रिटायरमेंट का मतलब सिर्फ़ काम से छुट्टी नहीं है, बल्कि यह काम, आराम, सीखने और योगदान का एक ‘रीमिक्स’ है। यह ज़िंदगी का कोई एक आखिरी पड़ाव नहीं है, इसलिए रिटायर हो चुके लोगों के लिए प्लानिंग में फाइनेंशियल और इमोशनल, दोनों तरह की बातों का ध्यान रखना चाहिए। कई लोगों के लिए रिटायरमेंट एक अच्छा अनुभव होता है, जिसमें उन्हें काम और उससे जुड़े तनाव से आज़ादी मिलती है। वहीं, कुछ लोगों के लिए यह मुश्किल भरा हो सकता है क्योंकि उन्हें रोज़मर्रा के रूटीन और लोगों से मिलने-जुलने की कमी खलती है। बदलाव की मुश्किलों के बावजूद, रिटायरमेंट को नई संभावनाओं के मौके के तौर पर देखना चाहिए। रिटायरमेंट के बाद काम करने का मतलब है ऐसी ज़िंदगी बनाना जो आपके लिए सही हो। यह कुछ भी हो सकता है जिससे आपको बैलेंस, मकसद और खुशी मिले।

अलग-अलग लाइफस्टाइल या पैसों की ज़रूरतों की वजह से रिटायर हो चुके लोग अक्सर काम करना जारी रखते हैं। काम करने से वे एक्टिव रह सकते हैं और कुछ कमाई भी कर सकते हैं। कमाई और एक्टिव रहने के अलावा, कुछ और बातें भी अहम हैं, जैसे लोगों से जुड़ना; क्योंकि वर्कप्लेस लोगों से मिलने-जुलने की जगह होती है, काम से एक मकसद मिलता है और कुछ योगदान करने का एहसास होता है। रिटायरमेंट के बाद काम करने का मतलब है ऐसी ज़िंदगी बनाना जो आपके लिए सही हो।

इमोशनल (भावनात्मक)

मज़बूती, लंबी उम्र और अच्छी सेहत के लिए, कई स्टडीज़ में एक मज़बूत मकसद होने के फ़ायदे बताए गए हैं। जिन लोगों का कोई मकसद होता है, वे ज़्यादा एक्टिव रहते हैं और उनमें तनाव और शरीर में सूजन (इन्फ्लेमेशन) का लेवल कम होता है।

इकिगाई (IKIGAI) – रिटायर हो चुके लोगों के लिए प्लानिंग

इसका मतलब है एक ऐसा जुनून जो ज़िंदगी को अहमियत और खुशी देता है। इसे ‘इकि-गाई’ बोला जाता है।

यह लंबी और खुशहाल ज़िंदगी का जापानी राज़ है, जिसने इकिगाई को दुनिया भर में मशहूर किया। इसमें बताया गया है कि इकिगाई का होना ही सेहतमंद शरीर और मन के साथ खुशहाल ज़िंदगी जीने की कुंजी है। 2016 में रिलीज़ हुई इस किताब का 63 भाषाओं में अनुवाद हो चुका है और इसकी 30 लाख से ज़्यादा कॉपीज़ बिक चुकी हैं। इकिगाई का मतलब है “होने की वजह” (The Reason for being)।

अपना ‘इकिगाई’ (IKIGAI) खोजने के लिए, इन बातों पर सोचें:

आपको क्या पसंद है? = आपका जुनून और दिलचस्पी।

आप किस चीज़ में अच्छे हैं? = आपकी प्रतिभा और हुनर।

आपके समुदाय या दुनिया को किस चीज़ की ज़रूरत है? = आप समाज में कैसे योगदान दे सकते हैं।

आपको किस काम के लिए पैसे मिल सकते हैं? = आप आर्थिक रूप से कैसे गुज़ारा कर सकते हैं।

जब आप अपने ‘इकिगाई’ के बारे में सोचें, तो यह देखें कि ये चारों बातें कहाँ मिलती हैं। वही आपका ‘इकिगाई’ है।

हो सकता है कि हम नौकरी न कर रहे हों, लेकिन जीवन में मकसद खोजना और सुबह उठने की वजह होना भी उतना ही ज़रूरी है।

रिटायरमेंट के साल खुद पर ध्यान देने, आज़ादी और समय का आनंद लेने, परिवार और दोस्तों के साथ जुड़े रहने और शारीरिक गतिविधियों (जैसे वर्कआउट या सामाजिक गतिविधियाँ) में हिस्सा लेने का सबसे अच्छा समय होता है।

आर्थिक

4% रिटायरमेंट नियम – पहले से रिटायर हो चुके लोगों के लिए प्लानिंग

4% नियम का कॉन्सेप्ट दक्षिणी कैलिफ़ोर्निया के फाइनेंशियल एडवाइज़र बिल बेंगेन ने 1990 के दशक के बीच में दिया था। कुछ लोगों का कहना है कि इस नियम को बहुत आसान बना दिया गया है, क्योंकि असल में उन्होंने कहा था कि 4% का नियम “सबसे खराब स्थिति” (worst-case scenario) पर आधारित था और 5% ज़्यादा सही आंकड़ा होगा।

यह नियम 1926 से 1976 तक के 50 सालों के स्टॉक और बॉन्ड रिटर्न के पुराने डेटा का इस्तेमाल करके बनाया गया था, जिसमें 1930 और 1970 के दशक की शुरुआत में बाज़ार में आई भारी गिरावट पर खास ध्यान दिया गया था।

बेंगेन ने निष्कर्ष निकाला कि, बाज़ार की बहुत खराब स्थितियों में भी, ऐसा कोई पुराना मामला नहीं मिला जिसमें सालाना 4% पैसे निकालने की दर से रिटायरमेंट पोर्टफोलियो 33 साल से कम समय में खत्म हो गया हो।

4% नियम क्या है?

रिटायरमेंट बजटिंग के लिए 4% नियम यह सुझाव देता है कि रिटायर होने के बाद पहले साल में रिटायर होने वाला व्यक्ति अपने रिटायरमेंट अकाउंट में मौजूद बैलेंस का 4% निकाले, और उसके बाद हर साल महंगाई के हिसाब से एडजस्ट करके उतनी ही रकम निकाले।

4% नियम का मकसद भविष्य के सालों के लिए अकाउंट में पर्याप्त बैलेंस बनाए रखते हुए इनकम का एक स्थिर ज़रिया देना है। अगर इन्वेस्टमेंट पर ठीक-ठाक रिटर्न मिलता है, तो निकाली जाने वाली रकम में मुख्य रूप से ब्याज और डिविडेंड शामिल होंगे।

एक्सपर्ट्स इस बात पर सहमत नहीं हैं कि 4% नियम सबसे अच्छा विकल्प है या नहीं। कई लोग, जिनमें इस नियम को बनाने वाले भी शामिल हैं, कहते हैं कि सबसे खराब हालात को छोड़कर बाकी सभी स्थितियों के लिए 5% का नियम बेहतर है। वहीं, कुछ लोग 3% को ज़्यादा सुरक्षित मानते हैं।

4% नियम का इस्तेमाल करने पर मेरा पैसा कितने समय तक चलेगा?

