Mr. Dipesh Shah
If you’re in your twenties, thirties, or older, and have a family who is financially dependent on you, then buying life insurance is a smart idea. Life insurance is a long-term financial instrument that works as a financial backbone to fulfill your family members’ financial needs at important milestones even in your absence. The payout from a life insurance policy can provide a financial safety net that helps your loved ones pay for expenses such as a mortgage, childcare, and many other day-to-day bills that come with adulthood. Most people would agree that, without a financial cushion from life insurance, their family might face a dire money situation. That’s why life insurance is so valuable. It’s an affordable way to protect the people you love most financially as well as live peaceful retirement life.
5 Retirement Income Planning Tips
- Envision your Lifestyle –When you think about retirement, how do you visualize your life after you retire? Understand your lifestyle requirements in order to plan your retirement income as part of your life insurance
- Evaluate the Economy – With increasing prices, it is important to evaluate the value of every rupee you will save with the hope of sustaining your current lifestyle post-retirement. It is therefore important to have realistic expectations before planning to invest in a retirement plan.
- Health Implications – As you get older, your health concerns increase. Your retirement income should therefore be able to take care of any medical emergencies to ensure that your health never takes a backseat in your life.
- Always Plan for more Years – As the quality and standard of life increases along with medical advancements, it is always recommended to plan ahead, at least 5-7 years more than your life expectancy estimates that you may have made.
Mr. Dipesh Shah, an insurance consultant from Bhiwandi working with World's best life insurance company - Life Insurance Corporation of India, is the best person who can assist you to plan your secured retirement life.