Benefits of Early Retirement Planning

By starting early, you give your money more time to compound. In fact, Einstein described compounding as the 8th wonder of the world. He said, “He who understands it, earns it... he who doesn't... pays it.”

A quick head start gives you the flexibility to put aside smaller amounts and still achieve a huge corpus as compared to someone who delays investments, even if he pays more!

Consider this:

The example clearly shows that for achieving the same fund value at retirement (approx. Rs.21 Lakhs), the individual in Case 2 had to invest Rs. 285,000 more than the one in Case 1. Use a retirement calculator to compute the monthly amount you can invest to build a corpus for your retirement.

You must have heard the story of the grasshopper and the ant. While the ant toiled and stocked up its supplies for a rainy day, the grasshopper only enjoyed his moment in the sun. We all know who had the last laugh there.

A retirement corpus can help you at all stages in life by providing you some peace of mind. While it should be your last resort, a retirement policy/ fund can be pledged to raise a short term loan for an emergency.

Your life is an asset. Over your working years, you leverage this asset to create wealth . However, the future is uncertain. In case you are no longer there, how will your loved ones be impacted? In such scenarios, an insurance led pension or retirement plan can help your spouse or dependent parents.

However, everyone aims for different goals after retirement and hence require a different retirement corpus. Learn more about Max Life Forever Young Pension Plan, a retirement plan that guarantees lifetime income for you and your partner.

Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and is only the name of the unit-linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.