4% नियम का मकसद आपकी रिटायरमेंट सेविंग्स को 33 साल या उससे भी ज़्यादा समय तक चलाना है। निकासी की इस दर का मतलब है कि इस्तेमाल किया जाने वाला ज़्यादातर पैसा इन्वेस्टमेंट से मिलने वाला ब्याज और मुनाफ़ा होगा, न कि मूलधन (प्रिंसिपल), बशर्ते मार्केट से ठीक-ठाक रिटर्न मिल रहा हो।

थ्री-बकेट थ्योरी - रिटायर हो चुके लोगों के लिए प्लानिंग

थ्री-बकेट स्ट्रेटेजी में इन्वेस्टमेंट को शॉर्ट-टर्म, मीडियम-टर्म और लॉन्ग-टर्म बकेट में बांटा जाता है। इसका मकसद रिटायरमेंट के दौरान रोज़मर्रा के खर्चों के लिए पैसे का इंतज़ाम करना होता है, ताकि पोर्टफोलियो तेज़ी से खत्म न हो। इस तरीके को हर व्यक्ति के रिटायरमेंट लक्ष्यों और पसंद के हिसाब से बदला जा सकता है, जिससे '4% नियम' जैसी दूसरी ड्रॉडाउन स्ट्रेटेजी की तुलना में ज़्यादा फ्लेक्सिबिलिटी मिलती है।

शॉर्ट-टर्म बकेट

शॉर्ट-टर्म बकेट कम रिस्क वाले एसेट्स (कैश के बराबर) पर केंद्रित होता है जिनकी मैच्योरिटी अवधि कम होती है, जैसे कैश सेविंग्स अकाउंट, सर्टिफिकेट ऑफ़ डिपॉज़िट, मनी मार्केट अकाउंट या बहुत कम समय वाले ट्रेज़री बिल (1-6 महीने)। मौजूदा समय में इनकम की ज़रूरतों को स्टॉक मार्केट के उतार-चढ़ाव से सुरक्षित रखा जा सकता है और साथ ही उन्हें इनकम के स्रोत के तौर पर इस्तेमाल भी किया जा सकता है। आमतौर पर, इस शॉर्ट-टर्म बकेट में 1-5 साल के खर्च के बराबर रकम कम रिस्क वाले कैश-इक्विवेलेंट एसेट्स में रखी जाती है।

मीडियम-टर्म बकेट

मीडियम-टर्म बकेट को रिटायरमेंट के 5वें से 10वें साल तक के खर्चों को पूरा करने के लिए बनाया गया है। मीडियम-टर्म बकेट के पैसे को ऐसे इन्वेस्टमेंट में लगाना चाहिए जिनमें रिस्क कम या मध्यम हो और जो कम से कम महंगाई दर के बराबर रिटर्न दे सकें। इस बकेट में आमतौर पर लंबी मैच्योरिटी वाले बॉन्ड (2-10 साल), लंबी अवधि के सर्टिफिकेट ऑफ़ डिपॉज़िट, प्रेफर्ड स्टॉक, लार्ज-कैप वैल्यू स्टॉक (डिविडेंड देने वाले), इनकम फंड और REITs रखे जाते हैं। मीडियम-टर्म बकेट का मकसद इन्वेस्टमेंट की मूल रकम पर ज़्यादा रिस्क लिए बिना महंगाई दर के बराबर या उससे थोड़ा ज़्यादा रिटर्न पाना होता है।

लॉन्ग-टर्म बकेट

इस स्ट्रेटेजी में, लॉन्ग-टर्म बकेट आपके रिटायरमेंट पोर्टफोलियो का ज़्यादा रिस्क वाला हिस्सा होता है। लॉन्ग-टर्म बकेट के पैसे को 10 साल से ज़्यादा समय के नज़रिए से इन्वेस्ट किया जाता है, जिससे अच्छी ग्रोथ का मौका मिलता है। ग्रोथ स्टॉक, स्मॉल-कैप स्टॉक, इमर्जिंग मार्केट स्टॉक, हाई-यील्ड बॉन्ड, नैस्डैक या S&P 500 इंडेक्स फंड जैसे इन्वेस्टमेंट लॉन्ग-टर्म बकेट में आते हैं। लॉन्ग-टर्म बकेट से मिलने वाली ग्रोथ का इस्तेमाल शॉर्ट-टर्म और मीडियम-टर्म बकेट को फिर से भरने के लिए किया जाता है, जिसके बारे में हम इस गाइड के रीबैलेंसिंग वाले हिस्से में विस्तार से बताएंगे।

निष्कर्ष

बदलाव के समय आने वाली मुश्किलों के बावजूद, रिटायरमेंट को नई संभावनाओं के मौके के तौर पर देखा जाना चाहिए। जिन लोगों का कोई मकसद होता है, वे ज़्यादा एक्टिव रहते हैं और उनमें तनाव और सूजन (inflammation) का स्तर कम होता है। 4% नियम का मकसद भविष्य के सालों के लिए खाते में पर्याप्त बैलेंस बनाए रखते हुए लगातार इनकम देना है। 'थ्री-बकेट स्ट्रैटेजी' का सुझाव है कि रिटायरमेंट में रहने-सहने के खर्चों को पूरा करने के लिए पैसे का इस्तेमाल इस तरह किया जाए कि पोर्टफोलियो बहुत तेज़ी से खत्म न हो।

डिस्क्लेमर

यह ब्लॉग सिर्फ़ सामान्य जानकारी और शिक्षा के मकसद से है और इसमें कोई फाइनेंशियल, इन्वेस्टमेंट, टैक्स या कानूनी सलाह नहीं दी गई है। यह जानकारी सार्वजनिक रूप से उपलब्ध स्रोतों और इसे लिखते समय बाज़ार की समझ पर आधारित है और ग्लोबल घटनाओं के कारण बदल सकती है। जियोपॉलिटिकल घटनाओं के दौरान बाज़ार के पिछले प्रदर्शन से भविष्य के नतीजों की गारंटी नहीं मिलती। पाठकों को सलाह दी जाती है कि वे इन्वेस्टमेंट का फ़ैसला लेने से पहले अपनी रिसर्च करें और योग्य पेशेवरों से सलाह लें। 'Finance with Prakash' इस जानकारी के आधार पर मिलने वाले नतीजों के बारे में कोई गारंटी नहीं देता है।

Planning for Already Retired Individuals, as retirement is  “remix” of work, leisure, learning, and contribution is retirement and it is not confined to single and last phase of life, planning for already retired individual should blend of financial and emotional matters.   Retirement transition is a positive experience for many, characterized by freedom from work and its related stressors. Others, however, find it challenging as they struggle with the loss of structure and social contacts. Retirement should view as an opportunity for new possibilities despite of transition difficulties. Work after retirement is about designing a life that works for you. It can be anything that provides balance purpose and enjoyment.

Planning for Already Retired Individuals is common because of various lifestyle choices or for financial reasons. Retirees can continue work, these jobs may prove way to remain active and add income. Apart from income and remain active some other issues like social connection as work place is a source of social interaction, work provide goal and sense of contributing to something. Work after retirement is about designing life that works for you.

Emotional

For resilience, longevity, and wellbeing, lot of studies show the benefits associated with a strong sense of purpose. People with purpose stay more active, and had lower level of stress and lower level of inflammation.

IKIGAI – Planning for Already Retired Individuals

It refers to a passion that gives value and joy to life. And pronounced ick-ee-guy

The Japanese Secret to a long and happy life, which helped push IKIGAI into the global spotlight, explaining that having an IKIGAI is the key to leading a happy life with a healthy body and mind. This book which has been translated into 63 languages has sold more than 3 million copies since release in 2016. “The Reason for being” is the meaning of IKIGAI.

To find your IKIGAI, have a think about:

What you love?  = Your passion and Interest.

What you’re good at?   = Your Talents and Skills

What does your community or the world need? = How you can contribute to society.

What can you are compensated for? = How you can sustain financially.

