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January 5, 2009

Think about Retirement

Filed under: Finance — Tags: , , , , , — admin @ 8:37 pm

As we all are aware that our life is filled up with many stages, Retirement from regular job is a major part of such stages. We need to be proactive from the perspective of finance, at a younger age. We need to plan well on how we are going to lead or face our Retirement life. When thinking about Retirement, many may consider it as a period of rest and experiencing happy times with no job related worries. Well, while it is true that you no longer need to be afraid of your frowning Boss, there are other issues that you may undergo during Retirement life. Issues like Health and Financial problems top the list.

Speaking in a practical sense once you retire from your regular job, your monthly income comes to an end. You need to have enough money to make a decent living. While planning for Retirement Investments, you need to analyze the monthly expenses and other major expenses during your retirement life.

Employer Sponsored Retirement Plans

If you are employed in a Company, your Employer would offer you a Retirement Plan or Pension Plan. This savings would be of great help during the time of needs. Also this type of savings offers the benefit of tax deduction.

Life Insurance

As a person gets older, the risk of death increases. A Life Insurance is a great way to financially protect the family members or dependants at the time of his death (Insured). Premium amount paid towards Life Insurance is also considered as a tax saving investment in various countries.

Purchase of Home

It is better to purchase a home during the period when you are earning well. This would help you to reduce the rental expenses during the time of your Retirement. There are lots of Banks that offer Home Loans which you could avail to fulfill your dreams of owning a Home.

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