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A retirement plan is a type of life insurance plan designed to fulfil the post-retirement needs of an individual. It helps create a corpus amount and generate a regular income after retirement in the form of a pension. Hence, it is also known as a pension plan.

The whole processing time for settling the pension to the beneficiary is completed within 30 days from the date of the application has been submitted. The claim form 10D for pension status, as you know will be settled within 30 days.

Right Age for Retirement Planning and How to Go About It. The 30s or as early as you start a job are the ideal age to begin investing in a retirement plan to avail the benefits of compounding interest and creating a steady income. ?A thousand-mile trip begins with a single step!?

Review the plan?s fund lineup Share relevant retirement plan news, trends and strategies. Evaluate the plan's current investments. Consider all investments available to the plan. Assess target date funds. Present fiduciary services options.

Save for retirement now Saving early gives more time for your money to grow, hence, providing a greater income during your retirement. Investing in a retirement plan during your earning years can also help you save tax2.

A retirement plan has lots of benefits for you, your business and your employees. Retirement plans allow you to invest now for financial security when you and your employees retire. As a bonus, you and your employees get significant tax advantages and other incentives.

Financial risks to post-retirement generally involve issues like: Inflation: The pace of rising prices can reduce a retiree's purchasing power over time. If a retirement fund has $100,000, but it is all cash, over a few years the purchasing power of that amount will be lower.