When you think about your IKIGAI, think of where those four concepts intersect. That is your IKIGAI

We may not be in paid employment, but it’s equally important to find meaning in life and have a reason to get up in the morning.

Retirement years are the ideal time to focus on self, enjoy freedom and time and stay connected with family and friends, take part in physical activity this may be in the form of work out or social activities.

Financial

4 % Retirement Rules – Planning for Already Retired Individuals

The concept of the 4% rule is attributed to Bill Bengen, a financial adviser in Southern California who created it in the mid-1990s. Some people say that the rule has been over-simplified, because he actually said that the 4% rule was based on a “worst-case” scenario and that 5% would be a more realistic number.

The rule was created using historical data on stock and bond returns over the 50-year period from 1926 to 1976, focusing heavily on the severe market downturns of the 1930s and early 1970s.

Bengen concluded that, even during untenable markets, no historical case existed in which a 4% annual withdrawal rate exhausted a retirement portfolio in fewer than 33 years.

What Is the 4% Rule?

The 4% rule for retirement budgeting suggests that a retiree withdraw 4% of the balance in their retirement account(s) in the first year after retiring, and then withdraw the same amount, adjusted for inflation, every year thereafter.

The 4% rule is intended to supply a steady stream of income while maintaining an adequate account balance for future years. Assuming a reasonable rate of return on investment, the withdrawals will consist primarily of interest and dividends.

Experts disagree on whether the 4% rule is the best option. Many, including the creator of the rule, say that 5% is a better rule for all but the worst-case scenario. Others caution that 3% is safer.

How Long Will My Money Last Using the 4% Rule?

The 4% rule is intended to make your retirement savings last for 33 years, and potentially more. This rate of withdrawals means that most of the money used will be the interest and gains on investments, not principal, assuming a reasonably healthy market return.

Three Bucket theory – Planning for Already Retired Individuals

The three bucket strategy splits investments into short-term, intermediate-term, and long-term buckets with the aim of having money to cover living expenses in retirement without depleting a portfolio too quickly.

The ability to customize this approach based on individual retirement goals and personal preferences allows for a greater level of flexibility than alternative drawdown strategies such as the 4% rule.

Short-Term Bucket

The short-term bucket is focused on low-risk assets (cash equivalents) with short maturities, such as cash savings accounts, certificates of deposit, money market accounts, or VERY short term treasury bills (think 1-6 months).

Income needs in the present can be safeguarded from stock market volatility while remaining accessible as an income source.

Typically, one would position between 1-5 years of expenses in low-risk cash equivalents within this short-term bucket.

Intermediate-Term Bucket

The intermediate bucket, or medium-term bucket, is designed to cover expenses for years 5-10 of retirement.

Money in the intermediate bucket should be invested in conservative to moderate risk investments that can at least match inflation.

Longer-maturity bonds (2-10 year), longer certificates of deposit, preferred stocks, large cap value stocks (dividend producers), income funds, and REITs are typically placed in this bucket.  

The goal with the intermediate bucket is to match or very slightly outpace inflation without taking on significant risk to your investment principal.

Long-Term Bucket

In this strategy, the long-term bucket is the higher risk portion of your retirement portfolio.

The money in the long-term bucket is invested with an eye on a 10+ year time horizon, providing the opportunity for significant growth.

Growth stocks, small cap stocks, emerging market stocks, high yield bonds, Nasdaq or SP500 index funds would all belong in the long-term bucket.

The growth from the long-term bucket is used to refill your short term and intermediate term buckets, which we will explain in more detail in the rebalancing portion of this guide.

Conclusion

Retirement should view as an opportunity for new possibilities despite of transition difficulties. People with purpose stay more active, and had lower level of stress and lower level of inflammation. The 4% rule is intended to supply a steady stream of income while maintaining an adequate account balance for future years. The three bucket strategy suggests money to cover living expenses in retirement without depleting a portfolio too quickly.

Disclaimer

This blog is for general informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. The information is based on publicly available sources and market understanding at the time of writing and may change due to global developments. Past performance of markets during geopolitical events does not guarantee future results. Readers are encouraged to conduct their own research and consult qualified professionals before making investment decisions. Finance with Prakash does not provide any assurance regarding outcomes based on this information.

ସ୍ୱ-ନିଯୁକ୍ତ ବୃତ୍ତିଗତଙ୍କ ପାଇଁ ଅବସର ଯୋଜନା ରହିବା ଉଚିତ, କାରଣ ସେମାନଙ୍କର ନିଯୁକ୍ତିଦାତା ଦ୍ୱାରା ପ୍ରାୟୋଜିତ ଅବସର ଲାଭ ନାହିଁ ଏବଂ ସେମାନଙ୍କର ନିଜର ସୁରକ୍ଷିତ ଭବିଷ୍ୟତ ଗଠନ କରିବା ସେମାନଙ୍କର ନିଜସ୍ୱ ଦାୟିତ୍ୱ। ଅବସର ଯୋଜନା କେବଳ ଅବସର ପରବର୍ତ୍ତୀ ପର୍ଯ୍ୟାୟକୁ ସୁରକ୍ଷିତ କରେ ନାହିଁ ବରଂ ଏହା କର ଲାଭ ଏବଂ ନିଶ୍ଚିତ ଆୟ ନିଶ୍ଚିତ କରେ। ସଠିକ ରଣନୀତି, ଉପକରଣ ଏବଂ ଧାରା ସହିତ ସ୍ୱ-ନିଯୁକ୍ତ ବୃତ୍ତିଗତ ଅବସର ପାଣ୍ଠି ପାଇଁ ଏକ କର୍ପସ ନିର୍ମାଣ କରିପାରିବେ।

ପେନସନ୍ ହେଉଛି ଏକ ପରିମାଣର ଟଙ୍କା ଯାହା ଅବସର ପରେ ଦିଆଯାଏ। ପେନସନ୍ ଯୋଜନା ହେଉଛି ଅବସର ପାଣ୍ଠି ଯାହା ସାଧାରଣତଃ ଜଣେ ନିଯୁକ୍ତିଦାତା ଏବଂ/ଅଥବା କର୍ମଚାରୀଙ୍କ ଅବଦାନ ଦ୍ୱାରା ସ୍ଥାପିତ ହୋଇଥାଏ। କିନ୍ତୁ ସ୍ୱ-ନିଯୁକ୍ତ ବୃତ୍ତିଗତଙ୍କ କ୍ଷେତ୍ରରେ ପେନସନ୍ର ଉଭୟ ପର୍ଯ୍ୟାୟ ଯଥା ସଂଗ୍ରହ ଏବଂ ବଣ୍ଟନ ସେମାନଙ୍କ ଦ୍ୱାରା ଯତ୍ନ ନେବା ଆବଶ୍ୟକ, ପୁଣି ପେନସନ୍ ଯୋଜନାକୁ ବୁଝିବାରେ ନିବେଶ ନମନୀୟତା, ତରଳତା ଏବଂ କର ଚିକିତ୍ସା ଅନ୍ତର୍ଭୁକ୍ତ।

ବେତନଭୋଗୀ ବୃତ୍ତିଗତଙ୍କ ପାଇଁ ପେନସନ୍ ଯୋଜନା

ଜାତୀୟ ପେନ୍‌ସନ୍ ଯୋଜନା (NPS)

