Tag: retirement

Choosing the right annuity plan for post-retirement life

Personal Finance

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We spend about 30 years plus of our life working to make a living. With increase in life spans, planning for retirement has become even more important. Most of us will enjoy two decades plus of retired life. Thus, retirement planning is essential for everyone irrespective of their income or lifestyle.

Annuity plans are an important part of retirement planning. In simple words, an annuity plan provides a regular and guaranteed income, or ‘salary’ in the retirement years. Annuity is treated as income for tax purposes and is taxed as such. The annuity paid is dependent on the lump sum investment that you make to the insurance company when buying the plan. Insurers invest this money into various financial instruments and the returns generated are used to pay the annuity. An annuity is usually purchased by people above the age of 55.

Here are a few key factors that you should consider when purchasing one.

Identify the amount you want every month

The first step is to identify how much lump sum investment you can make or how much pay-out you need. An easy-to-use calculator on insurers’ website will allow you to determine the lump sum amount based on the pay-out you wish to receive, or vice versa. Insurers also allow you to choose the periodicity – ranging from monthly, quarterly, half-yearly to yearly.

Choose the right category

There are primarily two types of annuity products. One is the ‘Immediate Annuity Plan’, wherein the pay-outs begin as soon as the lump sum amount is invested. This is suitable for a person buying the plan very close to retirement. The second is ‘Deferred Annuity’, wherein the pay-outs begin after a certain date. This option is suitable for a person who is buying a policy before retirement age and would need the pay-out only after a few years.

Find the right plan

You need to choose between Policy with Return of Purchase Price (ROP) or Policy Without ROP. For the former, the principal amount invested is returned to the legal heirs on death of the policyholder. This allows you to leave a lump sum amount for your nominee on your demise. For policy without ROP, the principal amount invested is not passed on to legal heirs, but the annuity amount paid each month is much higher as compared to first option. This is a good option to pass on the risk of living too long to the insurer. For an investment of ₹10 lakh today, a 60-year-old person in policy with ROP will get around ₹4,500 per month. For the same investment in a policy without ROP, he / she will get around ₹6,000 per month.

Expand coverage to include life of spouse

One also needs to choose prudently on whether the annuity is for a single life or joint life. In a case of single life policy, the annuity is paid till the death of the policyholder. But in case of a joint life policy, the annuity is paid till the death of last survivor among self and spouse. The annuity payout for joint life is lower than for single life. Hence you need to weigh your option judiciously.

To sum up, annuity provides steady income throughout your life. In the end, choose a plan that will help you play your second innings even better than the first.

The writer is President-Business Strategy, SBI Life Insurance

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Axis Bank inks pact with Army Insurance Group for retail mortgage loans

Banking & Finance

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Axis Bank on Wednesday signed an MoU with the Army Insurance Group (AGI) to offer retail mortgage loans to the Indian Army.

“The bank will offer best-in-class products and services to defence personnel to cater to their home loan requirements,” it said in a statement.

Through this partnership, it will exclusively offer higher loan amounts as well as the facility to transfer the balance of their loans from AGI to Axis Bank.

“As all Army personnel are entitled to draw pension, the borrowers can also extend the repayment period beyond their retirement, thus enabling them to borrow higher loans,” it further said.

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How a youngster can build a balanced portfolio for life needs

Personal Finance

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Arun is 27 years old. He started working about four years back.

His parents do well financially and are not dependent on him. Both are in government sector and have pensionable jobs.

He wants to contribute ₹5 lakh towards his sister’s wedding that is scheduled after six months. Additionally, he wants to set aside ₹5 lakh for own wedding that he expects to happen in the next 3-5 years. Any excess can go towards retirement.

Arun has bought life cover for ₹1 crore and a private health insurance plan of ₹10 lakh. His parents and sister are covered under separate plans.

His only savings are ₹8 lakh in EPF and ₹15 lakhs in bank fixed deposits. Of this, he has set aside ₹10 lakh towards emergency corpus. This can cover 12-15 months of his expenses.

Further, every month, ₹20,000 goes towards EPF. He can invest another ₹80,000 per month.

He knows he can invest aggressively given his age and income profile, but he is not clear about whether he will be comfortable with portfolio ups and downs.

Recommendations

Arun has got his insurance covered. He must, however, revisit the insurance portfolio once he gets married or assumes a financial liability such as loan. The emergency fund of ₹10 lakhs is robust too.

For his sister’s wedding, he can set aside ₹5 lakh from his fixed deposits. The wedding is too soon to take any investment risk.

For his wedding, he has just given a ballpark. Additionally, the timing is also not very certain. Assuming we have four years to save for his wedding, he will need to invest about ₹11,500 per month to accumulate his wedding fund. He can put this money in a bank recurring deposit or a debt mutual fund.

The rest of the amount (around ₹68,000) can go towards his long-term goals, including retirement. He is already contributing to EPF. Given his age, he must consider allocating money to growth assets such as equities.

At this life stage, it is important not to get bogged down with retirement planning calculations. Many life milestones are yet to come, and the best earning years are ahead of him. His time and energy are better spent on enhancing career and income prospects. From an investment perspective, he just needs to continue investing regularly.

He is new to risky investments and is unsure about his risk appetite. There are a few things that you can learn only through experience. Risk appetite is one such thing. While his age ensures this risk-taking ability is high,behavioural DNA defines his risk appetite otherwise. He wouldn’t know his true risk appetite unless he experiences market ups and downs first-hand.

Two approaches

There are two approaches he can take.

1. Not take any risk. Stick with EPF, PPF and bank fixed deposits. Given his age, such a conservative portfolio is not warranted. Moreover, he would never discover his risk appetite.

