How to Go About Pension Planning?

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How to Go About Pension
Planning?

• Many people are very excited about retirement. A
  retired life is a life people want to spend
  pursuing their hobbies, doing social welfare or
  simply relax. Our entire life is spent to build a
  career, raising a family and work for money.
  Whole life is spent shouldering responsibilities
  of the house and we look up at life post
  retirement to finally live for ourselves and
  celebrate the remaining days of our life.But to
  live a great retirement planning needs to start
  now. With profound planning many people are
  retiring as early as at 40 years of age.
  Throughout life we work for money and it is an
  enviable position when our money works for us, so
  much so that we dont require working at all to
  support our lifestyle rather work only for
  passion. To see this time in our life proper
  planning needs to be done.

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• Some important things to start doing in your life
  to enjoy a dream retirement are discussed below.
• 1) Save!!
• Not every penny you make is meant to be spent.
  Learn to discipline yourself and set out a
  portion from your earnings that you are going to
  save and use the remaining money to pay for
  utilities and leisure. World famous American
  business guru Brian Tracy often says in his
  discourses that if you cannot save then the seeds
  of greatness arent in you. You need a much
  disciplined mind to save systematically. Habit of
  saving lets you be in a situation where in
  capital formation can takes place and provides
  you ample opportunities to grow your money.
  Rather than spending money from your earnings and
  save what is left, do it the other way round. Set
  a saving benchmark for you and spend the rest
  amount called disposable income. This habit would
  push you forward in line of your dream retirement.

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• 2) Dont live in assumptions!!
• Many of the highly optimistic people choose not
  to be that far sighted. They believe to enjoy the
  present to the fullest and leave their retirement
  age to chance. They believe that they might
  strike some windfall at that age and dont bother
  to plan for that so early. They think life is too
  long and retirement is going to take place after
  a distant future, probably measurable in
  centuries or millenniums. If you belong to that
  lot, halt now. This happy-go-lucky thinking might
  end you up with a trouble filled old age, wherein
  you would either have to toil in part time jobs
  to sustain yourself or live on the mercy of your
  children or an old home.  Be practical and start
  investing money in funds.

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• 3)Work hard in your earning life!!
• This is in fact the most important and serious
  point in this article. Your earning life is a
  very important phase of your life. You need to
  work hard and be competitive in your profession.
  Try creating multiple sources of income so that
  you have enough income that could be divided
  judiciously in saving and spending. The idea is
  that you should have enough money with you to
  plan a good future for yourself without
  compromising on present life. Each moment of life
  is precious. You shouldnt have much repents of
  living a dull youth in order to build a good
  corpus for retirement. A balanced saving and
  expenditure should be practiced to enjoy every
  phase of life. In order to do that you need to
  regulate your life and build your career smartly.
  You should be earning enough money to happily but
  not foolishly live the present and also putting
  in money in smart investment schemes in order to
  secure a blissful retirement.

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• 4) Compare and invest in investment cum Pension
  plans!!
• In the above three points we highlighted the
  importance of saving and leading a regulated
  sincere life. Now the important part of the
  discussion comes i.e. what to do with the money
  saved or how would my money work for me? The
  saved money can be invested in a wide array of
  schemes to pay off returns. Your investment
  portfolio should be carefully designed to
  optimize the returns and balance out the risk.
  Many people invest in real estate and live off
  rental income in their old age. Having real
  estate also makes one eligible to enter into
  reverse mortgage options wherein you mortgage
  your house to a bank. The said bank pays you
  regular income till the end of your life or up to
  a specified period and afterwards the ownership
  of the house transfers to the bank. This is a
  very good option and becoming popular among
  retired people not having heirs. Another very
  bright and popular option is to go for pension
  plans provided by life insurance companies. In
  these plans you start investing in a fund called
  pension fund up to a stipulated period. Post
  Maturity in the scheme the insurance company
  provides you monthly payouts called pensions.
  These pensions are very vital to support your
  needs and to keep your dignity intact. With the
  money coming from these schemes you can happily
  look after the needs of yours and your spouses.

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• The key is to start early in such schemes in
  order to build a stronger corpus.  Compare
  pension plans to churn out the best options and
  save money while availing attractive features in
  your plans.
• Resource From
• https//www.easypolicy.com/knowinsurance-a/how-to-
  go-about-pension-planning-