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4/27/2015 EightsmartmoneymovesthatcanensureacomfortableretirementTheEconomicTimes

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Youworkedhard,savedregularlyandinvestedintelligentlytobuildasizeablenestegg.Sowhenyoufinallyretire,onewouldthinkitistimetorelaxandenjoythefruitsofyourlabour.Butdon'ttakeyourfootoffthepedaljustyet.Youstillneedtodoonecrucialtask:deployyourretirementcorpusinawayitcansustainyourexpensesfortherestofyourlife.

At60,theaverageIndiancanexpecttoliveupto78.Inurbanareas,theaveragelifespanisevenlonger.Bythetimeoneis70,theaveragelifeexpectancygoesupto82years.Thisalsomeansretireeshavetoplantheirfinancesinawaythattheydon'trunoutofmoneyintheiroldage.Theproblemisthattheirincomeiscompletelydependentonthereturnsgeneratedbytheirinvestments.Atthesametime,theyhavetobereadyforcontingenciesandavoidtakingundueriskswiththeirmoney.Thisweek'scoverstoryfocusesonsmartstrategiesthatcanensureacomfortableretirement.Theseeightstepscanhelparetireeliveouthisgoldenyearsinfinancialbliss.

HAVEWITHDRAWALPLAN

Forretirees,especiallythosewhoarenotlivingwiththeirchildren,themostimportantneedisaregularsourceofincometosustaintheirlivingexpenses.Thisisnotassimpleasitmaysound,because,thankstoinflation,thecostoflivingkeepsrising.IfaretireeneedsRs40,000amonthforhislivingexpensesin2015,evenanominalinflationof6%willpushthisfigureuptoRs42,400amonthifhewantstomaintainthesamelifestylein2016.

Toensurethatyoudon'trunoutofmoneyinoldage,youmustfigureouthowmuchyoushouldwithdrawfromyourretirementcorpus.Ifyourretirementcorpusisearningareturnof8%,thenitcansustaininflationadjustedwithdrawalsof6%ayear(orRs500amonthperRs1lakh)for21yearsandfourmonths(seetable).Butahigherwithdrawalof7%ayearwilldepletethecorpusinlessthan18years.Ifyouarewithdrawing9%everyyear,thecorpuswillbewipedoutinlessthan14years.Herewehaveassumedasuperconservativeinflationrateof6%,thoughsomemajorexpensessuchashealthcarearerisingatamuchfasterclip.

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ET PANACHE

Higherwithdrawalscanbesustainedifyouallocatesomeportionofthecorpustoequitiestoearnahigherreturn.Evena1015%allocationtoequitiescanpushuptheoverallreturnoftheportfolioby100150basispoints.TheMIPfundsfrommutualfundhouses,whichinvestonly1020%inequitieshavegivenaveragereturnsof9.4%inthepast10years.ThebestperformingMIPfundhasgiven13.5%.Inthetable,wehaveassumed9.5%returnsforsuchanallocation.

CHOOSEMIXOFOPTIONS

Manyretireeshavesourcesofregularincome.Theyearnpensionfromtheiremployer,receiveannuityincomeorearnrentfromproperty.Ifyouhavenoneofthese,youwillhavetostructureyourinvestmentsinawaytogiveyouregularincome.TheSeniorCitizen'sSavingSchemeisagoodoptionforthoselookingforregularincome.Theschemeoffers9.3%assuredreturnsandinvestmentsareeligiblefortaxdeductionunderSection80C.Thereareonlytwoglitches:theincomeisfullytaxableandthereisaninvestmentlimitofRs15lakhperindividual.

Youcangetregularincomefromyourbankdepositsaswell.UnliketheSeniorCitizen'sSavingScheme,thereisnolimitoninvestmentsinbankdeposits.Depositrateshavecomedowninrecentmonthsbutstillremainattractive.Youcanconsiderinvestinginlongtermfixeddepositson710years.TheRBIhasalsoallowedbankstoofferdifferentialratesforlongtermdepositsofoverRs15lakh(seebox).



