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planning for retirement india

Are you NRIs want to Retirement In India. Here is guide for NRIs who is planning for retirement India. NRIs Can use 5 Easy Steps planning for Retirement India.tt<br>Read More - https://www.wisenri.com/planning-for-retirement-in-india/

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planning for retirement india

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  1. A COMPLETE BEGINNER'S GUIDE TO Planning for Retirement India 5 Easy Steps NRIs Should Use --

  2. ABOUT THE AUTHOR About Hemant Beniwal IenteredinFinancialIndustryasManagementGraduateinFinance & workedformanyyearswithdifferentorganizationsbeforestartingmy ownFinancialPlanningFirmArkFinancialPlannerin 2009. ApartfromdevelopingFinancialPlansandguidingclientsmeettheir FinancialGoals; Ikeepinterestinresearch & analysisofvarious financialproducts. MyArticleandQuerySectionregularlyfeaturesin variousNewspapers.IalsogotachancetoappearonDoordarshan’s ‘MoneyPlantShow’ talkingaboutRetirement & FinancialPlanning. Financial Planning IbelievethatFinancialPlanningistheonlywaythroughwhich peoplecanachievetheirFinancialGoals. FinancialPlanning givesyoumoreclarityinlife; itprovidesdirectionand meaningtoyourfinancialdecision. Ithelpsyoutoprovide rightbalancebetweenyourpresentandfuture lifestyle.FinancialPlannerislikethePhotographer; heisnot partofthepicturebutstillcontributetomakeitlook Good.ButinIndiancontext, theterm “FinancialPlanning” & “FinancialPlanner” hasbeenmisusedtosellFinancial Products. Theplanningpartiscompletelyoverlookedandthat addstoconfusion. --

  3. Table of Contents 1. RetirementPlanninginIndia 2. Consider Retirement Goals 3. LookforInvestmentOptionsinIndia 4. Watchoutformistakes 5. Considerdifferentfactorsforretirementplans 6. HowtoPlanningforRetirementIndia – Tips

  4. Planning for Retirement India - 5 Easy Steps NRIs Should Use Planningisbringingthefutureintothepresentsothatyoucandosomethingabout itNOW. WhetheryouarearesidentIndianoranNRI, youneedtoplanforyourfinancial goalsandlifeafterretirement. NRIsRetirementplanninginIndiaisabitcomplex foranNRI – asstayingawayfromIndia, sometimesonelosestherealunderstanding ofthefinancialsituation, theexpenses, andeconomicconditionsinthecountry. Check – BestPlacestoretireinIndia RetirementPlanninginIndia HerearesomestepsthatNRIscantaketoachieveretirementgoalseasily – 1) Considerdifferentfactorsforretirementplans NRIsansweringthequestions – When, Where, andHowwillmakeaphasesmoothly intoretirement. Whenareyougoingtoretire?

  5. SomeNRIstakeupajoborassignmentforafewyearsandnotnecessarilyuntilSomeNRIstakeupajoborassignmentforafewyearsandnotnecessarilyuntil retirementage. Othersmayhavemadeenoughmoneyandconsiderretiringearly. NRIshavetodecidetheirplansafterretirementregardingtheirreturntoIndiaand theirfamily’sreturntoIndia. IfyouareanNRIandyourchildrenarestudyingintheUSorUK, youmightwantto savemorefortheireducationascomparedtoeducationexpensesinIndia. Check – Mr. NRI – HowMuchRetirementCorpusIsEnough Whereareyougoingtolivepost-retirement? AnNRImaywanttoliveinametropolissuchasMumbaiorBangaloreorliveina TierIIcityormaywanttoretireinhisvillage. Dependingonthechoice, theamount forretirementvaries. ThecostoflivinginMumbaiishighercomparedtoavillage. Butthemedicalamenitiesandothermoderncomfortsmaybeeasilyaccessibleas comparedtoavillage. Howareyougoingtospendtimepost-retirement? Ifyouplantodosomepart-timeworkafterretirementorengageinsocialbuilding activities, youmightwanttoliveinaparticularplace. Somemaywanttostaywith old-ageparentstotakecareofthem. “Finalizeyourplansbeforeretirementandthendecidetheplacetoretirein.” wiseNRI NRIshavetoplantheirretirementconsideringthesefactorssothatfinancescanbe plannedaccordingly. MustRead- Whatshould (budding) NRIsdowiththeirIndianEPFaccounts? 2) ConsiderRetirementGoals Whatareyourretirementgoals? Doyouwanttolivealifeofluxuryinapalatialhousewithservantsatyourbeck andcall? Doyouwanttoliveasimplelifespendingyourtimereadinganddoingyoga?

