Retirement Planning

Save 2 Live Always With You

TYPES OF RETIREMENT PLAN:

On the basis of paying or getting pension, pension plans can be classified in two categories - 1.Immediate Annuity and 2.Deferred Annuity.

In immediate annuity, payout i.e. annuity starts immediately. An immediate annuity starts on the basis of receipt of one-time deposit from the annuity holder. Immediate annuities normally appeals to those people who wish to draw income immediately from the lump sum amount that they have in their hand. This lump sum amount they may have received by way of retirement benefits. An immediate annuity offers Security, Flexibility and Stability.
In a deferred annuity plan the annuity payment starts after period of deferment. The principal amount is invested and allowed to grow tax-deferred over a specified time period. This type of annuity appeals to those people who want a tax-deferred investment so that they can save for retirement.

A deferred annuity has two stages called Accumulation Stage and Annuity Disbursement Stage. The accumulation stage is the period of time where the policy holder invests money into the annuity plan. The objective of the accumulation period is to accumulate a pool of money from which the policy holder will later draw regular payments. The plan also provides a risk cover during the deferment period. The main feature of the plan being the pension can commence at any stage of life.

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