Retirement Calculator in India for Saving & Planning

What is Financial Planning?

Financial planning is a long-term process of wisely developing strategies to help you manage and predict the future financial affairs, withdrawal plans, and value assets by using the current known variables. In relation to your procurement, investment and administration of funds, financial policies are framed. Thus, it is the comprehensive evaluation of your current and future financial state.

Objectives:

  • Determination of capital requirements: Capital requirements are looked with short-term and long-term perspectives. It depends on factors related to current cost, fixed assets, promotional expenses, and long-term planning.
  • Determination of capital structure: It is the composition of the relative kind and proportion of capital required for short-term and long-term needs.
  • Financial Policies: Policies are framed according to the inflow and outflow of finances.
  • Maximum benefits: Finance managers ensure the financial resources to be maximally utilized in order to get the maximum returns on investment.
  • Estimation of time and fund sources: Deliverance of funds at the right time is of utmost importance. Along with the time, the sources of the fund are of equal importance.

Importance:

Financial planning is important to create a balanced plan by determining your short-term and long-term financial goals. Thus, it provides you with an overall improved financial well-being by allowing you to consider investments according to your requirements.

  • Income: Through planning, you can manage your income effectively.  The money you invest for tax payments, expenditures and savings can be well understood by planning your income.
  • Cash Flow: Judicious spending, tax planning and shrewd budgeting will help you increase the cash flow.
  • Capital: The capital will increase with the increase of cash flow, thus, enabling you to consider investments in order to improve your financial health.
  • Family security: Having proper insurance policies and coverage, providing for your family’s security is an important part of financial planning.
  • Investment: A proper financial planning acts as a guide to help you choose the apt investment plans to fit your needs, personality and goals.
  • Standard of living: A good planning provides with savings that can be beneficial when required due to unfortunate circumstances.
  • Financial understanding: Setting of financial goals can help you achieve a better financial understanding that gives a new approach to your budget that leads to a better financial lifestyle.
  • Assets: Understanding your finances is important to increase your knowledge of settling or cancelling liabilities that come attached with assets. Thus, is it also important to determine the value of an asset that does not become a burden in the future?
  • Savings: It is always good to have invested in investment plans that can be utilized in time of emergency or for educational purpose. A proper financial planning can maximize the amount of your savings.
  • Ongoing Advice: Establishing a relationship with a financial advisor is very important. Your financial advisor will develop customized comprehensive plans on evaluating you current financial circumstances.

Thus, financial planning is important to have ensured adequate funds; a reasonable balance between the outflow and inflow of funds to maintain stability; reduces uncertainties concerning any unpleasant situation; and ensures stability and profitability in your financial lifestyle.

Pension Calculators:

They are interactive tools that are available to you to ease the confusion of planning and strategizing your future financial goals and aspirations. To insulate your family’s future from uncertainties that may come in your absence, it is important to plan your investment well in advance and Basic Pension Calculator make it easier for you to decide.

Why Insurance?

A vital decision in your life involves buying an insurance policy. Whatever be your earning in your productive life, you are not a clairvoyant to be able to predict what the future holds, especially how it will unfold in relation to the financial safety and security of your family and realizing your ambitions. Regardless of the fact that only 10% of Indians are insured, you need to focus on the compelling factors that will help you weigh the pros and cons before you buy an insurance policy.

Among others, you need to ponder over these ten vital points, to arrive at a firm decision and employ and Pension Calculator are:

  • Caring for your loved ones even after you are no more with an insurance policy.
  • Debt servicing by purchasing the right insurance policy with the help of an Pension Calculator.
  • Achieve long-term goals like buying a home or planning for your retirement by purchasing an insurance policy. 
  • Supplementing your retirement goals with life insurance plans and the Pension Calculator is the right tool to help. 
  • Start young to make your life insurance cheaper by planning with an Pension Calculator about your finances for future.
  • Look after your business by purchasing an insurance plan that best suits your needs.
  • Insurance policies are instruments to save taxes irrespective of what plan you buy.
  • A tool for forced savings.
  • It is important to start early and use an Pension Calculator and you may enhance the quality of your insurance with riders or benefits to your existing or new policy.
  • Depending on your financial obligations and dependencies in different stages of lifecycle, insurance preferences change. To cope with this, you need to use an Pension Calculator.

Retirement Insurance plans:

Retirement and pension plans are important to provide you with financial security after retirement. It is of utmost importance to plan your insurance policies and invest your money in plans apt for you. The earlier you start to plan and save money, the better it is for your future. Retirement planning have become all the more important because of the high cost of living and rising inflation. Retirement and pension plans stand to be very important, as it becomes a source of regular inflow of income post retirement from the money saved during your work life. Investments with lump sum payment or premiums, it helps your money grow and you can create regular retirement income with a part or whole of the savings.

Plan your retirement at the earliest:

While Life Insurance secures your family on your demise, pension plans ensure returns even on your survival, post completion of the term. Investment in this plan during your employment provides for a regular income to you after your retirement.Thus, it is very important to start planning for your retirement at the earliest.

  • The more the savings, the more is your earning- Retirement saving and planning not only benefits you in the future but it also helps you save taxes. The earlier you start to invest, the more corpus you will get post retirement.
  • Maintenance of your independence- If you have regular inflow of sufficient money, you will not have to depend on your children. You may even be able to help your children when they settle down. Retirement plans will also help ensure that your spouse and children are looked after even in your absence.
  • Rewards- It helps you to live the lifestyle you live during your work life even after you retirement without any compromise. An early retirement planning can help you continue to live life on your own terms even after you have stopped earning, and the next step to it is to select a retirement plan apt for you.

Retirement planning calculator:

Financial planning sometimes takes a backseat to avoid complex calculations. To cope up with such complications, there are calculators that make the planning easier. This Pension Calculator is designed to help you understand how much you should grow your wealth pre-retirement and how to plan for it. The calculator tells you how well aligned is your retirement saving with what you expect to spend. You get to know if you are saving enough to retire when and how you want. You need to be ensured that your savings should meet you housing, food, medical and your travel expenses. The calculator helps you understand how much you are saving and what will be the money saved at your retirement and also helps you plan your investment in such a way that you do not have to compromise in your lifestyle post retirement. The calculator basically, offers you a clear view of your present investment and your future benefits.

Overview:

In India, a minority of the population invest in insurance plans and even lesser for retirement insurance plans. It is best to start saving for your retirement at the earliest, when you are young. If you start saving in your older age, the savings remain to be low and you will receive a lower amount of regular income after your retirement. In old age, you might not be fit to work and depend only on money that you had saved in your work life. Thus, the earlier you start to save, the more the corpus you receive and you live a lifestyle without any compromise. Apart from benefits that you receive post retirement, you also get to save taxes in your work life. Retirement plans also ensures to look after your dependents in your absence. You are often skeptical about choosing your retirement insurance plan because of its complex calculations, but the retirement planning calculator or the retirement savings calculator solves all such issues and makes it very easy for you to plan your retirement.

Comments

Ajay Deep

Ajay Deep is a young enthusiast who Loves Chandigarh and is always eager to make this beautiful city even more beautiful. A Mechanical Engineer By Chance and Working in an IT MNC by Choice. A Writer, Photographer and a Budding Entrepreneur. A Designer, Developer and Digital Marketing Expert. In brief : A Jack of All Trades and Master of Few :) You may reach Ajay Deep at ajay@chandigarhmetro.com