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Why Is It Necessary To Start Retirement Planning As Soon As You Start A Job?

dateKnowledge Centre Team dateSeptember 23, 2021 views294 Views
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When people are in their 20s, 30s or even 40s, retirement might seem like a lifetime away. However, every person must understand that making proper plans for retirement at an early age is an indispensable component of financial planning.

Planning for retirement as soon as you get a new job not just guarantees a supplementary source of revenue but further assists in dispensing with medical contingencies, meet life goals and grow financially independent in the coming future.

Importance of Retirement Planning

Retirement planning refers to making financial investment strategies and saving funds that help you sustain yourself during retirement and accomplish your set life goals. Investing your funds in a suitable retirement plan when you start a new job can generate an all-inclusive outlook of your life purposes as well as the path to attaining them.

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There are a plethora of benefits of planning for retirement when you are in your early 20's and recently got a new job. The earlier you begin saving for retirement, the more beneficial it is.

Mentioned hereunder are some benefits of starting retirement planning and investing in a retirement plan early.

1. Better Returns on the Investments

When you save your funds in a bank savings account, you gain minimal advantages. Starting financial planning at an early age or when starting a new job ensures you receive a better return on your investments. Also, investing your funds in a retirement plan as early as possible assists in maximizing your earnings by delivering you more immeasurable profits than the yields obtained in bank savings.

2. Tax Advantages

Planning for retirement as soon as you get a job enables you to receive numerous tax advantages compared to when you invest and plan for retirement later in your life.

You can easily receive tax exemptions on paying the premium of retirement plans under Section 80C of the Indian Income Tax Act, 1961. In addition to this, retirement plans can further assist you in expanding your tax returns.

3. You can Support your Dependants

If you are the sole bread earner in your family, it is important to invest in a retirement plan right at the start of a new job.

Investing funds in a retirement plan as soon as you get a new job will enable you to accumulate as many funds as possible so that you and your family can lead a happier life. These investments will further enable your family to remain financially stable if anything unfortunate happens to you.

Saving Plans for Early Retirement Planning

Understanding and choosing the right investment plan for early retirement planning will always ensure that your corpus grows exponentially and you receive a better return on your investments.

1. Invest 4G Plan

Invest 4G plan by Canara HSBC is a Unit Linked Insurance Plan that you can opt for if you are planning for retirement at an early age. This plan further assists you in customizing your objects and changes your specifications.

This plan offers all-around financial protection to you and your loved ones at a low premium rate. It can further enable you to relish the best of your retirement years with this flexible policy.

Features of Invest 4G Plan

a. The flexibility of deciding to pay for the complete policy course or for limited times or only once in lumpsum.
b. During the plan duration, wealth boosters and loyalty additions are the supplementary allocations to expand your investment portfolio.
c. Systematic withdrawal alternative to generate added income flow during the policy duration.
d. Various portfolio management alternatives empower you to optimize revenues from this plan as per your investment decision.

Guaranteed Savings Plan

Guaranteed Savings Plan by Canara HSBC is a savings policy that helps you inculcate a habit of regular savings to meet all your set financial goals and create a safety net for your loved ones.

Features of Guaranteed Savings Plan

a. Presents life cover for the complete course while you pay premiums just for a short period.
b. Flexibility to pick a premium payment term suitable for you. You can readily select a duration that aligns with your premium paying capacity.
c. Higher premium booster option that assures that you get additional benefits for a higher return on your invested sum.

Guaranteed Income4Life

Guaranteed Income for Life (GI4L) plan by Canara HSBC is a non-participating, non-linked life insurance savings cum protection policy that extends assured advantages and fixed returns to take care of both long-term and short-term economic purposes.

Features of Guaranteed Income4Life

a. Enhanced fixed earnings for higher premiums
b. Presents assured income for your lifetime, i.e. up to 99 years of age
c. Flexible premium options that allow you to pay premiums at your convenience.

4. Pension4Life Plan

Pension for life plan provided by Canara HSBC is an annuity policy. This plan renders you with various benefits and provides a secured income that acts as a security net that can safeguard your retirement years.

Features of Pension4Life Plan

a. Broad array of annuity alternatives to pick from
b. Assured lifetime earnings directly sent to your bank account to take care of your requirements
c. Security net for your loved ones with the help of return of purchase amount in case of your demise
d. Flexibility to decide premium payment frequency.

Early retirement planning is essential for a sustainable economic purpose. By holding a valid retirement policy in place, you can achieve all your set financial goals. With Canara HSBC Oriental Bank of Commerce, you can easily avail a flexible retirement plan and strengthen your retirement corpus.

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