PFRDA ଆଇନ୍, 2013 ଅଧୀନରେ 'ପେନ୍‌ସନ୍ ଫଣ୍ଡ ରେଗୁଲେଟୋରୀ ଆଣ୍ଡ ଡେଭଲପମେଣ୍ଟ ଅଥରିଟି' (PFRDA) ଦ୍ୱାରା NPS ପରିଚାଳିତ ଓ ନିୟନ୍ତ୍ରିତ ହୋଇଥାଏ। NPS କୁ ଭାରତ ସରକାରଙ୍କ ସମର୍ଥନ ରହିଛି। NPS ହେଉଛି ଏକ ବଜାର-ସଂଯୁକ୍ତ 'ନିର୍ଦ୍ଧାରିତ ଅବଦାନ' (defined contribution) ଯୋଜନା, ଯାହା ଆପଣଙ୍କୁ ଅବସର ପାଇଁ ସଞ୍ଚୟ କରିବାରେ ସାହାଯ୍ୟ କରେ। ଆପଣଙ୍କ ଅବସରକାଳୀନ ଆୟ ବୃଦ୍ଧି ଏବଂ ଟିକସ ସଞ୍ଚୟ କରିବା ପାଇଁ ଏହା ଅନ୍ୟତମ ଉତ୍କୃଷ୍ଟ ଉପାୟ। ଏହା ଆପଣଙ୍କୁ ସୁବ୍ୟବସ୍ଥିତ ସଞ୍ଚୟ ମାଧ୍ୟମରେ ଏକ ଆର୍ଥିକ ଦୃଷ୍ଟିରୁ ସୁରକ୍ଷିତ ଅବସର ପାଇଁ ଯୋଜନା କରିବାକୁ ସୁଯୋଗ ଦିଏ। ଭାରତରେ ନିଜସ୍ୱ ବୃତ୍ତିରେ ନିୟୋଜିତ ବ୍ୟକ୍ତିଙ୍କ (self-employed professionals) ପାଇଁ ଏହା ସର୍ବୋତ୍ତମ ଅବସର ଯୋଜନା ବିକଳ୍ପ ଅଟେ; ଏଥିରେ ଆପଣ ଷ୍ଟକ୍ ଏବଂ ଇକ୍ୱିଟି-ସମ୍ବନ୍ଧୀୟ ଉପକରଣରେ 75% ପର୍ଯ୍ୟନ୍ତ ନିବେଶ କରିବାର ସୁଯୋଗ ପାଆନ୍ତି। ଯଦି ଆପଣ ବିପଦ ନେବାକୁ ଚାହୁଁନାହାନ୍ତି, ତେବେ ଆପଣ ନିଶ୍ଚିତ ଆୟଯୁକ୍ତ ସିକ୍ୟୁରିଟି (fixed income securities) ଓ କର୍ପୋରେଟ୍ ବଣ୍ଡ୍ କିମ୍ବା କେନ୍ଦ୍ର ଓ ରାଜ୍ୟ ସରକାରଙ୍କ ବଣ୍ଡ୍‌ରେ ନିବେଶ କରିପାରିବେ। ଏହା ବ୍ୟତୀତ REITs, InVITs ଏବଂ ମର୍ଟଗେଜ୍-ଆଧାରିତ ସିକ୍ୟୁରିଟି ଭଳି ଉଚ୍ଚ-ବିପଦଯୁକ୍ତ ବିକଳ୍ପ ମଧ୍ୟ ଉପଲବ୍ଧ ଅଛି, ଯେଉଁଥିରେ କମ୍ ଖର୍ଚ୍ଚ ଏବଂ ବିଶେଷଜ୍ଞଙ୍କ ଦ୍ୱାରା ପାଣ୍ଠି ପରିଚାଳନାର ସୁବିଧା ମିଳିଥାଏ। NPS ରେ ଆପଣଙ୍କର ଅବଦାନ ଧାରା 80C ଏବଂ 80CCD (1B) ଅଧୀନରେ ଟିକସ ରିହାତି ପାଇଁ ମଧ୍ୟ ଯୋଗ୍ୟ ବିବେଚିତ ହୁଏ, ଯାହା ଏହାକୁ ଟିକସ ଦୃଷ୍ଟିରୁ ଅତ୍ୟନ୍ତ ଲାଭଦାୟକ କରିଥାଏ।

ଅଟଳ ପେନସନ୍ ଯୋଜନା (APY)

ଅଟଳ ପେନସନ୍ ଯୋଜନା ହେଉଛି ସରକାରଙ୍କ ଦ୍ୱାରା ପରିଚାଳିତ ଏକ ପେନସନ୍ ଯୋଜନା, ଯାହା ବିଶେଷକରି ଅସୁବିଧାଗ୍ରସ୍ତ ବର୍ଗ ଏବଂ ଅସଂଗଠିତ କ୍ଷେତ୍ରର ଶ୍ରମିକମାନଙ୍କ ପାଇଁ ଆର୍ଥିକ ସୁରକ୍ଷା ସୁନିଶ୍ଚିତ କରେ। ଏହି ଯୋଜନା PFRDA ଦ୍ୱାରା ପରିଚାଳିତ ହୁଏ ଏବଂ ଡାକଘର, ସାର୍ବଜନୀନ କ୍ଷେତ୍ର ବ୍ୟାଙ୍କ, ଘରୋଇ ବ୍ୟାଙ୍କ, ସମବାୟ ବ୍ୟାଙ୍କ, କ୍ଷୁଦ୍ର ଆର୍ଥିକ ବ୍ୟାଙ୍କ (Small Finance Bank) ଓ ପେମେଣ୍ଟ ବ୍ୟାଙ୍କ ମାଧ୍ୟମରେ କାର୍ଯ୍ୟକାରୀ କରାଯାଏ। ଅଟଳ ପେନସନ୍ ଯୋଜନା ହେଉଛି ସ୍ୱେଚ୍ଛାକୃତ ଅବଦାନ ଉପରେ ଆଧାରିତ ଏକ ଯୋଜନା। ଏହା ଅଧୀନରେ, ୬୦ ବର୍ଷ ବୟସ ପରେ ଚୟନ କରାଯାଇଥିବା ଅବଦାନ ରାଶି ଉପରେ ନିର୍ଭର କରି କେନ୍ଦ୍ର ସରକାର ମାସିକ ୧୦୦୦, ୨୦୦୦, ୩୦୦୦, ୪୦୦୦ କିମ୍ବା ୫୦୦୦ ଟଙ୍କାର ସର୍ବନିମ୍ନ ପେନସନ୍ ନିଶ୍ଚିତ କରନ୍ତି। ଯୋଜନାଭୁକ୍ତ ବ୍ୟକ୍ତିଙ୍କ ମୃତ୍ୟୁ ପରେ, ତାଙ୍କ ଜୀବନସାଥୀ (ସ୍ୱାମୀ କିମ୍ବା ସ୍ତ୍ରୀ) ନିଜ ମୃତ୍ୟୁ ପର୍ଯ୍ୟନ୍ତ ପେନସନ୍ ପାଇବାକୁ ହକଦାର ହେବେ। ଉଭୟଙ୍କ ମୃତ୍ୟୁ ପରେ, ନୋମିନି (ମନୋନୀତ ବ୍ୟକ୍ତି) ସେହି ପେନସନ୍ ରାଶି ପାଇବେ ଯାହା ଯୋଜନାଭୁକ୍ତ ବ୍ୟକ୍ତିଙ୍କ ଦ୍ୱାରା ୬୦ ବର୍ଷ ବୟସ ପର୍ଯ୍ୟନ୍ତ ଜମା କରାଯାଇଥିଲା। ଯଦି କୌଣସି ଯୋଜନାଭୁକ୍ତ ବ୍ୟକ୍ତି ୬୦ ବର୍ଷ ବୟସ ପୂର୍ବରୁ ସ୍ୱେଚ୍ଛାରେ ଏହି ଯୋଜନାରୁ ଓହରିଯିବାକୁ ଚାହାଁନ୍ତି, ତେବେ ତାଙ୍କୁ କେବଳ ତାଙ୍କ ଦ୍ୱାରା ଜମା କରାଯାଇଥିବା ଅବଦାନ ରାଶି (ସହିତ ଉକ୍ତ ଅବଦାନ ଉପରେ ମିଳିଥିବା ପ୍ରକୃତ ସୁଧ) ଫେରସ୍ତ କରାଯିବ। ଏଥିପାଇଁ ହିସାବ ପରିଚାଳନା ଶୁଳ୍କ (account maintenance charges) କଟାଯିବ ଏବଂ ସରକାରଙ୍କ ସହ-ଅବଦାନ (co-contribution) ତଥା ସରକାରୀ ଅବଦାନ ଉପରେ ମିଳିଥିବା ସୁଧ ଫେରସ୍ତ କରାଯିବ ନାହିଁ।

