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Retirements are expensive. It’s has been estimated that one would need about 70 percent of your pre-retirement income in the case of lower earners and 90 percent or more in the case of the elite society, to maintain the standards of living when you stop working.

Identify your retirement needs.
By taking charge of your financial future, you can start by requesting a savings plan, which will guide your monetary prospects.

Learn about your employer's pension plan.
Check for any retirements plans offered by your employer and its benefits. Employers usually provide with an individual benefit statement if you request for one. Also check to see if you are entitled to benefits from your spouse’s plan.

Add to a tax-sheltered savings plan.
If your employer offers a tax-sheltered savings plan, sign up and contribute. The benefits of this is that your taxes will be lowered and make automation deductions easy.

Request your employer to start a plan.
If your employer doesn’t have a retirement plan suggest starting one, that’s having simple yet effective.

Channel money into an Individual Retirement Account.
When you open an Individual Retirement Account have a clear knowledge about the inflation rates which depend on the tax treatments regarding your deposits and withdrawals.

Don't Touch Your Savings
Take care to never dip into your retirement savings. You’ll lose principal and interest, and may also lose tax benefits. If you change jobs, roll over your savings directly into an IRA or your new employer’s retirement plan.

Start early, set Goals, and Stick To Them
Start early. The sooner you start saving, the more time your money has to grow. Put time on your side. Make retirement savings a high priority. Devise a plan, stick to it, and set goals for yourself. Remember, it’s never too early or too late to start saving. So start now, whatever your age!

Consider Basic Investment Principles
How you save can be as important as how much you save. Inflation and the type of investments you make play important roles in how much you’ll have saved at retirement. Know how your pension or savings plan is invested. Financial security and knowledge go hand in hand.

Ask Questions
These tips point you in the right direction. But you’ll need more information. Talk to your employer, your bank, your union, or a financial advisor. Ask questions and make sure the answers make sense to you. Get practical advice and act now. Financial security doesn’t just happen. It takes planning and commitment and, yes, money.


Are you utilizing your banks services to the fullest. You might want to consider doing that. In a bid to grab every opportunity available in the financial sector banks are offering customers with several services.

• You can open a depository account with your savings bank and hold all your demat shares in it

• Banks offer on-line payment for utility services such as electricity and telephone.

• Credit cards, debit cards and ATM cards of course

• Even insurance is being offered by Banks

• Home and personal loans.

Visit your bank’s website today to find out what more you can do other than just maintaining a savings or a fixed deposit account.


A recurring deposit, which allows you to make monthly deposits as against a one-time deposit, promotes the habit of regular savings. What’s more the interest earned is higher than in a savings account, and withdrawals are usually not permitted. That’s good in the long term, as your money can grow substantially over a period of time. You can also get loans against the accumulated amount.


A bank’s unfixed deposit is a combination of a term deposit (which is not liquid, but which yields more interest) and a demand deposit (very liquid but offers only a 5% interest). So should you need money urgently, you can break the deposit and receive up to a specified amount without incurring any extra cost. Such a deposit is clearly more attractive than say an NBFC deposit, which cannot be withdrawn within three months; it can be withdrawn in six months but no interest is payable.


Under this scheme investors can deposit their gold in certain banks, in either bullion or jewelry form. The banks will then appraise the purity of the gold. The advantages of this scheme: one, you can earn an income on the gold you deposit with the bank. Experts say that annual returns can work out to 13%. Two, via this scheme investors can check the purity of the gold they’re buying. You would then know whether the “22 carat gold” you bought is actually 22 carats!
One can use idle gold to earn returns. Instead of stacking gold jewelry in a locker as an idle asset, one can deposit it and earn interest on the same. Banks like State Bank Of India give certificates against gold deposits and one can earn interest up to 4 per cent per annum against such deposits. The deposit can be retrieved either in the form of gold or money.
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