Retirement planning makes you prepared for a life after paid work ends. Such planning has some key components. Let us have a look at them.
Firstly, you need to set your retirement goals. Arrange these financial goals into short, medium and long-term. Most of these retirement goals will require financial resources. This is where a retirement plan or pension plan comes in handy.
Retirement plan and pension plan are names you will hear commonly for saving plans designed to serve your post-retirement financial needs. However, the meaning of retirement plan could be slightly different from that of the pension plan.
Few Types of Retirement plans
- Employee Provident Fund (EPF)
- New Pension Scheme (NPS)
- Public Provident Fund (PPF)
- Immediate Annuity
- Defferred Annuity
- With Cover Pension