What is an ideal retirement investment plan?
An ideal retirement policy is one wherein an individual start saving during the accumulation phase, which is typically in the age of 30-35 years and should invest for over a period of 25-30 years.
'Retirement planning' and 'saving for child's future' are the two most important goals. Both are long term goals and one has a lot of time to plan and save towards these goals , despite that sometimes people face difficulties and they have to opt for alternative ways like taking credit for child's higher education or marriage. We spoke to Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance to guide us through the ideal investment for these goals to avoid any discomfort when these goals mature. "The ideal retirement policy is a solution that offers regular source of income even after retirement. Therefore, to select the right kind of plan, it is important to first assess basic living expenses each month post-retirement, take inflation into account, healthcare and recreation costs; all must be considered very wisely," says Kamlesh Rao.