Few of us plan to retire at 45 and few have to retire at 62. It depends from person to person. This is surely the next and final financial goal for most of us after children’s education and marriage and planning well for this is not only important but crucial for all of us. After all, all of us wish a comfortable and peaceful retirement. Here are few options we may consider for our retirement and have best retirement plans
5 Best Retirement Plans
National Pension Scheme
This is a government based pension scheme and the best thing is that your amount is locked till retirement, which forces you to use it only at the time when you most need it. The only disadvantage with this plan is that the maximum cap of equity is restricted to 50% only which restricts your equity exposure and impacts your returns. Read More about it
Traditional Retirement Plans
These plans are usually managed by Life Insurance Companies and are considered a fairly traditional plan. These could be either deferred annuity plans or immediate annuity plans. The only drawback of these plans is that the returns are too low and they might not match up with inflation. They are not much productive but are surely safe plans.
ULIP Retirement Plans
These plans are quite attractive plans floated by insurance companies. The only caution you need to exercise before going for them is to verify the cost and liquidity issue once you reach your retirement age. You may find best ULIP plans with most private banks.
Retirement plans through Mutual Funds
These are plans which are closely associated with mutual funds. You can find them being offered by most of the banks. What you need to keep in mind is to ensure that you understand the costs, liquidity, taxation and fund performance of these schemes.
Do It Yourself Plans
If you want to go for such an investment, you need to do lot of research yourself. You may create a portfolio for yourself and choose from equity, debt (bonds, PPF, EPF or Bank FDs) and Gold and plan your retirement accordingly.
Above all, all of us have different conditions and requirements at the time of retirement. You may choose any plan to secure your retirement but we would advice to check all these 5 best retirement plans; however, what is crucial is to calculate the certainties and uncertainties associated with finance and life. Let us know in case we can help you plan your future.
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