  6. AsanNRI, itwillbeeasytoachieveretirementgoalsifyouhaveplannedforthem. Dependingonthegoals, youcansaveandinvestinavarietyofinstrumentstoget thenecessaryreturnsandbuildwealth.

  7. Check – ShouldNRIsRetireInDubai 3) LookforInvestmentOptionsinIndia TherearemanyinvestmentoptionsforNRIsinIndia. AnNRIcancheckoutthe variousinvestmentalternativesandselectthebestonesasperinvestment requirements. NRIscaninvestin –

  8. MutualFunds – NRIsfromallcountriesexcepttheUSandCanadacaninvestin equityfunds, balancedfunds, debtfunds, liquidfunds, andMIPs. NRIsfromU.Sand CanadacaninvestinselectedMutualFundSchemes. Equity – AnNRIcaninvestindirectequitythroughaDemataccountwhichislinked totheNREaccountorNROaccount NRIswhodonotwantresearchortotakeriskofinvestingindirectequitiesshould usetheMFroute. Theyaremanagedbyprofessionalfundmanagers. InretirementplanningIndia, onethingpeoplemustconsideristhatretirement savingsinfinancialassetsareveryimportant – inthelongtermequityisagood assetclassbutweshouldbepreparedforvolatility. FixedDeposits – NRIscaninvestinfixeddepositsinNREandFCNRaccountstoget tax-freeinterest. NPS – ThegovernmenthasallowedNRIstoinvestinNationalPensionScheme (NPS). RealEstate – NRIscaninvestinResidentialandCommercialpropertiesbutnotin farms, agriculturalland, andplantations. AsanNRI, oneshouldbewatchfulwhile investinginrealestateasitisnoteasytobeawayandbeinvolvedinmaintenance andmanagementmatters. Youcangivepowerofattorneytosomeoneyoutrustto managematters.

  9. WhenItalktoNRIsfewofthemfeeltheydon’thavetodoRetirementPlanninginWhenItalktoNRIsfewofthemfeeltheydon’thavetodoRetirementPlanningin Indiaastheyhavethepropertythatcangeneraterent. Ithinkthisisoneofthe biggestmisconceptionsofpersonalfinance – rentswillnotbeattheinflationrate. NRIscaninvestindifferentassetclassestogetreturns. NRIscanworkwitha financialplannertomakethingssmoothandtransparent. MustRead- NRISaveForEarlyRetirement 4) Watchoutformistakes SavingandInvestinglateinlife – SomeNRIswaitfortheannualbonusoratargetamountto startinvesting! Donotwaittogetabigbankbalanceandtheninvest. Keepsavingand investingateveryopportunityyouget. Themoreyousaveandinvest, themoreyourwealth becomes. Theearlieryousaveandinvest, thelongerandharderyourmoneyworks. ForgettoFactorinInflation – Youhavetoconsidertheinflationrateoftheplaceyouwillbe stayingafterretirementwhileplanningyourfinances. Inflationratesandthewaytheymove varyfromcountrytocountryandyouhavetoplanaspertheinflationmovementsinthe countryyouwanttoretirein. ImproperassessmentofInvestmentRisk – Indiastillhasalotofscopeforeconomicgrowth. Thestockmarketsaredoingverywell. ButNRIswhoaresmartwillunderstandcurrencyrisk, growthrisks, andriskoftheimpactofglobalfactorsontheIndianeconomy. Itisimportantto buildadiversifiedportfoliotoprotectyourselffromrisks.

  10. MustCheck – ImportanceofpensionplanforNRIs 5) HowtoPlanningforRetirementIndia – Tips Estimatetheretirementbudgetasaccuratelyaspossible. Youthinkyouwillspendless comparedtoyourexpensesnow. Butthatmaynotbethecase. Therearemanyexpenses thatyouwillundertakeasaretiredpersonwhichyoumaynotincurnowsodonot underestimatetheamountofretirementkittyyouneed. Keepyourdocumentationupdated. KnowYourCustomer (KYC), bankaccount, andPortfolio InvestmentScheme (PIS) account, alongwithDematandtradingaccountsarerequiredfor hassle-freeinvesting. Donotdependovertlyonthebankwhereallyouraccountsarepresent. Youcantalktoa wealthmanagementfirmorfinancialplannertounderstandinvestmentopportunitiesand haveanunbiasedview.

  11. WhetheryouareanNRIoraResidentIndianresident, FinancialPlanningis Important. “NRIshavetopayattentiontofactorssuchascurrencymovements, legalaspectsof investinginIndiaandabroad, taxationmattersinIndiaandcountryofresidenceto haveasmoothtransitiontoretirementandachieveretirementgoals.” PleasesharehowNRIsplanningforretirementIndia. Ifyouhaveanyquestionsfeel freetoaddtheminthecommentsection.

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