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Old can be Gold!

Monday, October 09, 2017
By Sonia Notani

Sonia Notani, Chief Strategy Officer, IndiaFirst life.

The question isn't at what age I want to retire, it's at what income. ~George Foreman

They say that age is just a number. Sadly we cannot say the same for money. The absolute and relative amount, both makes a huge difference to our lifestyle, our ability to make decisions, our confidence. While money cannot buy happiness, it definitely can assist in making happy choices!

Often, while we already know the importance of money, we underestimate when we will need money the most. We know we are capable of earning to buy a house, to get our children educated, to provide for their marriage et al. However, we are not always equipped to provide for our retirement and ensure they are nothing short of our golden years.

I can think of 3 key reasons to start planning your pension right now!

1. Time is Money, but do we have Money when we have Time?

This cryptic line basically translates into us having investing all our time in earning money to fulfill our goals. We just don’t think about what lies beyond the goal post. We have never wondered what we will do with all the excess time which is not spent in making money. Also, can we make the most of the time in hand without adequate income?

2. Dil toh bacha hai ji….
This is an often repeated quote that refers to the child in each one of us. Some of us want to simply learn a musical instrument or travel the world. However, ‘’life’’ comes in the way and all our resources (time and money) are directed towards more pressing needs of our loved ones. Once we retire, we can simply fulfil the dream that the child in us always wanted to do… there is only one glitch - do we have enough surplus resources to support our dreams?

3. Make Hay while the Sun Shines!    
We are capable. We are healthy. The world is our oyster. We may as well capitalize on every opportunity to ensure we never have to think twice about living life the way we want. We spend our lives working towards our goals, however, do we invest in life beyond the goal?

As Tennesse Williams wisely quoted, “You can be young without money, but you cannot be old without it”.

Public Provident Fund (PPF), NPS and Guaranteed Retirement Plans by Insurance Companies are a few good tax saving and investment options that help save for retirement in the absence of a robust social security system. We must also ensure we remain committed to our goal and not give in to the temptation for instant gratification. Good pension accumulation instruments like Insurance plans encourage consistent, periodic investments and apply a lock-in thus providing returns above the assured amount and allowing for accumulation of a sizable retirement corpus.

There is no better time than the present to gift yourself a future. Good financial decisions, astute planning and committed investments into safe instruments like insurance can provide practical and stable financial assistance in the long term. Do yourself a favour and start investing to guarantee a comfortable retirement.

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