Make a better pension plan for retirement.

A retirement plan is an important financial responsibility that every person raises for himself and his loved ones. Those who ignore it, they have to go through difficulties later. With an increase in the rising expectations of life and the rising cost of health care, the retirement plan should be taken on priority.

Here are 10 tips for buying a retirement plan:

The better as soon as possible
The retirement plan should start as soon as possible. But how quickly? Since that time, when you receive your first check and when you save money for your hard days. Over time, when your salary increases, increase the contribution.

Studies have proven that over time, significant value can be added in comparison to other assets such as fixed deposits, bonds, gold and property in equity portfolio. So, when you are planning for retirement, make sure equity is a part of your plan. This can be in the form of a unit-linked pension plan or equity fund or stock.

Equity is good, but for this there is a fixed deposit, brand and gold. Equity will solve all your problems. You need a portfolio with equity, along with other assets such as fixed deposits and gold. All these assets should be in a special weightage or allocation. Together they create a portfolio that can help you achieve your aspirations after retirement.

PF will not be enough
Many people go to a retirement plan with an auto pilot mindset. They invest their money towards options like PPF (Public Provident Fund) or EPF (Employee Provident Fund) and believe that they are ready to retire comfortably. But this dream is far from true, these options are first of all the ways we discussed earlier (Equity, Fixed Deposit, Bond Gold). There should be more in terms of making a portfolio than just the PPF. PPF or EPF will not be enough to fight inflation. For example - if long-term inflation is 6% and the PPF rate is 8.5%, then it is only 2.5% (8.5% -6.0%) of inflation pure. Imagine that you choose PPF and think that you will earn Rs 85 per 1000 rupees but in the end you will earn only Rs. 25 per 1,000 because inflation has stolen the rest of your money.

Vesting age
For a pension plan, proceed with an inherent age, which matches your needs. For this, there are some pension plans starting from 40 years. So if you want to flow income in the beginning of life then turn to such a plan. On the other hand, there are some plans for the age of 85, which are suitable in the situation when you are planning to get late retirement.

High Sum Assured - Choose such pension plans that offer higher insurance on the underlying and earned bonuses or fixed profits.

Insured Death Benefit - Choose a plan with a minimum payment on death - for example 100 percent of the premium repairs.

A suitable annual salary option
Choose a pension plan with the most suitable annuity options for yourself - for example, for a few years, the Lifetime Option Guarantee annuity annuities to the last survivor, whether the policyholder survives or not, by which the spouse gets a pension .

Spend - Go for the options where the charges are competitive. Remember, the more you spend money, the less you can save for retirement.

Planning for financial planner retirement is a serious topic. And it is important to consider adding an experienced and competent financial planner, which can be handled by retirement plan processes.