Retirement – Enjoying & Preserving
In the simplest sense, retirement planning is the planning one does to be prepared for life after paid work ends, not just financially but in all aspects of life. The non-financial aspects include lifestyle choices such as how to spend time in retirement, where to live, when to completely quit working, etc. A holistic approach to retirement planning considers all these areas.
The emphasis one puts on retirement planning changes throughout different life stages. Early in a person's working life, retirement planning is about setting aside enough money for retirement. During the middle of your career, it might also include setting specific income or asset targets and taking the steps to achieve them. Once you reach retirement age, you go from accumulating assets to what planners call the distribution phase. You’re no longer paying in: instead, your decades of Saving pay out.
Remember that retirement planning starts long before you retire -- the sooner, the better. Your “magic number,” the amount you need to retire comfortably, is highly personalized, but there are numerous rules of thumb that can give you an idea of how much to save.
Don’t fall into the trap of a child plan fund, instead go for a guaranteed based investment plan.
As a parent, your kids are the most important part of your lives. Smallest of your happy moments depend on them. While trying to maintain a balance between emotions & practical life, budgeting expenses and incomes – Savings can become a tricky task.
You would do anything to make your children happy and to secure their life & future. We can specifically customize solutions to address your child’s future needs, even in your absence and with a guarantee.
Disciplined Investment & Savings
We’ve heard about the importance of saving in a numbers of different ways and from many different resources. Still, more and more people are going into savings underprepared. Part of this under-saving phenomenon comes from one simple behavioral mistake: we’re not disciplined enough to stick with a savings plan.
It’s all too easy to put off savings when we have pressing immediate financial needs to take care of – like putting food on the table, paying down debt, or sending our kids to University. But the long we put off savings, the more likely we are to not have enough when the time comes to walk away from our full -time job.
So, how can you find the discipline to invest and save? What steps can you take to ensure you’re financially prepared?
Creating a Savings Plan
The first step to being consistent with your savings is to have an easy-to-follow plan. If you haven’t been saving at all, its never to late to start with something small now. You can start by contributing a small amount each month from your pay check or any other alternative way to begin your savings. As you continue to stay consistent, you can increase your contributions to reach to your savings target.
Not sure how much you need? You’re not alone. There seems to be a wide range of opinions on what the “right” amount of money is in order to have a decent corpus. The truth is there is no “right” answer that fits everyone’s unique lifestyle and vision of savings or saving towards your retirement. Speaking with a financial planner can help to clarify your savings goal and build a savings plan that puts you on track to reach it.
Understanding Compound Interest
The true benefit of staying disciplined in your saving is the compound interest your funds earn over time. The best analogy for compound interest is that of a snowball. If you stand at the top of a hill and make a small snowball, it doesn’t look very big. But if you start to roll that snowball downhill, it picks up the snow around it. The snowball gets bigger and bigger. The larger the snowball gets, the more surface area it has to pick up even more snow. And it all started with the small snowball you balled up at the top of the hill.
Compound interest works this way in your investing strategy. The earlier you begin to invest, the longer your funds have to grow. As the return on your investments grow, they’ll pick up speed – growing bigger and bigger until you reach retirement and begin to tap your accounts.
All of this is to say that staying disciplined with your investments and savings now, pays off in a big way later on in your life. Even if you have to start small, the important thing is to begin and to keep at it.
Personal Protection – I am not a liability but an asset
You and I (Personal Protection) have similar purposes in this world.
It is your job to provide food, clothing, shelter, schooling, medicines and other things for your loved ones. You do this while I lie in your strong box.
I have faith and trust in you. Out of your earnings will come the cost of my upkeep. At times, I may appear to be worthless to you – but someday ( Who Knows When), you and I will change places.
When you are laid to rest, I will come alive and do your job. I will provide the food, clothing, shelter, schooling, medicine and other things your family will continue to need – just as you are doing now.
When your work and toil are done, mine will begin. Through me, your hands will carry on.
Whenever you feel the price you are paying for my upkeen is burdensome, remember that I will do more for you and your family than you can ever do for me.
If you do your part, I will do mine
Critical illness - It can never happen to me
Critical Illness insurance is specifically designed to mitigate the impact on your finances as a result of suffering from a serious illness or accident. Most of us think it can never happen to me as I live a healthy lifestyle. Some of them think that a medical life cover is sufficient and why spend on a Critical Illness cover
Medical insurance only pays for hospital bills, doctors fees and medicines. However, if you’re unable to work whilst receiving treatment, paying your day-to-day expenses can become a major problem. Critical Illness insurance pays a lumpsum amount when you are diagnosed and treated for any major illnesses. It buys you peace of mind knowing that if the worst should happen, you and your family would be financially stable. This means you can focus on your recovery and not your financial situation.
By signing up for a Critical Illness plan, you can ensure your finances, your future and your family are protected against the effects of an unexpected health issue.
This plan covers 6 major diseases where treatment can be done overseas by choice. This health insurance cover is different to the usual medical cover or health cover insurance.
This plan can be offered from a 6 month infant to an adult of age 64. The premiums till age 18 will be just USD 250 per annum and from age 19 it will USD 1000 per annum till age 64.
- Cancer (93 types of cancer covered)
- Heart Valve Surgery
- Benign Brain Tumor
- Coronary Bypass Surgery
- Bone Marrow Transplant
- Liver Organ Transplant