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Why Early Retirement Planning Should Be On Your Priority List

Prioritize early retirement planning

Why Early Retirement Planning Should Be On Your Priority List


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March 03, 2020

By : Bajaj Allianz Life

Retirement is a crucial phase of our life. In India, the usual retirement age is between 55-60 years. However, these days you will find many people discussing and thinking of early retirement. It’s the era where we see emergence of unconventional Life Goals. These aspirations are common amongst the millennials today. Before resigning from your job, an individual must plan for his retirement well in advance. Early retirement planning can help you live your passion and achieve your Life Goals.

The prime aim of retirement planning is the provision of a comfortable life in the future. Considering the inflation rate or increasing costs of all commodities as one of the factors for planning your finances, it becomes natural for one to plan for the unseen future i.e. to ensure your retirement is secure. One’s aim should be to plan in a manner such that they can at least maintain their standard of living. Additionally, there are multiple reasons why early retirement planning is essential. Take a look at these top six reasons why early retirement planning should be on your priority list:

6 reasons to consider before planning for early retirement:

1. Realization of your life goals

The long working hours make it difficult to achieve your dreams while you’re young and working. Hence, a majority of people prefer accomplishing their life goals post-retirement. With ample retirement funds, specific life goals like traveling or pursuing hobbies are achievable post early retirement.

2. Security of your loved one’s goals even in your absence

The breadwinner of the family has the responsibility of the spouse and their children. A non-working spouse is dependent on the breadwinner to get their financial needs fulfilled. When the earning member of the family passes away, the spouse’s financial future could become uncertain. Therefore, invest in a pension plan with a life insurance component that would ensure the security of your loved ones and ensure their Life Goals even in your absence.

3. Provision for tackling medical emergencies

The unpredictability of life makes early retirement planning the need of the hour. As you grow older, the chances of being diagnosed with unannounced medical emergencies are higher. Moreover, rising hospital bills are inevitable. One of the measures to ensure such medical emergencies are taken care of is by investing in a retirement plan with critical illness cover rider.

4. Impacts of inflation

The effects of inflation on your investment is not something you can control. Investment in a market-linked product like a Unit Linked Insurance Plan (ULIP) may help you resist the effect of inflation provided you have planned your finances well. Staying invested in the market for a long time could help you accumulate the required corpus hence resulting in the growth of your invested money at a pace that could help you combat inflation and get your retirement goals done.

5. Monthly pay-outs as retired life income

Under a pension plan / retirement plan as you may call it, a policyholder can choose a payout option as per the plan opted for as your retired life income. A monthly payout could help the policyholder to make sure the flow of income does not stop even after retirement. The retirement income, especially in the form of monthly pay-outs, takes care of the routine needs of the entire family ensuring that your lifestyle remains unchanged, even during retirement.

6. Security of child’s life goals.

We wish to fulfil every single dream or goal of our kids. As they grow older, we might want to send them abroad for their further studies or plan their dream wedding. For that, one needs to have enough resources or funds. With proper planning and investments, no parent will have to compromise with their kid’s life goals even if they stop working. Planning on time is the key here as one would need to stay invested for a long duration to be able to achieve the corpus for the required life goals.

To sum up, retirement marks the beginning of a stress-free way of living, but only if your future finances are assured. You can ensure that you do not have to struggle with inadequate resources after retirement. Investment in a pension plan at a young age to maintain your lifestyle with regular cash flow even after retirement may prove beneficial. The earlier you start planning and investing, the easier it gets for attaining your retirement life goals. Further, you can always consult a subject matter expert for further details for making an informed decision.

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