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    How Much Should You Save for Retirement?

    Last Updated On 16-06-2021

    We get it; thinking about yourself in the future can be a difficult and even abstract concept. Many of us would rather think about ways to enjoy our hard-earned money today or, better yet, how we will use that money to pay for the biggest moments in our family’s lives – like college or weddings. Studies within the last decade even demonstrate that the lack of connection we have with our future selves leads to us allocating less of our money to retirement.

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    The main problem with this is that now, as the average life expectancy for Indians climbs towards 70 years old according to data from the World Bank, the retirement age in India remains at 60 years old for public workers and up to 65 years of age for private employees. This means that people have to live off of the money they saved during their earning years for a significantly longer period of time. Retirement plans India offers in the market need to be able to cover 15 or more years of your life after retirement and enable you to maintain the same standard of living you enjoyed during your earning years.

    Whether your future involves traveling the world or pursuing hobbies like landscape painting, the reality is that saving early and at a regular frequency for retirement is the best way to have enough for your golden years without relying on adult children or other relatives. This does not mean that if you are closer to retirement than you are to the beginning to your career that your opportunity to save has passed. Retirement savings plans are available to protect people at any stage of life, and regardless of the amount of risk you can reasonably take on with your investment.

    A retirement planning calculator can be a helpful tool to give you a general idea of how much needs to be saved annually to reach your financial goal. However, these tools can vary and ultimately prove to be an inaccurate method of creating a personalized retirement plan. At its most basic, thinking long and hard about your retirement goals and spending habits as well as how much time you have to achieve it is most important. Additional considerations, such as inflation and tax exposure, will also need to be taken into account to ensure that you select retirement planning options that allow you to reach your goal.

    If you are seeking options beyond the National Pension System (NPS), Public Provident Fund (PPF), or Senior Citizens’ Saving Scheme (SCSS), the Indian market has a variety of options for investing in financial assets, compared to non-financial assets like real estate, gold and other commodities. Savings accounts are generally low risk and also help you prepare for retirement but deliver low interest rates. Money market accounts can offer a higher financial yield than traditional savings accounts, but you need to make a larger initial contribution making it out of reach for some people. Those with a higher appetite for risk may opt to invest in the stock market or mutual funds.

    Retirement insurance plans like the solutions offered by PNB MetLife can provide the additional security you desire with guaranteed income, up to the age of 100 in some instances, and help you create a comfortable future for the next generation. Riders for accidental death or serious illnesses can be added to certain retirement plans as well as options to safeguard your family with no future premiums in the event of your absence. Premium payments terms can be modeled to suit your current needs, while still covering your whole life. Additionally, if you are alive when the plan reaches maturity, you may be eligible for benefits in addition to getting the sum you contributed returned.

    Although you may feel more inclined to plan for other milestones like your children’s education or wedding, planning for your golden years should be just as high on your list of priorities. Ultimately, the worst retirement plan is the one that never gets off the ground. Talk to a financial advisor about the right mix of high and low risk investments and savings vehicles for your current budget and future goals.

    To know more about Life insurance plans, Term Insurance, Long Term Savings, browse the website for various Term Plans offered by PNB MetLife.

    Doesn’t the thought of retirement sound blissful? No work, no deadlines, and all your hours spent doing the things you love, like travel, painting, and even napping in the afternoon! If you want your retirement to be what you have always dreamed of, start retirement planning now and save a considerable retirement corpus in time. The online Retirement Calculator can help you plan your future financial goals and ensure you achieve them within the stipulated time. 

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

    AD-F/2021-22/179

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.

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    Disclaimer

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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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