22 AUG 2016
Create your own pension
Appreciation of your wealth is important to generate a retirement corpus. If you want to live a comfortable life in your retirement, you need to accumulate funds sufficient to give you a regular monthly income for the rest of your life. This can be achieved if your investments not only beat inflation; but also grow substantially. Consider the below two functions if you want to develop a retirement fund for yourself.
This implies wealth management with common sense and prudence. Simply visualise a bucket which has holes in it. If you pour water in it, it will leak through the holes until there is nothing left in the bucket. Your wealth is also like the water in the bucket. The “holes” could be taxes and fees, frivolous purchases, poorly structured plans and contracts, interest payments on excessive debts, among others. Plug these holes and you manage to retain more wealth in your life. Bring your expenses down and you will have more money to save and invest.
Invest in something that gives you assured returns when you are in your retirement. You do not want to invest in something that is filled with risk. This is because if you lose your savings in your retirement age, you won't be able to substantiate it with active income. Hence, it is important that you invest in endowment plans like Edelweiss Tokio Life – Wealth Builder which give you guaranteed returns. An assured return is what will give you peace of mind in your twilight years.
Endowment plans offer you guaranteed returns upfront along with death benefit. This means that on maturity of the policy as well as on death, you get an assured maturity benefit and Sum Assured respectively. Also, the investment in these types of plans attract tax rebates under section 80C and the payouts under section 10A of the Income Tax Act, 1961
22 JAN. 2018
Steps to do Tax Preparation in India
If you earn a regular salary or have a source of income other than salary, you will need to pay taxes to the government on the total taxable income earned in th ...read more
Understand your insurance need in few minutes
Drop in your details & a dedicated product expert will call you back!
Thank you for your details.We’ll get in touch with you at the earliest.