ପବ୍ଲିକ୍ ପ୍ରୋଭିଡେଣ୍ଟ ଫଣ୍ଡ (PPF)

ଭାରତ ସରକାରଙ୍କ ଦ୍ୱାରା ସମର୍ଥିତ 'ପବ୍ଲିକ୍ ପ୍ରୋଭିଡେଣ୍ଟ ଫଣ୍ଡ' ହେଉଛି ଏକ ଦୀର୍ଘମିଆଦୀ ସଞ୍ଚୟ ଯୋଜନା। ଏହା ନିଶ୍ଚିତ ରିଟର୍ଣ୍ଣ (ଲାଭ) ସହିତ ଆକର୍ଷଣୀୟ ଟିକସ ରିହାତି, ପୁଞ୍ଜି ସୁରକ୍ଷା ଏବଂ ଦୀର୍ଘମିଆଦୀ ସମ୍ପତ୍ତି ସୃଷ୍ଟି ଭଳି ସୁବିଧା ପ୍ରଦାନ କରିଥାଏ। ଏଥିରୁ ମିଳୁଥିବା ରିଟର୍ଣ୍ଣ ଉପରେ କୌଣସି ଟିକସ ଲାଗୁ ହୁଏ ନାହିଁ। ପବ୍ଲିକ୍ ପ୍ରୋଭିଡେଣ୍ଟ ଫଣ୍ଡ ହେଉଛି ଏକ ୧୫ ବର୍ଷିଆ ଜମା ଖାତା, ଯାହାକୁ ଡାକଘର କିମ୍ବା ନିର୍ଦ୍ଦିଷ୍ଟ ବ୍ୟାଙ୍କରେ ଖୋଲାଯାଇପାରିବ। ଜଣେ ବ୍ୟକ୍ତି କେବଳ ଗୋଟିଏ ପବ୍ଲିକ୍ ପ୍ରୋଭିଡେଣ୍ଟ ଫଣ୍ଡ ଖାତା ରଖିପାରିବେ। ଯେଉଁ ବ୍ୟକ୍ତିମାନେ ନିଜ ନିଯୁକ୍ତିଦାତାଙ୍କ ଦ୍ୱାରା ପ୍ରଦତ୍ତ ପ୍ରୋଭିଡେଣ୍ଟ ଫଣ୍ଡ ସୁବିଧା ପାଆନ୍ତି ନାହିଁ କିମ୍ବା ଯେଉଁମାନେ ସ୍ୱ-ନିୟୋଜିତ (self-employed), ସେମାନଙ୍କ ପାଇଁ ଏହା ଏକ ଦୀର୍ଘମିଆଦୀ ଅବସରକାଳୀନ ଯୋଜନା ଅଟେ। ଏହି ଖାତାରେ ସର୍ବନିମ୍ନ ୫୦୦ ଟଙ୍କା ଏବଂ ସର୍ବାଧିକ ୧,୫୦,୦୦୦ ଟଙ୍କା ଜମା କରାଯାଇପାରିବ। ଏହି ଅର୍ଥ ଏକକାଳୀନ କିମ୍ବା ଆର୍ଥିକ ବର୍ଷ ମଧ୍ୟରେ ସର୍ବାଧିକ ୧୨ଟି କିସ୍ତିରେ ଜମା କରାଯାଇପାରିବ। ୭ମ ଆର୍ଥିକ ବର୍ଷ ପରେ ଖାତାରୁ ଥରେ ଅର୍ଥ ଉଠାଇବାର ଅନୁମତି ରହିଛି। ଖାତାଧାରୀଙ୍କ ମୃତ୍ୟୁ ହେଲେ, ଖାତାରେ ଥିବା ଅବଶିଷ୍ଟ ଅର୍ଥ ନୋମିନି (ମନୋନୀତ ବ୍ୟକ୍ତି) କିମ୍ବା ଆଇନଗତ ଉତ୍ତରାଧିକାରୀଙ୍କୁ ପ୍ରଦାନ କରାଯିବ। ଏଥିରେ ଆୟକର ଆଇନର ଧାରା ୮୦ସି (80C) ଅନୁଯାୟୀ ଟିକସ ରିହାତି ମିଳିଥାଏ ଏବଂ ଏଥିରୁ ମିଳୁଥିବା ସୁଧ ସମ୍ପୂର୍ଣ୍ଣ ଟିକସମୁକ୍ତ ଅଟେ।

ୟୁନିଟ୍ ଲିଙ୍କଡ୍ ପେନସନ୍ ଯୋଜନା (Unit Linked Pension Plan)