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MOREFROMETPANACHE Buttheincomefromfixeddepositsisfullytaxableatthemarginaltaxrateapplicabletotheinvestor.ThoseearningmorethanRs25,000amonth(Rs3lakhayear)willhavetopaytax.Ifyouareinthehightaxbracket,youcangofordebtfundstoavoidthe30%taxonyourretirementincome.Theincomefromdebtfundinvestmentsistreatedascapitalgains.Ifyouwithdrawbeforethreeyears,theshorttermcapitalgainsgetthesametreatmentasinterestincome.Butafterthreeyears,theyaretreatedaslongtermcapitalgainsandtaxedat20%afterindexation.Indexationtakesintoaccounttheinflationduringtheholdingperiodandreducesthetaxaccordingly.Itcansometimesreducethetaxtoalmostnil.

Investtheamountinashorttermdebtfundandstartasystematicwithdrawalplan(SWP).AnSWPistheoppositeofanSIPandgivesamonthlyincometotheinvestor.Mutualfundsalsoallowinvestorstheflexibilitytoincreasetheirwithdrawalsinlinewiththeriseinthecostofliving.YoucanaltertheSWPamounttosuityourneeds.

DON'TSHYFROMEQUITIES

Itiswidelybelievedthatoneshouldgraduallyreducetheexposuretohighriskequityinvestmentsasoneapproachesretirement.

Thismakessensebecauseyourwealthisprotectedfromvolatilitythatisinherenttoequities.Butthisshouldnotmeanthatyoucompletelyavoidequitiesandputallyoureggsinthefixedincomebasket.Fixeddepositsmayappearasafeoptionbuttheywon'tbeabletopreventtheerodingeffectofinflationonyoursavings."Yourmoneyneedstogrowatafasterclipthantheinflationratetosustainyourlifestyleforseveralyears.Thiscan'tbedonebyparkingtheentireretirementsavingsinlowyieldfixeddeposits,"saysHemantRustagi,CEO,WiseinvestAdvisors.

Here'showinflationcanhurtretirees.IfyouspendRs40,000amonthonhouseholdexpensestoday,even6%inflationwillpushthatuptoRs72,000amonthby2025.By2030,youwillneedRs96,000everymonth.By2035,itwouldbeRs1.28lakhamonth.

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Stocksaretheonlyassetclassthathasthepotentialtobeatinflationonasustainedbasis.Youneedtoharnessthispowerevenafteryouhaveretired."Buildingyourcorpusneednotendatretirementasyoustillhaveanother2025yearstolive,"saysVidyaBala,HeadofResearch,Fundsindia.Expertssayaretireemusthaveatleast10%andatmost20%ofhisretirementcorpusinstocks.

Ofcourse,thisexposuretoequitiesshouldnotbedonedirectlyinstocksbutthroughmutualfunds.Mutualfundsdiversifytheriskbyinvestingacrossabasketofstocks.MumbaibasedRajendraUpadhyay(seepicture)hassomeRs10lakhinstocks.Ouradvicetohimistoreducetheriskofholdingindividualsharesbyshiftingthismoneyintoadiversifiedequityscheme.Balancedschemesthatinvestinamixofdebtandequitiesandlargecapdiversifiedequityfundsarethebestbetsforretireesbecausetheyarelessvolatileandofferrelativelystablereturns.Avoidsmallcap,midcapandsectoralfundseventhoughthesecategorieshavechurnedoutspectacularreturnsinthepast12years.

Ifyouhavenostocksexposureandplantoinvestsomepartofyourretirementbenefitsinequityfunds,don'tinvestlumpsum.Instead,puttheamountinadebtfundandstartasystematictransferplan(STP)intothechosenequityfundofthesamefundhouse.UnderaSTP,afixedamountisshiftedfromthedebtfundtotheequityschemeeverymonth.Thiswayyoubenefitfromrupeecostaveraging.

