7 Ways Women can secure their Retirement Days!
While was on my last business trip I encountered a group of women aged between 58-60. Many of them were working women, who had worked all their lives and now enjoying their retirement in their own style. They are heading to some of the amazing places in India. They’re so happy, they were independent and most importantly they’re free after retirement. And above all, as per my knowledge, all of them are well secured for their retirement days!
Returns as high
as 7.5%*
Includes life cover
Completely Tax free+
as 7.5%*
Includes life cover
Completely Tax free+
Maximum returns Offered by
Guaranteed
Highest
7.5%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
In-built life cover
Get Guaranteed returns upto 7.5%*
Invest in 100% Guaranteed Return Plans with Tax benefits under sec 80C & No Tax on returns*
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With a higher lifespan, women need their retirement to be planned strategically. Considering the growing inflation, it is impossible to predict an amount that one will require to enjoy a financially stable retirement. Hence, retirement is what one should consider planning for while working, especially women. In this regard, if you are a working woman and want to set your retirement goals, this article is for you!
Ways to Save for Retirement Days
Comparison Between
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
*For annual premium upto ₹5 Lacs
Let’s consider the below tips to save more for your sunset days. Here you go:
Save More, Spend Less
Women are famous for spending more than men. They like shopping, travelling, spending on food and so on. There is no harm in indulging oneself, but spending extravagantly on unnecessary things is what could ruin you financially. Don’t spend your entire income on luxury, save for those rainy days as well. You never know when an eventuality can knock; but once it does, you may be unable to protect your savings. So, prepare for that. There are a lot of investment options, Fixed Deposits being one of the most picked choices. You can check FD interest rates in SBI or FD interest rates from other public sector and private sector banks.
Invest in a Good Retirement Plan
Indian financial market is bombarded with various retirement options that you can consider. Some schemes come with tax benefit* as well. Therefore, by investing in them, you can save a considerable amount on tax. The amount invested towards a good retirement plan is taxable, while the accumulated and the withdrawn amount at retirement is tax-free. There are government-owned schemes as well that offer good returns. Keep a track of the market and research comprehensively to ensure the right plan. Fixed deposits are one of the best options that comes with handsome returns. The alluring part is fd interest rates offered for senior citizens is higher than the general category. It may vary from banks to banks.
Investments are Interesting
Gone are the days when investments were considered male domain. With time and advancement of education, today's women also put their money on various investment tools. However, it is recommended to have proper knowledge of the product before investing, as these financial tools are mainly dominated by market performance. Moreover, by balancing with your spouse, you can ensure adequate funds for the future. For example, if your husband is investing in risky assets such as equity, you can balance it by opting for a fixed income return assets, which are safer in nature and also ensure decent returns.
Restrain from Using Your Retirement Savings
Keep your retirement savings separately and avoid using it. In order to avoid this, keep an emergency fund in place to cover those unexpected expenses. Moreover, avoid checking retirement fund too often; this may tend you to spend from the kitty.
Automate Your Payments
It is quite hard to save more for someone with a habit of spending extravagantly. As retirement planning is a long-term investment, it requires you to invest in a responsible way. Given that, if you spend more than you earn, you can’t save for your retirement well. And this won’t suffice your retirement goals. So, if you have invested in a plan or something similar, you should automate your bank account to ensure timely payment towards the retirement plan. With ECS service, you can ensure auto-debut of payments towards a savings scheme without a hassle. This facility is available almost every bank or financial institutes.
FD interest rates India have fallen consistently over the last 12 years.
Take Help from a Financial Advisor
By consulting with an advisor regarding good perspective on investment will help you plan properly. Moreover, a financial advisor can help you find out the various schemes specially designed for women or how you can invest in your budget. This way you can make your money grow and let your retirement to get a good start.
Never Ignore Your Health
Health is wealth! However, in pursuit of balancing work and family life, women often tend to ignore their health. Go for annual health check-ups or opt for an optimum health cover for emergencies. Regular check-ups will help you avoid bumping into a serious health condition at later age and further will help you enjoy your sunset days happily.
In a Nutshell!
To figure out the actual needs post-retirement, every woman should plan it accordingly. Keeping your family on the top is not a bad thing but women should not forget their properties as well. When a regular flow of income is there, one might not think seriously for retirement. But things would change post-retirement, when there will be no income or one has to be dependent on others. If you too are working and don’t want to spend a life depending on others for every single thing, start planning for your retirement days right away. Let your money to grow in a way that it offers a regular flow of income even after you retire!
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*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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