In today’s fast paced
world, it’s always a challenge to be prepared for any unforeseen situation or
disaster which may strike anytime or anywhere. In this situation, its best to
insure yourself to combat whatever life throws your way. Given the plethora of
pension plans in the market, it’s not easy to make the right choice that will
see you through your sunset years. But what you must know is that to live a
life of dignity and independence, it is very important to set goals now so that
you have a hassle free retirement in your later years. This blog explores what
you can do to ensure your interests are safeguarded, in all possible ways.
It is normal not to
worry too much about the future and focus on the present. But it would be even
wiser to take stock of your current position in terms of finances, your needs,
lifestyle, the kind of money you spend, and what you save every month to build
a future. Ask yourself these basic questions. How much money do you spend on
shopping / entertainment each month, do you pay loans or EMIs on your car or
any other assets, do you have any liabilities in the present scenario? Evaluate
what kind of lifestyle you want to have when you retire, where would you want
to live and what will be your liabilities at that time.
This is a very important
aspect of your future. Are you planning to invest money in some property or
house and have you set aside a corpus for your child’s education, marriage and
other important goals? These factors and the above mentioned points will help
you make a realistic assessment about the amount of money you can set aside to
pay a premium and buy a pension plan of your choice.
As the saying goes, an
early bird always gets the worm. It is best to invest in a pension plan when
you are a young professional. This is because as you grow professionally, so
will your salary and you will be able to shed off debts and liabilities faster
and plan your retirement intelligently. Even if you have had a late start, it is
never too late. Plan nicely and wisely.
Even though you’ve
maintained a good health graph so far, as you grow older, your body will slow
down and you have to be more cautious about your health. Ailments and diseases,
whether they are serious or just temporary do not come with a warning. Also, if
you have a history of pre existing diseases like diabetes, stroke and heart
diseases in your family, it makes sense to ensure that you have a robust health
plan which will come in handy when you need it the most. So when you buy a
pension cover, ensure that you have a comprehensive health plan too.
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