How to secure your future before you hang up your boots?

Posted by ankita on November 17th, 2016

Retirement insurance plans are the modern day investment-cum-insurance policy offered by insurance companies that lets you to allocate a part of your premium towards insurance cover for your loved ones if you were to meet an unexpected incident and the remaining is diverted to market-linked investment funds.

Although, people may have enough savings, but the rising inflation costs, increased lifestyle expectancy and lifestyle needs, it becomes difficult to bridge up these costs with the handful of savings you have. Besides, if there is any emergency these savings can get exhausted quickly in no time. Therefore, it is important upon an efficient retirement plan  that will help you build a secured funds to fulfill your dreams and live a happy life in the retiring days.  Retirement insurance policy is a crucial investment plans considering future conditions. These plans vary in terms of their benefits and structure. 

Most people in their early 30s think retirement is very far and they can always settle down the investments towards retiring for fulfilling other needs. But in real terms its risky approach. People don’t realize that since retirement insurance policyare market-linked funds, they need a sufficient span of time to build a collective fund that will  match your expectation and help you fulfill your financial goals.

It is advisable that an individual should start planning for retirement in the early 30s. One of the major benefits is if you’re young you can invest in equity based funds, work towards getting some profits and root the earnings to the debt oriented funds as you near your retiring days. Early investments help you the draw benefits of the compounding effects. 

Since, these are market-linked funds consult a suitable financial expert about the fund allocation and monitor them on a regular basis. If a particular fund is not working as per your expectation or not generating enough earnings to meet your financial goal on time, you can always discuss with the expert and switch your funds from equity to debt or vice versa. Financial experts are good in forecasting market movements and volatility.

While investing in your retirement plan the best thing you can do is learn the art of managing funds by building a suitable strategy. It will help you get a real picture about the profits and you can gear up accordingly towards achieving your goals.  Never get too emotional with the market movements, such as when the markets are upsurge don’t get overconfident and stay invested longer. Alternatively, if the market crash doesn’t panic and sell funds in heavy losses. Hang in your boots, in such situation talks to an expert for the best possible way to deal with investment funds.

Retirement Plan Company offered by insurance companies is dual benefit plans. While at one end you can creatively work upon the retirement funds at the other end you have already secured your loved ones with suitable cover to deal with any unfortunate situation.  No one can give you foolproof plan that will guarantee 100% returns. But, when worked strategically your retirement plans can be a substantial source of income in for your retiring days.