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Three Places you can Save your Money in for Retirement

Retirement is like the vacation period of life, when we’ve finished all the exams, done all our work and finally have a respite from the busy, monotonous life that we lead today. But for it to be so, you need to do some things and make arrangements financially while you’re still working.

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Three Places you can Save your Money in for Retirement

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  1. Three Places you can Save your Money in for Retirement

  2. Retirement is like the vacation period of life, when we’ve finished all the exams, done all our work and finally have a respite from the busy, monotonous life that we lead today. • But for it to be so, you need to do some things and make arrangements financially while you’re still working.

  3. To have a comfortable, worry free life after retirement you need to start your retirement planning and saving for it early. • Living from pay check to pay check is a risky business, even if your pay check is huge. • Mostly because one day it is bound to stop. • You may get laid off, or have to change jobs or reach your retirement age. • Not all employers pay handsome pensions to their employees. • If you’re self employed you have to create your own pension plans and retirement schemes. • In both cases, investing your money in the right places can help you.

  4. Banks offer a number of retirement plans in India. • But it is not a common practice for youngsters or any working professionals to consider Retirement Planninguntil their retirement age is close. • Starting early you can have a good savings pile ready to fall back on when you’re ready to retire.

  5. Here are Three Great Investment Options for Those who want to Create a Retirement Fund for a Happy Retirement.

  6. Invest in ULIPs

  7. You can alter your ULIPs on the basis of what you want to save for, it can be your own business, your child’s education or your own retirement. • Unit Linked Insurance Policies that focus on retirement plans invest in equity based funds to avoid taking risks, in turn providing you with handsome returns.

  8. Employment Provident Fund (EPFs)

  9. The Employees Provident Fund is another way to ensure return during retirement. • It is perhaps one of the most popular pension plans in India. • Currently the rate of return from EPF is fixed at 8.5% p.a. • EPF also offers deduction up to 1 lakh limit under section 80C. • The interest from EPF is tax free and withdrawal is also tax free if there is continuous service of 5 years.

  10. Invest in Bonds

  11. A bond is when a company borrows from you. • Purchasing bonds of a particular company is like giving that company a loan. • The company will pay you interest on your loan. • In the case of some companies the interest can be as high as 10% or 12% p.a. • These bonds usually have a maturity of 10 to 15 years. • They’re a great way to invest your money for retirement.

  12. Thank You

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