Most people look forward to the retirement years - the golden years of their lives, but it also means that you will no longer be the recipient of a regular stream of income. Even as you look forward to a time when you are not bound by meetings, the hectic 9 to 5 schedule or the rat-race, there is a nagging awareness that you will no longer be the recipient of a regular salary. Financially, it can be a drastic change. Which is why it is absolutely important to have a corpus to draw into:

-    To maintain your current lifestyle
-    To ensure that you do not run out of basic resources at any point
-    To possibly indulge in a few luxuries like that vacation you had been postponing because you just never got time as you were grinding at work. 

Turning 60 also has a lot of emotional and personal repercussions. Your kids are probably grown up and busy building their own lives, and it can get incredibly lonely at times.

The key to financial survival as a senior citizen is to ensure an investment that can bring you steady returns in your post-retirement life. How? Let’s answer that. 

Pension plans could be the answer to this conundrum. A pension plan can bring financial security through regular income or a lump sum payout. Let us explore the options.

Retirement Plan:
A simple retirement plan like the PNB MetLife Retirement Savings Plan will create a corpus for you with death benefit and vesting benefit. While death benefit is self-explanatory with respect to life insurance and your beneficiaries, the vesting benefit is extremely convenient and flexible in how you choose to use it. You can choose to utilise the full Vesting Benefit to purchase Immediate Annuity, which shall be guaranteed for life, at prevailing annuity rates. You can also choose to receive part of it as a lump sum amount, or you can even defer the vesting date up to age 75 years. Now, what is this Immediate Annuity plan we speak of?

Immediate Annuity Plan
Annuity Plans are a great way to ensure you are able to afford the current lifestyle even after retirement. As a senior citizen, you can customize your retirement plan the way you want & get guaranteed income for the rest of your life. You can select the frequency of your payout- monthly, quarterly, half-yearly or yearly. You can choose from a variety of annuity options, too. Following from the previous category, an immediate annuity plan is either the vesting proceeds of your deferred pension policy or your own accumulated funds. Under an immediate annuity plan, you need to pay only once to ensure guaranteed income for your lifetime! In fact, you can receive increasing income to help combat the inflationary impact on prices and budget. 

Some of you may be wondering why someone would need to think so much about the financial tangent on retirement? Here’s the thing: Inflation rises and expenses never cease. At that age, people are also not immune to/unaffected by the vagaries of time and its impact on their health. Ageing changes how the body responds to the external environment and older people are susceptible to heart ailments. This might necessitate more robust and regular health care, whether preventative, curative or regulatory. This, in turn, makes it all the more necessary to have a life insurance plan that can act as your financial cushion during retirement. For many of us, retirement is also the time to unwind and indulge in a little luxury or two, say a cruise vacation or a holiday home in the hills. Such expenses necessitate a robust source of income, a pursuit served well by the immediate annuity plans.

Therefore, get yourself a suitable retirement saving plan and be worry-free about your second innings.

To know more about term insurance & long term savings visit PNB MetLife website.

Doesn’t the thought of retirement sound blissful? No work, no deadlines, and all your hours spent doing the things you love, like travel, painting, and even napping in the afternoon! If you want your retirement to be what you have always dreamed of, start retirement planning now and save a considerable retirement corpus in time. The online Retirement Calculator can help you plan your future financial goals and ensure you achieve them within the stipulated time.