• According to an HSBC report entitled ‘The Future of Retirement Healthy New Beginnings’, 61% of India’s working population, aged 45 and older, would choose to retire within the next 5 years. However, 14% of them feel they will not be able to do so for various reasons, with ‘financial security’ being one of them.

If this seems relatable, you might be making one of these errors:

1. Not Starting Early

• The essential principle for retirement planning is to begin early and remain invested. This allows your money more time (from now until retirement) to grow.
• Consider this example:

• The illustration clearly demonstrates that even with the same investment amount, the Fund Value at Retirement when starting early is more than double that of a later start.

2. Not Saving Enough
   Another fundamental rule for making investments is “Earnings – Savings = Expenses”. That’s correct. Prioritize savings. When you are just beginning your career, you likely have minimal liabilities. Most of your earnings can be saved and invested smartly. Create a plan today to begin saving consistently. Utilize our retirement calculator to understand how inflation may impact your future expenses.
3. Not Increasing Savings
   As you advance in your career, you receive perks, bonuses, and salary increases. Over the years, ensure that your contribution to your retirement fund steadily increases. Some retirement plans, such as Axis Max Life Forever Young Pension Plan, enable you to save progressively by paying an additional 5% (simple) Top-up premium each year, continuing throughout the premium payment term.
   Prudent and timely investment in a retirement plan can significantly contribute to achieving your desired retirement lifestyle. Click here to learn more about Axis Max Life Forever Young Pension Plan!
   Unit Linked Insurance Products (ULIPs) differ from traditional insurance products and come with risk factors. The premium paid in the Unit Linked Life Insurance Policies involves investment risks tied to capital markets, and the NAVs of the units may fluctuate based on fund performance and capital market influences, with the insured being accountable for their decisions. Axis Max Life Insurance is merely the name of the insurance company, and Forever Young Pension Plan (UIN: 104L075V03) is solely the designation of the unit-linked life insurance contract and does not in any manner suggest the quality of the contract, its future outlook, or returns. Please understand the associated risks and relevant charges from your Insurance agent, Intermediary, or the policy document of the insurer. The various funds provided under this contract are simply the names of the funds and do not in any manner suggest the quality of these funds, their future prospects, or returns. For additional details regarding risk factors, terms, and conditions, please carefully read the sales brochure before finalizing a sale. The past performance of the funds does not guarantee future performance of the funds. You may qualify for certain applicable tax benefits on your premiums and policy benefits. Please remember that all tax benefits are contingent upon the tax laws in effect at the time of premium payment or when benefits are received by you. Tax benefits are subject to alterations in tax laws.