ଏହି ଯୋଜନା ନିବେଶ ଏବଂ ପେନସନ୍ ସଞ୍ଚୟର ଲାଭକୁ ଏକତ୍ରିତ କରିଥାଏ। ଅବସର ପାଇଁ ଆବଶ୍ୟକ ପାଣ୍ଠି (କର୍ପସ୍) ଗଠନ ନିମନ୍ତେ ଆପଣଙ୍କର 'ରିସ୍କ' ବା ବିପଦ ସହନଶୀଳତା ଉପରେ ନିର୍ଭର କରି ପ୍ରିମିୟମର ଏକ ନିର୍ଦ୍ଦିଷ୍ଟ ଅଂଶ ଡେବ୍ଟ (ଋଣ-ଆଧାରିତ), ଇକ୍ୱିଟି (ଶେୟାର-ଆଧାରିତ) କିମ୍ବା ବାଲାନ୍ସଡ୍ ଫଣ୍ଡରେ ନିବେଶ କରାଯାଏ ଏବଂ ଅନ୍ୟ ଅଂଶଟି ଅବସରକାଳୀନ ସଞ୍ଚୟ ପାଇଁ ରଖାଯାଏ। ଏହା ଏକ ବଜାର-ସଂଯୁକ୍ତ ଉତ୍ପାଦ ହୋଇଥିବାରୁ ଏଥିରେ ଡେବ୍ଟ ଏବଂ ଇକ୍ୱିଟି ଫଣ୍ଡ ପ୍ରୋଫାଇଲ୍‌କୁ ପରିବର୍ତ୍ତନ ବା ସ୍ୱିଚ୍ (switch) କରିବାର ସୁବିଧା ମିଳିଥାଏ। ଏହି ଯୋଜନା ସମୟକ୍ରମେ ଅବସର ପାଇଁ ପାଣ୍ଠି ଗଠନ କରିଥାଏ ଏବଂ ଅବସର ପରେ ଆର୍ଥିକ ସୁରକ୍ଷା ପ୍ରଦାନ କରେ। ଏକ ନିର୍ଦ୍ଦିଷ୍ଟ ସମୟ ପରେ ଆଂଶିକ ଟଙ୍କା ଉଠାଇବାର ଅନୁମତି ମିଳିଥାଏ, ଯାହା ଜରୁରୀକାଳୀନ ପରିସ୍ଥିତିରେ ବ୍ୟବହାର କରାଯାଇପାରିବ। ଯୋଜନାର ଅବଧି ସମାପ୍ତ ହେବା ପରେ (ମ୍ୟାଚ୍ୟୁରିଟି ସମୟରେ), ଏହା 'ଆନ୍ୟୁଇଟି' (annuity) ବା ନିୟମିତ ପେନସନ୍ ପେମେଣ୍ଟର ବିକଳ୍ପ ପ୍ରଦାନ କରିଥାଏ, ଯାହା ଅବସର ପରେ ଆୟର ଉତ୍ସ ସୃଷ୍ଟି କରେ।
ୟୁନିଟ୍ ଲିଙ୍କଡ୍ ପେନସନ୍ ଯୋଜନା କିଛି ଟିକସ ସୁବିଧା ମଧ୍ୟ ପ୍ରଦାନ କରେ ଯାହା ଅବସର ସଞ୍ଚୟ ପାଇଁ ଆକର୍ଷଣୀୟ ହୋଇଥାଏ। ଏହି ଯୋଜନା ପାଇଁ ଦିଆଯାଉଥିବା ପ୍ରିମିୟମ୍ ଧାରା 80CCC ଅଧୀନରେ ଟିକସ ରିହାତି ପାଇଁ ଯୋଗ୍ୟ ଅଟେ; ଏହି ରିହାତି ସୀମା ଧାରା 80C ଅଧୀନରେ ଥିବା ୧,୫୦,୦୦୦ ଟଙ୍କାର ସର୍ବୋଚ୍ଚ ସୀମା ମଧ୍ୟରେ ଅନ୍ତର୍ଭୁକ୍ତ। ଜମା ହୋଇଥିବା ପାଣ୍ଠିର ୬୦% ଏକକାଳୀନ (lump sum) ଭାବେ ଉଠାଯାଇପାରିବ ଏବଂ ୪୦% ଅଂଶ 'ଆନ୍ୟୁଇଟି' କ୍ରୟ ପାଇଁ ବ୍ୟବହାର କରାଯାଇପାରିବ। 'ଲକ୍-ଇନ୍' ଅବଧି (ନିର୍ଦ୍ଦିଷ୍ଟ ବାଧ୍ୟତାମୂଳକ ଅବଧି) ପରେ କର-ମୁକ୍ତ ଆଂଶିକ ଟଙ୍କା ଉଠାଇବାର ଅନୁମତି ମିଳିଥାଏ। ଏହି ଯୋଜନା ବଜାର-ସଂଯୁକ୍ତ ନିବେଶ ମାଧ୍ୟମରେ ବିଭିନ୍ନ ଆର୍ଥିକ ଲକ୍ଷ୍ୟ ପୂରଣ କରିବାର ସୁଯୋଗ ଦିଏ ଏବଂ ଆପଣଙ୍କର 'ରିସ୍କ' ପସନ୍ଦ ଅନୁଯାୟୀ ଫଣ୍ଡ ପରିବର୍ତ୍ତନ କରିବାର ସୁବିଧା ସହିତ ପା

ନିଷ୍କର୍ଷ

ସ୍ୱୟଂ ନିଯୁକ୍ତିପ୍ରାପ୍ତ ବୃତ୍ତିଗତଙ୍କ କ୍ଷେତ୍ରରେ ପେନସନର ଉଭୟ ପର୍ଯ୍ୟାୟ ଯଥା ସଂଗ୍ରହ ଏବଂ ବଣ୍ଟନ ସେମାନଙ୍କୁ ଯତ୍ନ ନେବାକୁ ପଡିବ, ପୁଣି ପେନସନ ଯୋଜନାକୁ ବୁଝିବାରେ ନିବେଶ ନମନୀୟତା, ତରଳତା ଏବଂ ଟିକସ ଚିକିତ୍ସା ଅନ୍ତର୍ଭୁକ୍ତ। ସ୍ୱୟଂ ନିଯୁକ୍ତିପ୍ରାପ୍ତ ବୃତ୍ତିଗତଙ୍କ ପାଇଁ ଅବସର ଯୋଜନା ରହିବା ଉଚିତ, କାରଣ ସେମାନଙ୍କର ନିଯୁକ୍ତିଦାତା ପ୍ରାୟୋଜିତ ଅବସର ଲାଭ ନାହିଁ ଏବଂ ସେମାନଙ୍କର ନିଜର ସୁରକ୍ଷିତ ଭବିଷ୍ୟତ ଗଠନ କରିବା ସେମାନଙ୍କର ନିଜସ୍ୱ ଦାୟିତ୍ୱ।

ଅସ୍ୱୀକାର

ଏହି ବ୍ଲଗ୍ କେବଳ ସାଧାରଣ ସୂଚନା ଏବଂ ଶିକ୍ଷାଗତ ଉଦ୍ଦେଶ୍ୟରେ ଏବଂ ଏହା ଆର୍ଥିକ, ନିବେଶ, ଟିକସ କିମ୍ବା ଆଇନଗତ ପରାମର୍ଶ ଗଠନ କରେ ନାହିଁ। ଏହି ସୂଚନା ଲେଖା ସମୟରେ ସାର୍ବଜନୀନ ଭାବରେ ଉପଲବ୍ଧ ଉତ୍ସ ଏବଂ ବଜାର ବୁଝାମଣା ଉପରେ ଆଧାରିତ ଏବଂ ବିଶ୍ୱ ବିକାଶ ଯୋଗୁଁ ପରିବର୍ତ୍ତନ ହୋଇପାରେ। ଭୂ-ରାଜନୈତିକ ଘଟଣା ସମୟରେ ବଜାରର ଅତୀତର ପ୍ରଦର୍ଶନ ଭବିଷ୍ୟତର ଫଳାଫଳର ଗ୍ୟାରେଣ୍ଟି ଦିଏ ନାହିଁ। ପାଠକମାନଙ୍କୁ ନିବେଶ ନିଷ୍ପତ୍ତି ନେବା ପୂର୍ବରୁ ନିଜର ଗବେଷଣା କରିବାକୁ ଏବଂ ଯୋଗ୍ୟ ବୃତ୍ତିଗତଙ୍କ ସହିତ ପରାମର୍ଶ କରିବାକୁ ଉତ୍ସାହିତ କରାଯାଏ। ପ୍ରକାଶ ସହିତ ଆର୍ଥିକ ଏହି ସୂଚନା ଉପରେ ଆଧାରିତ ଫଳାଫଳ ସମ୍ପର୍କରେ କୌଣସି ନିଶ୍ଚିତତା ପ୍ରଦାନ କରେ ନାହିଁ।

Retirement Planning for Self-Employed Professionals should be there, as they don’t have the employer sponsored retirement benefits and it is their own responsibility to built safe future of their own. Retirement planning not only secure the post retirement phase but it assure tax benefits and assured income. With right strategy, tools and trend self employed professional can build a corpus for retirement fund.

A pension is an amount of money that is given after retirement. Pension plan is the retirement fund that is usually set up by an employer and/ or employee contribution. But in case of self employed professionals both the phase of pension viz. accumulation and distribution need to take care by them, again understanding pension plan includes investment flexibility, liquidity and tax treatment.

