Retirement is the time when you would like to spend your days doing what you love — travel, live in a farm house, start a poultry farm, restaurant etc. However, we also come across many people who are not very comfortable about retirement; they get worried on thinking that their regular income will then become irregular. Everyone has to retire at some point from their working lives. Everyone has plans on how they will live their lives to the fullest then! We all know of inflation and how it affects our expenses with each passing year. Every great retirement dream has a cost attached to it; you know there won't be regular income and expenses will continue to rise. Hence, it becomes imperative that we start saving systematically to enjoy our retired life to the fullest. A good retire¬ment plan can help you live an independent life even when you retire. One of the best ways to plan your retirement is to invest in pension plans provided by life insurance companies. During an individual’s working life it is possible to buy a retirement insurance plan, also known as a pension plan, to which small amounts can be contributed on a monthly/yearly basis. In this way, a lump sum can be accumulated by the time the individual reaches retirement age, which will provide a monthly income throughout retirement.
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