• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, May 20, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Trending

Importance of Retirements Plan

by Rohan Mathawan
April 30, 2021 - Updated On May 13, 2021
in Trending
Reading Time: 4 mins read
0
Importance of Retirements Plan
TwitterWhatsappLinkedin

Various problems occur in our lives. To overcome them, we have to take the necessary steps. Retirement is one of those phases for which you must plan to lead a stress-free life without receiving any income.

You might also like

Byju Raveendran Speaks Out: “I Won’t Sell Anything I Wouldn’t Give to My Son”

Liturgical Vestments and Church Architecture: Harmony and Coherence

Sesame Street Finds a New Home on Netflix with Fresh Episodes, Classic Content, and More

It is very crucial even for the wealthiest person to have some sort of saving plan to have financial independence. You must have noticed that there have been several schemes that the government induces for the people to organise their savings and income. Based on your needs and preferences, you must decide to choose an appropriate saving plan for the future.

The need for retirement planning usually increases with an increase in the average life expectancy. If you are one of the job seekers, your daily struggle might end up with retirement planning. Yet, a retirement savings plan is very important if you want to lead a peaceful and comfortable life.

In this article, we will discuss what the importance of retirement planning is and why you should take it seriously.

Why do you need retirement planning?

Financial planning can help in budgeting the expenses and income according to the personal plans. It is a mixture of personal as well as financial planning. You are required to focus completely on the finances and keep in mind your personal needs that could satisfy you during the time of retirement.

All you have to do is, plan accordingly. There are endless options to choose from for retirement planning. Following are the major reasons that prove why it is necessary to have retirement plans:

1. Nuclear family:

As we all know that the current scenario of the Indian families are switching to a new culture, It has become very important to have a retirement plan to have a respectful life full of dignity. There has been so much career pressure on the children that they tend to reallocate their jobs and live their lives separately. Nowadays, people can not rely on their children for financial support and a good lifestyle. Even the closest of relatives don’t wish to take care of an elder person. Therefore, it is our responsibility to not rely on anyone for financial stability and plan for our retirement on our own.

2. Tax benefits:

Who wants to spend taxes? Nobody, Taxes can be a huge threat at the time of retirement. It not only destroys your savings but also reduces your income. You must have a retirement plan to save the tax. According to Section 80C of the Income Tax Act, investments made in The National Saving Certificate (NSC) and The Public Provident Fund (PPF) are free from tax exemption. You can reduce the taxes by having effective control of your income source during retirement. During your retirement, you must have the following income sources to reduce tax:
Tax Efficient: It consists of tax-efficient investments such as index funds along with standard brokerage accounts.
Tax-Deferred: It includes pre-tax IRAs, pension plans, and social security,401(k)s.
Tax-Free: It has municipal bonds, Roth IRAs, and Health Savings Account(HRAs).

3. Medical emergencies:

Health should always be your priority. You can negotiate in terms of your needs but never on your health. With the rising age, the issues regarding health usually increase. The medication costs are no less. Even if you are having minor treatment, you need a good amount of money. If you are in your 50s, you might have already faced some health-related issues.

It is recorded in accounts that there has been a massive rise of up to 15% healthcare inflation every year. It means that the medication costs are rising 4 times what they used to be 10 years ago. You must have a retirement savings plan or a post-retirement plan so that you could face the problems arising due to the hospitalisation charges.

4. Better Career:

You can easily decide to choose bigger options with confidence if you have a retirement plan. If you are doing a job and willing to start your own business, you must need the required funds. The importance of retirement planning could be seen through the financial decisions you make. By saving a good amount of money or a part of your income, no one can stop you from starting over a company. The financial stability that the retirement plans provide can ensure your children choose their career as per their own will without any financial burden. With whole heart, you can spend money on the education of your children.

5. Stress-free life:

Stress is the worst thing that you can go through. More than 70% of people are stressed about money. It is necessary to have a prudent approach regarding retirement planning. It ensures you a stress-free and peaceful life. If you want a fulfilled life and reap all benefits of your hard work, you must have your income invested in the right plans as per your needs.

6. Legacy of charity:

So many people do charity every once in a while. While you are donating things at the time of your working years, you never want to leave the habit after you get retired. Planning retirement can ensure you with a legacy of charity. There are certain ways in which retirement planning can help you with a charity in the following ways:
It can help you in deducting the taxes
With appropriate retirement planning, you can easily get the income that is to be given for the charity
It makes sure that your estate plan lines up with your legacy goals

Conclusion

We have seen that there are enough reasons why planning for retirement is necessary. You must have the right approach for achieving your goals without any kind of negotiation. Although our future is full of uncertainties, we can take the necessary action and plan in this regard. It is advised that you must start retirement planning at an early stage by investing in government-backed securities, mutual funds, and fixed-income securities. To make an informed decision, always explore all our options carefully. It will allow you to choose plans based on your needs.

Tweet54SendShare15
Previous Post

Global Gaming Industry Value Now Exceeds $300 Billion

Next Post

The first autonomous ship to set sail, thanks to AI

Rohan Mathawan

Content Editor at Techstory Media | Technology | Gadgets | Written more than 5000+ articles about different niches from Tech to online real money gaming for reputed brands and companies. Get in touch Email: [email protected] For Business Enquires related to TechStory [email protected]

Recommended For You

Byju Raveendran Speaks Out: “I Won’t Sell Anything I Wouldn’t Give to My Son”

by Ishaan Negi
May 20, 2025
0
“I Am Not a Flower, I Am the Fire”: Byju Raveendran Goes Full Pushpa in Legal War with EY and GLAS

In a rare and emotionally charged interview with ANI in Dubai, Byju Raveendran, founder and CEO of ed-tech giant BYJU’S, broke his silence on the controversies that have...

Read more

Liturgical Vestments and Church Architecture: Harmony and Coherence

by Techstory
May 20, 2025
0
Liturgical Vestments and Church Architecture: Harmony and Coherence

The harmony between liturgical vestments and church architecture is a fundamental aspect of creating a meaningful and engaging worship experience. When these two elements blend coherently, they contribute...

Read more

Sesame Street Finds a New Home on Netflix with Fresh Episodes, Classic Content, and More

by Harikrishnan A
May 19, 2025
0
Sesame Street Finds a New Home on Netflix with Fresh Episodes, Classic Content, and More

A fresh chapter is about to begin for Sesame Street, the iconic children’s program that has helped generations of kids learn their ABCs and 123s. Netflix has officially...

Read more
Next Post
Mayflower 400

The first autonomous ship to set sail, thanks to AI

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?