Look at the Future You 20 years from Now
The future may be unknown but we all have our vision for it. All of us have our individual goals and dream of conquering them in five years, ten years and so on.
Whatever future predictions people have about themselves, the common factor which prevails in everyone’s life is the meeting of financial obligations. Climbing the age ladder changes someone’s anticipated goals and generates different concerns:
- People in their twenties would be concerned about saving for travel, investing in wealth creation, life insurance, medical insurance
- By the time they reach 30, it would be constant worry for children and their upcoming expenses
- Reaching 40 will be accompanied by obsessively worrying about retirement
Young adults usually protect themselves the minute they start earning, followed by child plans and retirement plans. All of us know parenting is no easy accomplishment and there is no better gift than to preserve the future of your child through a financial instrument.
With the cost of education rising, it is incumbent upon the parents to invest in saving plans which offer sufficient funds to meet various educational milestones.
Benefits of child education plans include:
Maturity benefits for college expenses: - Investments at an early age will ensure sufficient cash corpus at the time of maturity to meet the needs of inflated fees, especially for professional courses.
Facility of partial withdrawals: – Special talents of your child, like acting, playing an instrument, which require substantial amount of finance at regular intervals can be nurtured with plans that come with periodic pay outs.
There are other benefits like immediate fixed pay-out on the sum insured in the event of death of the parent, attachment of riders to the policy etc.
Another goal that an individual would want to achieve is security in the golden years. But this goal demands investment at the right age. Retirement plans designed to meet post retirement needs such as medical and living expenses are available. Ranging from unit linked insurance plans to annuity plans to personalized ones insurance, companies offer all kind of solutions to the policyholder. In case of doubt about the investment amount need to secure your future, one can make use of a retirement calculator or a pension calculator available online on most insurance companies’ websites.
These plans come with the benefit of growing your money, guarantee on the invested money, tax benefits, multiple options to receive money, switching your money between various funds (debt or equity), increasing your retirement money with pension boosters and the like.
Each person’s insurance requirements and needs are unique. So while you take a sneak peak at the future you, be aware of the instruments available in the market and learn how they work, to fulfil current and future fiscal needs.