• They say “life is a meal and retirement is the dessert. ” This is the moment to set aside all of your life’s ordinary concerns and obligations as you welcome your post-retirement glory days. Many individuals think that life truly starts after retirement, considering it the golden age of existence.

• Well, retirement indeed provides you with plenty of time to investigate your pastimes, take part in leisure activities, or fulfill that long-held aspiration of exploring the world. However, knowing that your day job will come to an end means you will face a lack of your usual income. Adequate funds are essential for enjoying the years after retirement in comfort and relaxation. For this purpose, it is crucial to make wise investment choices while you are still working.

• Retirement planning through investing in pension plans aids in preserving financial stability once your regular income (from your day job) begins to decrease. Life insurance companies like MaxLife offer pension plans that deliver both maturity and death benefits, thus ensuring the financial security of your loved ones and your retirement years.

• Selecting the appropriate pension plan to ensure a continuous income stream even post-retirement can be challenging. You need to conduct thorough research to find the right scheme, determine the precise premium amount, plan the payout schedule, and gather other investment-related information to secure a sufficient pension to cover your expenses after retirement.

• Although many of you might successfully choose the best pension plan, narrowing down the pension payout is still a challenging task that requires financial know-how and professional assistance. To make this easier, we have provided tips to estimate the approximate amount of funds you will need after retirement.

Determine the Basic Living Expenses:

• The pension you receive should adequately cover your essential monthly living expenses following retirement. You can gauge your future expenses by evaluating the extent of your current spending. To arrive at the precise amount, you should consider housing expenses, utility costs (such as water, electricity, and gas), food and clothing expenditures, transportation expenses, and other miscellaneous costs that may arise after you retire.

Take Inflation into account:

• Inflation will gradually increase over the years, causing goods and services to become more expensive, thus elevating the cost of living annually. The current inflation rate in India is approximately 4%; this rate will continue to rise each year. Accordingly, the pension payout should increase in line with the inflation rate. Otherwise, the amount received will fall short of covering expenses, compelling you to seek financial support when you are no longer employed.
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  Plan for Health Insurance
• Healthcare expenses are increasing at a concerning pace. To mitigate the effect of such unexpected medical costs on your monthly financial plan after retirement, it is advisable to obtain a health insurance policy during your employment years. This insurance will offer a financial cushion against unforeseen medical bills, thus not burdening your regular budget following your retirement. Obtain a health insurance policy for both you and your spouse (or any other dependents in the household) to avert such unfortunate situations.

• Consider Recreation expenses. Whether it’s a brief visit to your hometown or a revived passion for a past hobby, retirees often find themselves tempted to travel or engage in pastimes to utilize their leisure hours. However, all these indulgences come with a price, which must be funded from the pension itself. To manage these expenses effectively, you ought to carefully allocate a portion of your pension.

• These recommendations will assist you in understanding the correct pension amount needed to enjoy a comfortable life in your post-retirement years. Select a pension plan thoughtfully after thoroughly reviewing it and secure your future today.

• Unit Linked Insurance Products (ULIPs) are distinct from traditional insurance offerings and carry inherent risks. The premium paid in the Unit Linked Life Insurance Policies involves investment risks linked to capital markets, and the NAVs of the units may fluctuate based on the fund’s performance and the factors affecting the capital market; the insured assumes responsibility for their decisions.

• Axis Max Life Insurance is solely the name of the insurance provider, while the Forever Young Pension Plan (UIN: 104L075V03) is simply the designation of the unit-linked life insurance contract and does not imply the quality of the contract, its potential outlook, or returns. It is important to understand the associated risks and relevant charges through your insurance agent, intermediary, or the insurer’s policy documentation. The various funds available under this contract are merely names of the funds and do not suggest the quality of these funds, their future outlook, or returns.

• For more information regarding risk factors, terms, and conditions, please read the sales brochure thoroughly before finalizing your purchase. The previous performance of the funds does not guarantee future results. You may qualify for certain applicable tax advantages on your premiums and policy benefits. Please be aware that all tax benefits are subject to the tax laws in effect at the time you pay the premium or receive the benefits. Tax advantages are susceptible to modifications in tax legislation.