Pension Plans for Non-Salaried Professionals

National Pension Plan (NPS)

The Pension Fund Regulatory and Development Authority (PFRDA) regulate and administer NPS under The PFRDA Act, 2013. NPS is backed by Central Government of India. It is one of the option to opt for “Retirement Planning for Self-Employed Professionals“

NPS is market linked defined contribution scheme that help you save for your retirement. It is one of the most efficient ways of boosting your retirement income and saving tax. It allows you to plan for a financially secure retirement with systematic savings in a planned way. It is the best retirement plan option for self employed professionals in India, you get the options to invest in stocks and equity related instruments capped up to 75%, if you are not risk taker you can invest in fixed income securities and corporate bond or invest in Central or State Government Bonds and high risk options are available like invest in REITs, InVITs and mortgage based securities at low cost and expert fund management in all products. Your contribution to NPS also qualify for tax deduction under section 80C and 80CCD (1B), making it highly tax efficient.

Atal Pension Yojana (APY)

The Atal Pension Yojana, is a government back pension scheme that ensures financial security especially for under privileged and the worker in unorganized sector.

APY is being administered by PFRDA and the scheme is implemented through post office, public sector bank, private bank, co-operative bank, small finance bank, payment bank.

Atal Pension Yojana is a voluntary contribution based scheme, under which Central Government guaranteed minimum pension of ₹ 1000/-, or ₹2000/-, or ₹ 3000/-, or ₹ 4000/-, or ₹ 5000/- per month depending upon the contribution chosen after the age of 60. After the subscriber’s demises, the spouse of the subscriber shall be entitled to receive the pension until the death of the spouse. After both demises the nominee will get the pension wealth, as accumulated by the subscriber till the age 60.

If any subscriber chooses to voluntarily exist Atal Pension Yojana before 60, he shall only be refund made by him to the Atal Pension Yojana along with net actual interest earned on his contribution after deducting accounts maintains charges and Government co – contribution and interest earned on Government Contribution is not refunded. Yet another option to opt for “Retirement Planning for Self-Employed Professionals“

Public Provident Fund

Public Provident fund backed by the Government of India and a long term saving instrument that offers guaranteed returns with attractive tax benefits along with capital protection, long term wealth creation and tax free returns.

Public Provident Fund is a 15-years deposit account that can be opened with post office or designated bank. A person can hold only one Public Provident fund account. It is long term retirement plan for those individuals who may not be covered by provident funds of their employer or self employed. Minimum amount that needs to be deposited in this account is ₹ 500/- and the maximum is ₹ 1,50,000/- and can be paid in one lump sum or in installment not exceeding 12 times in a financial year, One withdrawal is allowed after 7^th financial year. In the event of death of the account holder the balance in the account shall be paid to the nominee or legal heir as the case may be. A deduction under section 80C is allowed and the interest is completely free.  Its an old option ever for “Retirement Planning for Self-Employed Professionals“

Unit Linked Pension Plan

Unit Link Pension Plan combines the benefits of investment and pension savings. Certain portion of premium is allocated towards investment in debt, equity or balanced fund depending upon your risk tolerance for retirement corpus and other portion towards retirement saving. Unit Linked Pension Plan is market linked product and offer flexibility to switch and tweak their debt and equity fund profiles. Unit Linked Pension Plan build retirement corpus over time and provides post retirement financial securities. Partial withdrawals are allowed after certain period which can be used for emergencies. Upon maturity Unit Linked Pension Plan provides option for annuity payment, creating a post retirement income.

Unit Linked Pension Plan offer certain tax advantage which appeal for retirement savings. Premium paid towards Unit Linked Pension Plan eligible for deduction under section 80CCC, which is part of ₹1,50,000/-  limit under section 80C. 60% of the corpus can be withdrawn in lump sum and 40% be used as annuity purchase. Certain tax free partial withdraw is allowed after lock in period.

Unit Link Pension Plan provides a range of financial goal through market linked investments which allow your corpus to grow with the option to switch funds as per your risk preference. With exposure to equity it has the potential to provide inflation adjusted return and regular premium payment encourage disciplined saving for retirement. Unit Link Pension Plan allows you to designate beneficiaries as legacy. This option could be opt “Retirement Planning for Self-Employed Professionals” if you want your corpus to grow with market.

Conclusion

In case of self employed professionals both the phase of pension viz. accumulation and distribution need to take care by them, again understanding pension plan includes investment flexibility, liquidity and tax treatment. Retirement Planning for Self-Employed Professionals should be there, as they don’t have the employer sponsored retirement benefits and it is their own responsibility to built safe future of their own.

Disclaimer

This blog is for general informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. The information is based on publicly available sources and market understanding at the time of writing and may change due to global developments. Past performance of markets during geopolitical events does not guarantee future results. Readers are encouraged to conduct their own research and consult qualified professionals before making investment decisions. Finance with Prakash does not provide any assurance regarding outcomes based on this information.

Common retirement planning mistake and how to avoid them is important to be aware that can cause lifelong financial implication. Reaching retirement with corpus is not by chance, it requires decades of savings, investments and proper strategy, post retirement is for relaxation and fulfillment of those activities which were remained yet to fulfill.  Many people remain unprepared for retirement but proper planning and strategy ensure a comfortable retirement. While planning for retirement avoid common retirement planning mistakes.

Not at all Planning for Retirement – Retirement planning should be considered during earning period, but we remain unprepared for the same despite of all good intention. During our earning period we won’t able to realize the pain of post retirement period. When you are earning at regular interval you are getting something for expense either in shape of salary or from business, but once you retire source of income remain stop. If you are not planning for retirement then even at old age you have to work and may downsize your lifestyle and be remain in trouble at the time emergency.

Starting Late – People make delay in retirement plan, the early you start through compound interest your money will grow. Even at the age from 40-45 it is not too late but sooner you begin its better. Compounding need time, if you delay investing the benefit of compounding may not be enjoyed. If we are postponing retirement planning we have to contribute more as time may remain limited for compounding. It is one of common retirement planning mistake

Inflation Ignorance – In most of the cases inflation is ignored while planning for retirement, make sure to consider impact of inflation in your savings. Value of money decreases with time and it reduce purchasing power every year, failing to consider inflation can result in financial burden during retirement. Impact of retirement corpus can be mitigated by asset allocation, diversification of portfolio, professional guidance and regular review and adjustment of portfolio.

Too much Debt – The impact of too much debt on retirement planning is crucial. Too much debt limits the capacity to save for retirement, fund for children education or purchase of house. The monthly debt repayment reduces the disposal income available for savings or investment. Realistic goals, creating emergency fund and a diversified portfolio can help mitigate the impact of debt. Again one of common retirement planning mistake

Not updating documents – As we getting older some paper work need to be managed like Life insurance policy, Health insurance policy, investment account, retirement account and estate planning account. These documents should be updated and accessible; your wishes should be outlined properly if anything happens to you.

Health Care Cost Ignorance – Once we age, physical capabilities change and impact of fitness cannot be overstated after retirement. Long term health and associate cost is concern for retirees, due to the expensive health care cost, we must prepared for financial burden. Regular exercise, daily walk, yoga, enhance overall well being but cannot avoid the age related disease, hence health care cost ignorance cannot be avoided and proper health care planning should be a part of retirement planning.

Early Withdrawal from Retirement Fund – Early withdrawal from retirement fund like EPF. NPS,PPF is allowed under certain special conditions, but withdrawal reduce the final corpus and effect long term financial security. If withdrawal is made before the tenure, the amount may be taxable. Hence it is important to evaluate all potential alternatives before withdrawing retirement fund. A Common retirement planning mistake by most of the investor

Not Investing Smartly – Don’t put all eggs in a single basket and so with your saving and investment, along with without proper research it will not wise to invest again. Diversification is good and investing conservatively can be a mistake. Make some investment in assets with higher returns such as stocks but some stocks are too risky, if you have long time horizon, put some of your assets into stocks. When you got closer to retirement you should put your money into more conservative investments, as your money will be more certain when you need it.