HEALTHCOVERISCRITICAL

Asmentionedearlier,healthcareexpensesformabulkofthetotalcostinretirement.Anageingbodyrequiresfrequentmedicalattention,implyingarisingmedicalbill.HealthcareinflationinIndiaisgallopingat1520%andmedicalexpensescanwipeoutyoursavingsinnotime.Sinceyouarenolongeremployedandwon'thavegrouphealthcovertofallbackon,healthinsuranceiscriticalforyouandyourspouse.Althoughbuyingafreshcoveratthisagewon'tbecheap(seegraphic),itisabsolutelynecessarytobuyone.Inanemergency,goodandtimelymedicalcarecansometimesmeanthedifferencebetweenlifeanddeath."Thepremiumwilldependonyourhealthcondition.Preexistingillnesseswilldriveupthepremiumandwillbecoveredonlyafteramoratoriumperiod.Youmaynotevengetacoverincaseofsevereailments,"saysSureshSadagopan,Founder,Ladder7FinancialServices.

Ifyoualreadyhaveahealthcover,butforaloweramount,askyourinsurerforatopuptotheexistingcover.Thisaddoncovercomesintoplayonlyafteracertainthresholdlimit,alsoknownasdeductible,isreached.SupposeyouhaveabasichealthpolicyofRs3lakh.YoucanoptforatopupcoverofRs5lakhwithadeductible,orthreshold,ofRs3lakh.Inthiscase,ifyourhospitalbillcomestosay,Rs6lakh,thebasepolicywillcovermedicalexpensesuptoRs3lakhandthetopupplanwillkickinthereafter.Thistopupextracoverisfarcheaperthanafullfledgedpolicy.



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AVOIDBUYINGANNUITIES

Onewaytoensurelifelongincomeistoinvestinanannuity.Whilethisdoesawaywiththeriskofrunningoutofmoney(thepensionisgivenouttilldeath),theannuityisnotagreatoption.Thereturnsofferedbytheseplansaredismal,tosaytheleast."Atatimewhenbanksareoffering9.5%onfixeddepositstoseniorcitizens,annuitiesofferlessthan8%.Theseproductsarealsohighlytaxinefficient,"warnsNeerajChauhan,CEO,FinancialMall.Worse,theincomefromanannuityisfullytaxable.Sotheposttaxmoneyyouinvestinanannuityplanisgivenbacktoyouasfullytaxableincome.

Besides,annuityinvestorshavetoconsidertheimpactofthe3.09%servicetax.IfyouinvestRs10lakhinanannuity,Rs30,900flowsoutasservicetaxstraightaway.Therefore,itisbesttostayawayfromannuities,andoptinsteadforthemoretaxefficienttaxfreebondsandothermorelucrativeoptionssuchasbankfixeddepositsortheSeniorCitizens'SavingsSchemeforregularincome.However,investorswhohavealreadypurchasedapensionplanortheNewPensionSystemwillhavenooptionbuttobuyanannuity.

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PAYOFFYOURDEBTS

Itisbestnottocarryloanswhenyouhaveretired.Ifyouhaveoutstandingloansthatchargeyoumorethanwhatyourinvestmentsareearning,youwillbebetteroffifyouprepaythem.Thequickeryouclearyourdebts,theloweristheinterestoutgo.Also,avoidtakingfreshloansatthisstage.Itmayseemtempting,butresisttheurgetoinvestinrealestateatthisstage,unlessyouwanttoshifttoasmalleraccommodationinthesuburbs."It'sagoodideatoshifttoamoremanageablehouseunlessyouwanttobequeathyourpropertytoyourheirs,"saysBala.

