27 January 2023

Why Retirement Planning

Why Retirement Planning

Why Retirement Planning

A person buys things of material comforts very easily. But he keeps procrastinating just as much for saving. This negligence of savings creates a big problem for the person in adverse environment. Still the person gets ready to save money in banks. But when it comes to buying a life insurance policy, then he backs off even more.

A person wholeheartedly fulfills the needs of the children in his life. He also fulfills the needs of the wife and other needs of the family. But when it comes time to save for old age, he sees other needs.

Old age is a great challenge for a man, if a man lacks money in his old age. So his future becomes very painful. So in this article on Jeevan Bima Bazaar, we will understand some important points of Retirement Planning.

What is Retirement Life-

I am presenting information about what is Retirement Life through an imaginary incident. I am sure that you will definitely feel this imaginary incident around you.

Mrityunjay was working in a company for a long time. Now the time of his Retirement was near. Mrityunjay had a total of four children. The first child whose name was Raghav. The second daughter whose name was Reena. Third and fourth children whose names were Surendra and Anuj.

Mrityunjay got all the four children married during his tenure. The elder son Raghav was fulfilling the needs of his wife and two children from his grocery shop. Daughter Reena was happy in her in-laws house. The third son Surendra was working in Railways and he was also happy with his wife and children. Fourth son Anuj was still looking for employment. Mrityunjay himself was fulfilling the needs of the fourth son.

Today was Mrityunjay's last day for his job. That's why the office people organized a small farewell ceremony. After the completion of the ceremony, the senior officer of the company put a beautiful shawl on the shoulders of Mrityunjay and gave a check of ₹ 25 lakhs.

Everyone was very happy. Mrityunjay was also very happy for his Retirement Life. It was also going on in his heart that his old age would pass well with three children. After a few speeches, the ceremony ended and Mrityunjay came out. Today all the three children went to receive their father with a four wheeler. The father returned home with the three children sitting in the car.

Now the fun life of Mrityunjay has started. Whatever decision has to be taken in the house, its opinion was first taken from the father. Home-made tea or breakfast was first given to the father. Meaning, Mrityunjay's Retirement was going better than what he had thought.

Few months passed like this. Now a time came when Raghav had to get his daughter's admission in engineering college. For which a fee of five lakh rupees had to be deposited. Raghav and his wife started talking among themselves for the admission of their daughter. But he could not see any way.

Raghav's wife asked her husband to talk to his father for the admission fee. Raghav also liked this suggestion. He decided that the next morning he would talk to his father about this.

Second day in the morning when father was drinking tea. At the same time, Raghav asked his father about the admission of his daughter.

Raghav- Father, your granddaughter has qualified the engineering exam. Now he has to get admission. Five lakh rupees is required for admission. Father, if you help with five lakh rupees for the admission of the girl child. So his education should be complete.

Mrityunjay- "My son, whatever money i have. It's all for you guys. Don't worry about the admission fees. I will give the fee money."

Raghav- "Papa, you will not worry at all. Slowly I will return all this money to you."

Mrityunjay- "My son, this is all yours. Will I take this money from this earth after I die? Don't worry about money, get your daughter admitted."

All the brides of the house were listening carefully to this conversation between the elder son and the father. The younger daughter-in-law was troubled by the unemployment of her husband Anuj. So she suggested to her husband that he should also demand money from his father and start some employment.

The same thing happened the next day, Anuj demanded Rs 10 lakh from his father to start his business. Father accepted this demand of his son as well. It was decided to open Anuj's clothes shop near elder brother Raghav's shop.

Now the middle daughter-in-law did not like all the things. She started thinking that father has three children. So all three children have equal rights on father's money. It was this thought that caused discord in the house.

The first effect of this was that the morning tea which father used to get first. Now the daughter-in-law started seeing each other. At the time of meal, a thought arose whether the elder daughter-in-law would give food or the younger one. Mrityunjay had never imagined such an old age even in his dreams.

To remove the discord in the house, Mrityunjay ji divided his remaining money into three parts and gave it to the three children. Now Mrityunjay and his wife became dependent on the children for all their needs. After this, once again the phase of responsibilities started in the house.

Children have to leave school or have to bring goods from the market. All such work fell upon the elderly couple. Today Mrityunjay ji could understand how fast time changes.

One day in the morning elderly couple were walking. At the same time Mrityunjay's foot slipped and he fell on his head. Some pebbles lying on the road hit his head. Due to which a lot of blood started coming out of his head and he fainted.

Some good people nearby took Mrityunjay to the hospital. Doctors started first aid. After a few hours of treatment, the doctor suggested for operation.

The doctor said- "The injury is in such a way that some pebbles have gone in the head. An operation will have to be done to remove it. But the chances of success of the operation are 50-50 percent. If the operation is not done, then It's hard to survive."

Mother did not have a single rupee in her hand. She was looking forward to her children. After waiting for a few hours, the elder son reaches the hospital. Seeing her elder son, the mother starts crying bitterly and tells all the things told by the doctor. The son goes to the doctor to know the cost of the operation.

The cost of the operation is said by the hospital staff to be five lakh rupees. The hospital staff also tell that it is very important to do the operation within the next 72 hours. Otherwise it will be very difficult to save life.

The elder son consoles the mother and returns home to arrange the money. Now all the three children start meeting at home. Discussions started for whether to get the operation done or not. While the chances of survival are 50-50. So would it be right to get the old man operated. In this era of inflation, where will the expenditure of five lakh rupees come from?

In the end, both the young children declare themselves incapable of managing the money and go to their work, calling the operation a fool's errand. Well, the elder son withdraws four lakh rupees from his bank account and reaches the hospital by borrowing one lakh rupees from friends.

He speaks after giving five lakh rupees to his mother. Mother, I had kept this four lakh rupees for my daughter's marriage and have come here with a loan of one lakh rupees. Get my father treated with this money.

Some Questions to think about-

  • Should the mother take that money for treatment or not? If it should be taken then why and if it should not be taken then why?

  • Will that father be ready to use this money for his treatment or not?

  • If the father had his own money, would he give as much thought or take a quick decision to get his treatment done?

  • Was it a fair decision to divide the money among the children or not?

  • Is it better to have a large sum of money in your old age or a small sum of money that you get every month?

Decide for Retirement Planning -

I know that each person is responsible for his own life. So I think you can understand your needs better than anyone else.

But being a life insurance consultant and looking at the social conditions, I would definitely like to tell you that you should take immediate decision for your old age as much as possible considering your current circumstances and and start saving something for your old age.

Life Insurance Corporation of India plans can be a better option for you. You should call a good LIC's Agent in your area and understand the best plans for retirement planning.

A life insurance policy for yourself that provides insurance cover and can take care of your and your spouse's needs at your retirement. Should buy such a plan.

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