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Retirement Plan

Retirement means when a person ceases to continue their work life or professional commitments in view of old age.u00a0<br>https://www.sbilife.co.in/en/individual-life-insurance/traditional/saral-pension<br>

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Retirement Plan

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  1. Retirement Plans

  2. What is Retirement? Retirement means when a person ceases to continue their work life or professional commitments in view of old age. This automatically stops the income stream. In India, the official retirement age in private sector is 60 years. State governments can enhance or decrease the retirement age of government employees.

  3. Importance of Retirement Planning Pension schemes in India help people to plan for their sunset years. A person is able to plan for an added source of income, to help them meet their life expenses post-retirement. This is important to: • Lead a stress-free life • Cater to future medical and financial emergencies • Beat inflation • Maintain a good standard of living • Fulfil future financial responsibilities • Zero family burden • Fulfil aspirations and start hobbies

  4. Retirement Planning Process • Determine investment horizon and risk factors • Evaluate current financial condition • Estimate future expenses • Decide on assets in your portfolio based on your risk profile, and income • Choose pension plans based on retirement premium calculator • Start investing early • Avoid using retirement funds

  5. Benefits of Retirement Schemes in India The best retirement plans or pension policies in India offer a range of benefits • Flexible premium payments • Market-linked returns • Tax benefits • Regular income • Assured benefits • Hassle-free investments online

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