some simple steps. There are several
user friendly services backed by 24/7 customer support for nonresident
individuals to plan their retirement.
Clients are served by agencies that have tie-ups
with a wide range of insurers to provide them the best in retirement plans. You
can check out the individual options and decide on what would suit you best.
Each plan has its share of advantages over the other as well as some
shortcomings.
Professional agents are always there to help you
on the internet for choosing the right plan. Retirement plans are also not a
one-size-fits-all type and what would suit someone else will not suit you.
Decide how much income you would need
You need to decide on your own how much income
you require to live comfortably after retirement after taking into account the
possible hike in cost of living during the period.
The impact of inflation can be calculated by the
inflation index calculator which will give you a rough idea to make your plan.
Take into account medical expenses as they tend
to go up in old age, gifts, family expenses, and travel and rental charges if
you do not plan to buy a home.
Market linked plans
Depending on your present income, you can plan
how much savings you can do. Your retirement calculator will indicate the money
you will need and the amount you can save. It is only by selecting the right
retirement plan that you can meet all your post retirement goals comfortably.
If you opt for plans that invest your money in the financial market, you can be
assured of a healthy return. But you need to invest in a plan that would
ultimately meet your criteria.
Plan from now to benefit from compound calculation
Instead of putting off retirement planning for
another day, you should act quickly and the best time is right now. The more
delayed the entry the lower would be your chances of getting a reasonable
return on your investment. Costs are going up and to meet the price index post
retirement would require you end up with a good return. As time is on your
side, you can take advantage of the benefits of compounding calculation as
well.
Your primary requirement would be to invest a
specific amount each month and watch it grow. It would again depend on your
monthly income and budget as well as how much money you can comfortably spare
for investment.
The insurance sector in India has lots of tailor
made plans to suit the NRI and even those who plan to come back to India after
years of working abroad. Many NRI’s are investing in the burgeoning insurance
business these days for planning their retirement.
The Indian insurance industry dates back to the
early 19th century and life insurance premiums account for nearly 2.5 percent
of the GDP. After economic liberalization kicked off and in the subsequent
years beginning with 1999, the insurance industry has witnessed many path
breaking changes with several global players entering the lucrative Indian
market.
But even though the foreign direct investment has
been hiked up to 26 percent, the largest insurer is still owned by the
government.
There any many firms these days offering such
professional services to non resident Indians. One such financial firm offering
complete NRI investment services that I like is: www.NriInvestIndia.com
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