Everyone thinks about their golden age when they can finally retire from work, put up their feet and enjoy a leisurely life. But do you know the retirement age in India?
Well, we have an answer for you, the retirement age in India varies depending on the specific sector and occupation. Here are some examples: If you're a government employee, expect to retire at age 60 (unless you're a state government employee, where the range is usually between 58 and 60 years). Private sector employees typically retire between the ages of 55 to 60 years, depending on the company's policy. The armed forces have a broader range of retirement ages that vary depending on rank and years of service, ranging from 37 to 60 years. Finally, for judges, the retirement age for Supreme Court judges is 65 years, and for High Court judges, it is 62 years.
Now that you have a basic idea of the retirement age, let’s talk about some Retirement Plans which you can opt for to have a relaxed retirement period.
Pension Plans are a great way to build your retirement savings by making regular contributions over time. You can then use that money to receive a steady income during your retirement.
If you're looking for insurance and investment benefits in one product, you may want to consider Unit Linked Insurance Plans (ULIPs). They offer a variety of fund options to fit your investment strategy.
Annuity Plans are a guaranteed way to receive regular income during retirement, either for a specified period or for the rest of your life. Deferred Annuity Plans allow you to save up during your working years and buy an annuity later. Immediate Annuity Plans give you immediate income in exchange for a lump sum payment.
Have you heard about the National Pension System (NPS)? It's a retirement plan started by the government that lets you save for your post-retirement days and invest in a variety of choices like equity, debt, and government securities.
Just a quick thing to keep in mind - retirement age is not the same thing as eligibility for retirement benefits like pension or gratuity. Plus, eligibility criteria for those benefits can differ depending on your industry or type of plan.
When you're looking into Retirement Plans, it's important to think about your own financial goals, how much risk you're comfortable with, and your investment preferences. Comparing things like premiums, sum assured, policy terms, and charges can help you figure out which plan is right for you.
Overall, Retirement Plans can be super helpful in securing your financial future and taking care of your retirement needs. But just make sure you do plenty of research and maybe talk to a professional before you invest in any plan.
