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Avoid These Common Mistakes While Planning Retirement

  • Highlights

  • Budget for expenses with inflation in mind

  • Include comprehensive medical insurance

  • Invest in pension plans

  • Gain benefits from Bajaj Finserv’s Pension Plan

The onset of retirement does not mean pressing the pause button on your existing lifestyle, desires and dreams. However, in order to sail through the golden years of your life, you will need to abide by a few monetary measures during your employment years. Investing in the best pension plans and other secure and lucrative instruments is the key to growing your wealth. This apart, you will also have to avoid committing certain financial mistakes so as to ensure that you wade through choppy waters without a hitch! Read on to know more about these mistakes that you must avoid.

Do plan for retirement in advance and invest while staying within your budget

Start off by working out a budget accommodating all your post-retirement expenses. Calculate a monthly sum based on your future essential and non-essential needs. You will have to plan your budget in such a way so that you can comfortably maintain your existing lifestyle without having to depend on anyone else in the family. The key here is to identify each and every relevant expense and add the expenses for wish-fulfilment to it.

This means that you should also dedicate a portion of your retirement corpus to travel the world, buy gadgets or assets, and invest in your dreams. Living for yourself on your own terms and fulfilling all your aspirations will help you make the most of your retirement. So, do not ignore any of these aspects while deducing a sturdy financial goal for retirement.

Do not forget to include medical expenses in your plan

With age, attending to health requirements becomes an inevitable consequence. From medical check-ups to treatment for ailments, you will have to pay for all your medical expenses from your savings post retirement. This is sure to burn a hole in your pocket owing to the increasing rising healthcare costs in India. So, plan your retirement funds sensibly by including the best health insurances within your folio. Choose Health Insurance Policies via Bajaj Finserv that offer individual and family floater health insurance, senior citizen health insurance, critical illness coverage, personal accident coverage and maternity health insurance too.

You must also ensure that your insurance covers all common, acute, and critical ailments in their entirety. Checking this in advance will allow you to avail a policy coverage that shields both you and your family members from future medical conditions, which may require an expensive treatment, surgery or hospitalisation.

Do not underestimate inflation

In order to build your retirement corpus efficiently, you will have to factor in the inflation rates for all your liabilities and responsibilities. To do this, first list all your future responsibilities such as monthly grocery, medicine costs, gadget spends, home repairs or renovation, your children’s education and marriage, and more. Now, list down the estimated cost for all these needs based on their present pricing. Then depending on the number of years you have until retirement, add 7% inflation rate for every year to the present costing. Once you deduce the future costs, begin saving towards that set goal to stay up to date with the changing value of the rupee.

Do not wait to start with pension plans later in life

Plan for your retirement right at the beginning of your career so as to fetch more growth for your savings. Apart from building your retirement corpus in your youth, you should also conduct adequate research in selecting the right instruments for your retirement investment folio. Here choosing high-interest returns instruments and the best pension plans will yield better maturity returns for you. So, choose Pension Plans from issuers like Bajaj Finserv to get assured protection along with a systematic income until your 100th birthday. Apart from that, this pension policy gives you policy bonus, premium rebate on renewal, advanced rider rebates each time you add someone to your existing policy and much more. With such benefits in hand, you can start planning for your retirement right now by investing in a pension plan on a pre-approved offer from Bajaj Finserv to get additional benefits.

Retirement planning will be a cakewalk when you adhere to a plan. So, be mindful and start executing your plan early on in life to reap sufficient benefits over time

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