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18-12-2017
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How To Retire In Style?

It′s said that human beings stand out from other species by virtue of our ability to think and plan ahead. While that may be true, most of us also have great trouble thinking about or preparing for the long term in the middle of our daily tasks and toil. Heck, it's difficult enough to plan something just six months ahead, like a summer vacation. How on earth are we supposed to be able to think about something in the distant future -- like retirement?

However, thinking in advance, and acting on those thoughts, are keys to being ready when the future becomes the present. The younger you are, the more distant your retirement -- and the greater your ability to compound your returns over time. That paradox can work to your advantage.

  • How much will I need for my retirement in order to live comfortably?
  • What are my goals?
  • When should I start?
  • What should I do?
  • How much can I count on from Social Security?
  • What costs might I run into once I've actually retired?

We all need to ask these questions, but with all our short-term preoccupations, we often wait too long to do so. There are multiple other Retirement Steps, along with a bevy of tools for running the numbers, can help you cut through the haze and see the realities that will make your golden years truly golden.

Retirement Insurance Plans from Providers

CustBase is accepting any Insurance agent from below mentioned Insurance Providers. We are glad to include them to our network. Insurance agents, if you are providing insurance agencies to your valuable customers and would like to grow your network or look out for prospect Customers, we Welcome you. Our priority is to, get you growing as quickly as possible and make sure your business flourish. We have different plans for every type of Insurance agents who register to our network.


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Retirement Investment Options
Public Provident Fund (PPF):

PPF is a good fixed-income investment for high tax payers. PPF is a very attractive fixed income investment option for small investors primarily because it provides 8% post-tax return. It also provides a tax rebate of 20% of the amount invested from your tax liability for the year, subject to a maximum of Rs 70,000. Interest received is also totally tax free. The interest earned on the PPF subscription is compounded; that means you not only earn interest in the money you put in, but you earn interest on the interest earned too. All the balance that accumulates over time is exempt from wealth tax.Moreover, it has low risk – risk attached is Government risk. PPF is available at selected post offices and banks.

The problem with PPF is its lack of liquidity. You can withdraw your investment made in Year 1 only in Year 7. However, loan against investment is available from 3rd financial year. If you are willing to live with poor liquidity, you should invest as much as you can in this scheme before looking for other fixed income investment options.

National Saving Certificate:

National Savings Certificate, also known as NSC, is a tax saving instrument that combines adequate returns with high safety. NSCs are an instrument for facilitating long-term savings. It provides an interest rate of 8 % per annum compounded half yearly. Period of maturity of a certificate is six years. Premature encashment of the certificate is not permissible except at a discount in the case of death of the holder(s), forfeiture by a pledge and when ordered by a court of law. They not only save tax on their hard-earned income but also make an investment which is sure to give good and safe returns.

A NSC can be bought by an adult in his own name or on behalf of a minor, a minor, a trust, two adults jointly or Hindu Undivided Family. NSC is available for purchase/issue at all Post Offices in India. Nomination facility is available for NSC. Certificates can also be transferred from one post office to any other post office. Transfer from one person to another person permissible in certain conditions.

Certificates are available in denominations (face value) of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000 & Rs. 10,000. The minimum amount of investment under NSC is Rs. 100/-. There is no maximum limit for purchase of the certificates. Interest accrued on the certificates every year is liable to income tax but deemed to have been reinvested. NSC can be en-cashed/discharged at the post office where it is registered or any other post office.

Income Tax rebate is available on the amount invested and interest accruing every year under Section 88 of Income tax Act, as amended from time to time. [under Sec 80C] Income tax relief is also available on the interest earned as per limits fixed vied section 80L of Income Tax, as amended from time to time.

NPS:

NPS is a pension plan where you can invest during your working years and withdraw when you retire. Until May 1 2009, the plan was available for central government employees only. But it is now open for the citizens of the country. NPS works like a mutual fund (MF). If you want to invest in the NPS, you can choose from three funds or a mix of funds.

If you are confused about how much to invest in which fund, you can leave it to the auto selection option. Through this option, 15 per cent of your money will be invested in equity, 45 per cent in corporate bond and 40 per cent in government bonds. However, after 36 years of age, your equity and corporate bonds exposure will reduce, but it will be compensated with higher investment in government bonds. The maximum cap in government bonds will be 80 per cent. Equity and corporate bonds will have 10 per cent each investment proportion.

These funds are managed by six asset management companies (AMC): State Bank of India, UTI, ICICI Prudential, Kotak Mahindra, IDFC and Reliance, appointed by the PFRDA. You have the liberty to choose, change your fund manager every year unlike mutual fund or unit linked insurance plans where you are tied to the same fund manger throughout the term of the product.

To make the New Pension System (NPS) dynamic, Pension Fund Regulatory and Development Authority (PFRDA) has introduced the concept of Tier-2 account. This is to provide for withdrawals to meet financial contingencies. Opening the Tier-1 account is compulsory for everyone opting for NPS. However, the Tier-2 account is optional for the investors, as it is a voluntary savings account from which the investor can withdraw money, any time and any number of times.

At first, one may find various problems in NPS but most of them are designed to make it a pure long term pension plan. Some of the major drawbacks include the tax treatment, though it is anticipated that in coming times this will be rectified. With introduction of type II accounts, the problem of no-withdrawal has been resolved. Some may see the limit of 60% for withdrawal as a big problem but it has been kept to prevent you from misusing (using it for anything other than retirement) your retirement fund. In theory this may not look good but, in practice, it will be beneficial for the investor.

MIP:

Monthly income plans (MIP) are low risk mutual funds which invest in debt securities and deliver regular monthly income to investors. Monthly incomes are normally fixed term plans and appropriate for investors who seek regular risk free income over a period of time.

Income Funds in India usually invest their principal in securities of fixed income such as government securities, bonds, and corporate debentures. There are many mutual funds houses that have launched Income Funds in India. The advantage of Income Fund is that it provides regular income to the investor either on a monthly or quarterly basis. Further the advantage of Income Funds in India is that it also provides stability of capital to the investor. The bonds that are there in Income Funds are usually of the investment grade. The other bonds are of such credit quality that they assure the protection of the capital.

Insurance:

Life insurance is a contract between the policy owner and the insurer, where the insurer agrees to reimburse the occurrence of the insured individual’s death or other event such as terminal illness or critical illness. The insured agrees to pay the cost in terms of insurance premium for the service. Specific exclusions are often written in the contract to limit the liability of the insurer, for example claims related to suicide, fraud, war, riot and civil commotion is not covered.

Life insurance ensures financial protection on accident or death. It enables maintenance of the same lifestyle even after the unfortunate demise of a loved one. The beneficiaries can utilize the monetary benefits to replace the income one would have earned or help pay off debts or other expenses. Life insurance boost confidence to the insured, offers satisfaction of being covered for illness, life or financial loss.

 
 
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