Retirement Plans - 5 Interesting changes Retirement brings

1. Retirement Plans

2. 5 Interesting changes Retirement brings

3. You work all your life in hope of a comfortable retirement. However, unless planned carefully, retirement can be all your nightmares coming true-your salary, the regular stream of income would dried up while expenses. • such as health care and living, would have only shot up. Here are four simple keys to ensure your golden years are spent comfortably. • Higher tax exemptions, higher returns, reduced consumption, and significantly increased healthcare costs are what will characterize your retirement.

4. Considering that many of us will live well beyond the age of 70, it is critical that we provide for it. The only way to do this is to start saving TODAY if you haven’t already. • There are many changes that Retirement Plans brings. Financially speaking, here are the most interesting: • Enjoy higher tax exemption and interest rates: You get paid more interest and get taxed less, Most banks offer higher (at least 0.5% higher) fixed deposit (FD) rates for senior citizens (defined as 60 years of age and above). While you earn higher interest rates, your Income tax exemption changes too. Your tax exemption limit goes up from Rs 2 lakhs to Rs 2.5 lakhs. Once you cross 80, your tax exemption goes up to Rs 5 lakhs! • Know your inflation rate: • Contrary to popular perception, while inflation is a big issue, your consumption patterns change. In some expense categories like transport/conveyance and entertainment, you might even see a reduction in expenses, as you will stop commuting everyday and spend more consciously. You may also no longer be paying an EMI or rent when you are 60. Your children, too, would be self-sufficient by then.

5. 3. Healthcare Alert: The one potential back-breaker is healthcare costs. You need more healthcare services and this category of costs has witnessed double digit inflation over the last few years. Staying healthy, having adequate health insurance and saving enough for your retirement are your best bets to combat this. You will also have the time to exercise and stress will no longer be your constant companion. 4. Savings matter: Considering that many of us will live well beyond the age of 70, it is critical that we provide for it. The only way to do this is to start saving TODAY if you haven’t already. So watch a video, read what experts say (and go to a financial planner if you need to). Use online tools like this one that aims to help you get started. 5. More disposable income: Retired life can let you begin exploring hobbies that have interested you when you were younger, and didn’t have the time and/or money for them. So saving for these enjoyable perks earlier will ensure you can experience them later. Do this early enough and you will really enjoy your retired years peacefully. [Source: https://www.tomorrowmakers.com/articles/retirement/5-interesting-changes-retirement-brings]

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