Retreating from all work – Keep yourself engaged in some activities, a shit of life style after retirement remaining ideal is the cause of many illnesses further boredom by doing nothing leads to stress. It always a better option to keep engage by doing some social work, small business or any other engagement  beforehand for after retirement. No one plan for this and recognized as common retirement planning mistake

Neglecting Estate Planning – One of the major losses of asset is during asset transfer. Estate planning ensures your assets are distributed according to your wishes after you passing but many of us neglect this essential task leading to financial and legal challenges for the dependents. Key component of estate planning includes:

1. Wills – A legal documents how your assets should be distributed
2. Power of Attorney – A legal document appointing individual to make financial decision on your behalf , if you unable to do so,
3. Advance Directives – A legal document who would make health decisions, if you are unable.
4. Trust – you would name a trustee to manage the trust.

In absence of clear directives disputes over asset distribution often result in lengthy and costly legal affairs and causing rifts among family. A Professional Advocate may ensures your complies with regulation and can guide you through the complex legal requirement. Everyone should avoid such common retirement planning mistake

Ignoring Tax Saving Instrument – Retriesare unaware of how various income sources are taxed and unable for Tax Planning (minimization of tax within the frame work of Income Tax Act). Tax free investment many be summarized as PPF, ELSS and other option includes Tax Free Bond issued by Government. Mostly pension, annuities, rental income and Interest on Fixed deposit are sources of income after retirement, knowing how withdrawals help you to minimize tax plan the withdrawal accordingly.

Conclusion

People are leaving longer, without planning, you risk outliving your savings. Without additional savings you could face a drastic drop in lifestyle. Inflation erodes purchasing power over period of time, health care expenses with age. Failing to plan means financial stress and dependency on family. Retirement should be about fulfillment and not pinching. Many who don’t plan wish they had started sooner. The best time to start was yesterday, and the second best time is today. The early you start, the more option you’ll have.

Disclaimer

This blog is for general informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. The information is based on publicly available sources and market understanding at the time of writing and may change due to global developments. Past performance of markets during geopolitical events does not guarantee future results. Readers are encouraged to conduct their own research and consult qualified professionals before making investment decisions. Finance with Prakash does not provide any assurance regarding outcomes based on this information.

Retirement Planning Should Start in Your 20s,by starting early your investment got enough time for compounding, as a result the retirement corpus grow in a magical way. Retirement planning needs small and regular savings, instead of massive leap, even small and moderate contribution grow significantly as compound interest works best over long period. Retirement planning should in your 20s, only you know how much investment volatility or longevity risk you are comfortable with, retirement strategies depend on individual priorities such as lifestyle, legacy and health care needs. Retirement planning is deeply personal, and only the future retiree (and their beneficiaries) can truly determine what’s best for their unique goals, values and circumstances. A retiree must ensure they have reliable, periodic income to cover living expenses without outliving their savings.

Retirement planning should start in your 20s is about estimating future expenditure considering impact of inflation. And build a corpus that will generate income after retirement, it include post retirement life style medical expenses.

Retirement Plan

A financial strategy to assist you to build a corpus that supports you after retirement. It involves saving and investment through investment avenues like NPS, Mutual Fund, PMS or any other investment avenues so that you create a Corpus to sustain you later on. After post retirement annuity plan is purchased from the corpus created, for regular income stream. Retirement planning should start in your 20s, the goal of retirement plan is to maintain desired lifestyle, maintain uneventful circumstances and mental peace after post retirement. Plan early and know how to compute retirement corpus to enjoy financial freedom after retirement. Retirement planning may not be exciting at 20s but by starting early and being consistent you can set yourself in financially comfortable position. Let’s check how to start retirement Plan.

Start saving as early as possible – Saving money is the first step toward building wealth and having a secure financial future. You should start saving once you start earning; it will help you to develop a regular saving habit and prepares you for goal like home, car and many more.

The power of Compounding – You can take advantage of power of compounding, reinvestment of interest you get from the invested amount instead of spending elsewhere is compound interest. The longer you invest the more your money grows.

Beating Inflation – Inflation mean increase in price, it slowly decrease purchasing power one may take certain steps to beat inflation by choosing investment option that have the potential to give higher return to offset inflation. Investing in different asset class beat inflation and also generates wealth.

Focus on high Growth Investment – Investment in high growth option have potential for higher returns, like stock, mutual funds, ETFs and etc. each option have its own risk and reward  invest on them based on your own financial goal and risk appetite.  These investment helps your retirement savings grow over time.

Contribute to retirement Account – One of the most effective tools for retirement is National Pension Scheme (NPS), it is a central government sponsored retirement saving scheme designed to provide income after retirement. By investing in NPS, you can work towards financially secured retirement.

Additional Income by Investment – By investing early, you will be able to get return in form of dividend, interest, capital gain and etc. and in this way additional income by investment can save a good amount before investment.

Retirement Planning should start in Your 20s

If you are convinced and financial goals are clear, you should take steps toward saving and investment. Your investment must be diversified and comprehensive, let’s understand step by step.

Term Insurance – In term life insurance policy, you pay a fixed premium for a chosen period and if you passed away during that term while the policy is active, your nominee will receive the full assured amount. It is the simplest and purest form of insurance. Term plan policy has no saving or investment components but it allows you to customize coverage through additional riders. Term insurance premium are eligible for 80C deduction from taxable income.

Health Insurance – Health insurance provides immediate financial help when confronted with a medical emergency. Health insurance is a financial tool or financial safety net that enables coverage for medical expenses. A financial protection against medical cost is assured by the insurance company to the policy holder in return for the premium. Along with financial security it provides mental well being.

Start early with S-I-P in mutual Fund – Investing early with even a small amount through mutual Fund S-I-P can help young investors save more than investing later in life. Reason for more corpus are the power of compounding, can take calculated risk, can make more informed choices, opportunity to achieve your retirement goal early. 

Public Provident Fund – Public Provident Fund is famous for secured return as well as tax savings and beneficial for long term investment option. It is Central government backed investment and tax saving instrument offering 7.1 % interest rate and deductible under section 80C of the Income Tax Act whereas all withdrawals are exempted from tax. Partial withdraw are allowed only after completion of 7^th year.

National Pension Scheme (NPS) – Try to investat least 10% of your total income into NPS to build retirement corpus. On retirement you can withdraw 60% of the corpus and balance 40% is utilized to get pension, contribution to NPS is also allowed as deductible under section 80C and 80CCD(!b) of The Income Tax.

Review your Portfolio – Mere building a portfolio is not enough, constantly review and monitor investments because market and your goals are not static. It will keep your portfolio on track and aliened with your financial strategy and help you to optimize performance and maximize your financial goal.

Conclusion

Retirement planning needs small and regular savings, instead of massive leap, even small and moderate contribution grow significantly as compound interest works best over long period. It involves saving and investment through investment avenues like NPS, Mutual Fund, PMS or any other investment avenues so that you create a Corpus to sustain you later on.  

Disclaimer

This blog is for general informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. The information is based on publicly available sources and market understanding at the time of writing and may change due to global developments. Past performance of markets during geopolitical events does not guarantee future results. Readers are encouraged to conduct their own research and consult qualified professionals before making investment decisions. Finance with Prakash does not provide any assurance regarding outcomes based on this information.