Retirement goal suffers the most in case of contribution stops due to any reason. Make sure you cover up for the loss by increasing the contribution and buying investment plans which will offer both investment and life protection to safeguard your spouse’s post-retirement age life. The contingency plan should be such that it protects all the financial goals of your family from the risks of hospitalisation, accident, job loss and other such incidents.

However, retirement goals have different conditions attached to it. It is a long-term goal, every little extra contribution adds much value to your corpus, but every small deduction in contribution also takes away that value. Therefore, it is essential that you protect retirement savings for retirement planning against the possible shocks of life. More so, because even when you are not there, your spouse will need sustenance for life, even after the retirement age. Read on and know about those full-proof ways of making your retirement savings shockproof.

Plan for Contingencies: Inflation will make it difficult for you to sustain your life retirement. Have you planned for that stage of your life? If not, you should start now. Choosing insurance that gives financial protection to you and your spouse is a great way to secure your retirement. The premium that you pay now will work as contingency planning later. If you worry that after you, there won’t be any income for the family, getting insurance that covers your family’s monthly needs is a must.
Know your Retirement Need: Did you know that maintenance of the same lifestyle demands 75 percent of your pre-retirement earning? If you don’t have enough savings by your retirement, you may have to work even after that. No one wants to work after 60. Your retirement planning should include early plan (preferably soon after you start earning), health planning (health insurance to take care of your treatment), a source of monthly income, and term insurance (for your dependents to lead a normal life even after your sudden demise).
Buy Pension Plan with Life Insurance: Have you planned the way your family will lead its life post your retirement? Life insurance provides benefits in the form of an annuity or a lump sum amount; however, getting a pension plan along with the life insurance can add to more benefits such as better lifestyle, sustainability even after retirement, and family’s wellbeing. If you have been thinking how to save money, this step will help you fulfil your retirement needs and goals.
Use ULIPs for Retirement Investment: ULIPs or Unit Linked Insurance Plans are examples of killing two birds with one stone. You get the freedom to invest in multiple fund options and get protection for your family in the long run. The funds that you use for the transaction is free from the market ups and downs. You have the flexibility to change your funds depending on the market condition. You just can’t miss ULIP for other fantastic benefits. Here’s for you to have a look.

You save tax both on your investment and return that you get
The return is higher as you can invest in multiple funds with the ease of investment
Apart from earning returns, your family is financially secure

Retirement is a phase that everyone needs to go through. Why not make it exciting and shockproof by making the most of the present and investing in various instruments? Living your old age with grace will complete the purpose of life. With better retirement plans, you will be ready for contingencies, stressful times if any, tackle every situation, pay for your family’s monthly needs, lead a stress-free life, and attain the peace of mind. Savings has been a challenge for everyone as it is not easy. With the above plans, you can make it a planned one for the benefit of you and your family. With the youths getting more independent and sending their parents to an old-age home, you can always consider retirement saving and investment plan can help you be safe from any adversity.

“Preparation for old age should begin not later than one’s teens. A life which is empty of purpose until 65 will not suddenly become filled on retirement.”