A working individual has tons of responsibilities and pressure to get his job done. When he is at the peak of the career, he might tend to sacrifice his aspirations. Therefore, a majority of people prefer an early retirement to achieve their goals.
Below is the list of some of the life goals people desire to fulfil after retirement:
1. Travel Goals
Do you remember when you were browsing stunning foreign destinations while sitting at your workstation? It is natural to feel a tad bit envious of such people since it might be impossible to take long vacations due to limited leaves and work pressure. On retirement if one has created the required corpus to lead the desired life, you can fulfil your dream of travelling around the world without worrying.
2. Pursuing your hobbies
A lot of people might give up their dreams to support their families. However, an individual can start from where he has left after retirement. If you have planned well, you would be able to achieve the particular life goals. For instance, you could pursue your aspirations like photography, having your own start up, etc.
3. Building your dream home
Every individual has a personal sentiment for his/her house. While many people have their houses, the rest of them might live in a rented house. Such people can turn their dream of building their dream house into reality.
An individual must have adequate resources to turn his dreams into reality. Retirement investment plans provide a steady source of income to the policyholders. These policies cover your routine expenses as well as maintain your standard of living. Go through these top three retirement benefits mentioned below:
Benefits of retirement plans:
1. Steady Income flow
A policyholder requires a steady flow of income during his retirement. The pension amount acts as income replacement during retirement. It helps the policyholder to meet his daily expenses as well as look after his medical needs. Moreover, it ensures that an investor lives a stress-free life in the future.
2. Tax benefits
One of the major benefits granted by a retirement plan is the tax benefit. Under Section 80CCC of the Income Tax Act, 1961, the premium of a retirement pension is eligible for tax deductions. Moreover, the policyholders receive up to a third of a lump sum amount at the vesting age. The amount obtained on the vesting age is tax-free under Section 10(10A). The tax benefits are subject to provisions of Income Tax Act, 1961, as amended from time to time.
3. Power of compounding
An investor can utilize the benefits of the power of compounding by purchasing a plan early. The earlier the purchase, the more the benefits of compounding. Therefore, a policyholder should buy a pension plan when he/she is young. With early investment, probability of higher returns is more.
To sum up, retirement is a universal concept. In India, the usual retirement age is between 55-60 years. Today, millennials i.e. the young India have a different perspective. Early retirement is what they are planning for to ensure they can pursue their passion. Fulfilling their life goals is the top-most reason for early retirement. Retirement planning and investment in pension plans are few of the factors that help in ensuring a safer retirement lifestyle.
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