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Life after retirement can be quite insecure for the obvious reasons. You no longer have access to regular income to meet your financial needs and there could be serious issues if you don’t arrange for any funds before you retire. Here comes the retirement fund into the picture. As a smart individual, you are expected to create a separate fund which would take care of you after you have retired. There are different options available to you when it comes to creating a retirement fund. These days, the banks and other financial institutions have very attractive schemes which you can avail.

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Excuses for not creating a Retirement Fund

You are never short of excuses! Have you created a retirement fund yet? No you haven’t! And why have you not created one? Here are some of the most common excuses which people have

  • They think that retirement is far away
  • They invariably say that they don’t have any sufficient money to invest into a separate fund
  • Some say that they don’t have enough time to take care of these issues
  • Some would put forward the complex nature of the entire procedure as an excuse.
  • There are many, you haven’t yet given it a thought!

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Why do you need a Retirement Fund?

Let’s put it in simple terms. You need retirement fund to take care of your financial needs during the post retirement period. You don’t have to be a genius to figure out that after you have retired, you won’t have a regular flow of income and given the present economic situation, it can be very difficult to sustain without a continuous and substantial flow of income. This is where retirement funds come into the picture.

Here are some reasons as to why you should go for one immediately

  • Guaranteed Payment: If you create a retirement fund, then you can receive guaranteed payment on a weekly or monthly basis. There are different schemes available which you can opt for in order to determine the amount you will be receiving as pension
  • Stress Free Life: After you have retired, you would want to lead a stress free life which is devoid of any tension, especially in terms of meeting the financial requirements. With the help of a retirement fund you can make sure that all your financial needs are being taken care of and you can lead a comfortable life which is self funded and is not dependent on others

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  • Tax Deduction: In most of the countries, when it comes to the retirement funds, which are also known as pension funds, they are tax free. This means that you don’t have to share a part of your income with the government and can have full access to the money.
  • Other facilities: These days, the banks and other financial institutions which offer retirement funds has other facilities like life insurance, health insurance and others to offer along with it

Never mind how far away you are from your retirement date, it is absolutely essential to create a fund to make sure that you lead a comfortable life post retirement

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