UNLOCKVALUEOFHOUSE

Ifyoudonothavealargecorpusthatcanmeetyourneeds,considerunlockingthevalueofyourhousebyoptingforreversemortgage."Intheabsenceofsufficientretirementsavings,areversemortgageloanallowsyoutoharnesstheequityofyourexistinghouseasanalternativeretirementcorpus,"saysRustagi.Underreversemortgage,theownerreceivesaregularstreamofincomefromalenderagainstthemortgageofhishome.

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MorefromTheEconomicTimesDonottreatmoneyasacommoditythatshouldbeaccumulatedforfuture20Apr2015

Witheveryloaninstalment,thebankincreasesitsownershipofthehouse.Afterthedeathofthelastsurvivingowner,thelegalheirshavetheoptiontoeitherrepaytheloanorallowthebanktosellthehouseandgivethemthedifference.Buttherearesomeconditionstobemet.Theschemeisopenonlytoseniorcitizens,monthlypaymentscannotexceedRs50,000andthepropertymustbeselfacquired,notinheritedorgifted.

MAKEAWILL

Whileyoudoallthis,don'tforgetyourestateplanning.Formany,thetaskofwritingawillisbestleftforthelateryears,somethingtheycandoafterretirement.Well,nowthatyouhavereachedthedestination,thereisnoreasontoputitofffurther.Awillisnotsomethingthatonlythesuperrichneedtowrite.

Ifyoudon'ttakethenecessarystepsbeforehand,yourlovedoneswillhavetodoalotofrunningaroundtoprovethattheyareyourlegalheirs.Theassetsthatyouhavebuiltoveryourlifetimewillamounttonothingifyourheirscannotaccessthemeasilyintheeventofyourdemise.Ifyouwanttomakesurethatyourdaughterinheritsyourproperty,putitdowninwritinginyourwill.

Whenmakingawill,doalsomentionanexecutorwhowillensurethatyourdirectionsarecarriedout.

Also,eventhoughitisnotcompulsorytoregisterthewill,itisadvisabletodoso.Youcanchangeyourwillasmanytimesasyouwant.Soincaseyouhaveachangeofheartaboutsomeaspectofthewillafewyearslater,youcanalwaysalterthedocument.Onceyoumakeafreshwill,theoldoneautomaticallystandsrevoked,unlessthenewwillisnotproperlyexecuted.

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writingawillisnecessarybutseldomhonoredbyanyagencyincludinggovt.bodiesunlessalongandtediousprocessiscompleted

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butwhatwillthepoormiddleclasspeopledo?Theyareunabletosavemoneyincurrentconditions.


Toensurethatyoudon'trunoutofmoneyinoldage,youmustfigureouthowmuchyoushouldwithdrawfromyourretirementcorpus.


verygoodinformationforthosewhowillnotgetpensions.Theycanmaketheirownplanbythis.


Goodsuggesyionsforretirees. Agree(1)Disagree(0)Recommend(1)Offensive

Nicearticle..Govtshouldplantohavethemedicalfacilitiesfreeforseniorcitizens..!! Agree(1)Disagree(0)Recommend(0)Offensive

Nicearticle..Govtshouldplantohavethemedicalfacilitiesfreeforseniorcitizens..!! Agree(0)Disagree(0)

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Averygoodandusefularticleforallwhoworkforsalary.Theinformationprovidedmustbeconsideredpriortoretirement.Ifwewouldplantproperlytherecanbenotwoopinionthatwewouldleaveapeacefulretiredlike


reversemortgageisthebest....thinkabtyourwellbeingfirstthenyrkidsorheirs......... Agree(0)Disagree(0)Recommend(0)Offensive

Itisforworkingprofessionalswhataboutforcommonman? Agree(0)Disagree(0)Recommend(0)Offensive

Nicearticle..Govtshouldplantohavethemedicalfacilitiesfreeforseniorcitizens..!! Agree(2)Disagree(0)Recommend(2)Offensive

HEalthproblemsisbiggestafter60 Agree(1)Disagree(0)Recommend(0)Offensive

Yes,Govtshouldplantohavethemedicalservicesfreeforseniorcitizens..!!


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