2. Take risk but reduce portfolio volatility. This is a better approach.

He can work with an asset allocation approach. From the incremental investments, he can route 50 per cent of the money towards equity and the remaining towards fixed income. He can start with a small allocation and inch up to 50-60 per cent in the equity investments.

After saving for his marriage expenses he can invest another ₹88,500 for long-term savings, out of which ₹20,000 already goes towards EPF. Assuming he wants to go with 50:50 allocation, ₹44,000 from his monthly savings can be in equity products.

For equity investments, he can

1. Start with a large-cap or a multi-cap fund. A simple large-cap index fund will do. Or

2. Pick a dynamic asset allocation fund or a balanced advantage fund. Or

3. Pick a single asset allocation fund that invests in domestic stocks, international stocks, and gold. Or

4. Pick a large-cap index fund, an international stock fund and a gold ETF/mutual funds. This replicates the third approach but is cumbersome to invest for a new investor.

The first approach is simple since picking up an index fund is an easy decision. For the second and third approach, he will have to pick up an actively managed fund and choosing one can be tricky. However, the second and third approaches are likely to be less volatile and easy to stick with. This is just the initial choice. As he gets more comfortable with equity investments, he can add different types of funds in the portfolio.

In the fixed income portfolio, he is already contributing to EPF. He can also invest in PPF. Beyond these two products, he can consider bank fixed deposits or a good credit quality and low duration debt mutual fund. For his income profile, debt MFs will be more tax efficient than bank FDs. However, debt funds carry higher risk than bank FDs.

The writer is a SEBI-registered investment advisor and founder of www.PersonalFinancePlan.in

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How a retired professional can provide for his family and also give back to society

Personal Finance

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Chandrasekar (65) retired three years back. He wanted to review his financial position because of his changed needs and new priorities. He was also considering transfer of wealth to the next generation.

He and his wife Rama (61) live in Chennai. As a finance professional, he has good understanding of various products and the risks associated with such products. As with many of us, the Covid-19 pandemic has spurred him to be sensitive to unforeseen challenges.

His assets comprised financial assets and real estate. His total net worth was estimated to be ₹15 crore excluding self-occupied house in Chennai. He is physically active and reasonably healthy. His wife is ageing and is on regular medication for a long-term ailment.

Defined financial goals

Basis his changed priorities of increasing liquidity, seeking regular income and wishing to bequeath assets to his son and daughter, we helped him define his financial goals as below:

1. Set up a emergency fund to cover 12 months of living expenses in fixed deposits

2. A medical fund for a sum of ₹50 lakh with enough liquidity through staggered fixed deposits and liquid funds

3. Automate his charity needs with an endowment fund of ₹1 crore. Income earned from this endowment fund will be spent on the education needs of deserving students and families. This was made possible with a trust structure.

4. He was advised to use different structures to transfer his wealth over a period and prepare a will accordingly.

5. Towards ensuring a regular income from his assets for the family expenses, we advised him to segregate his expenses into 2-3 buckets. First one to cover his living costs, which also included support staff and emergency care expenses. He estimated the amount to be ₹75,000 per month. Second was to spend for his luxury needs (travel and appliance purchases), estimated at ₹5 lakh per annum. Third one would cover social needs such as meeting and gifting friends and family. He estimated this to be at ₹3 lakh.

He preferred a conservative approach for his own needs and requirements but wanted to allocate reasonable growth assets for his other needs such as charity, and transfer of wealth to children. . For self, he favoured fixed deposits and safe investment avenues though he might be paying higher taxes, with safety and liquidity being top criteria for choosing an investment avenue.

Review and recommendations

1. We advised Chandrasekar to reserve ₹9 lakh in FDs with auto renewal option in the bank closest to his residence, towards his Emergency Fund.

2. To create a medical fund of ₹25 lakh each for him and his wife, again in FDs in a staggered way.

3. His retirement living expenses were at ₹75,000 per month. Estimated inflation would be around 7 per cent and life expectancy for him and his wife was taken as 100. Post tax return from investment products was estimated at 6.5 per cent per annum. Though he was aware of the burden of taxes and the impact on returns, he wanted to ensure he had enough funds to manage his expenses in the safest possible way.

He was advised to reserve ₹3.84 crore and the basket of products were selected from Government Bonds to annuity plans. The product basket ensured that it required minimal management from him or his spouse.

4. To cover his living expenses fund, we advised him to retain approximately 50 per cent of the corpus to wealth fund for his needs. This was invested in a balanced portfolio with 50 per cent in index funds and 50 per cent in fixed income securities.

5. He wanted to withdraw ₹8 lakh every year for the next 20 years and the corpus needed for the same was ₹1.6 crore.

Any income received from this corpus could be used as per inflationary additions towards his needs or he had the option of transferring the excess to charity.

6. Charitable trust was created with identified beneficiaries and the charity automated with minimal human intervention.

7. Recommended a combination of will and private trust and other alternate options to transfer wealth to his children in case of any unfortunate event. Enough care has been taken to protect his wife’s interest in managing her lifestyle and expenses for her life time.

The pandemic has induced fear in senior citizens about handling money, health needs and wealth transfer.

This gentleman, with hands-on experience in various financial products, opened many doors with much clarity.

Here was one who went the extra mile to ensure personal stability, and well-being of those around him. Also, seeking the help of professionals adds value to what you want to accomplish.

The writer, founder of Chamomile Investment Consultants in Chennai, is an investment advisor registered with SEBI

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Planning for son’s education, own retirement

Personal Finance

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Nishant is 36 and works with an IT company in Pune. He has a 5-year-old son. Until now, he has focussed his energies on repaying the home loan, which he repaid completely 2 months back. Thus, he does not have many investments. In addition to this house, he has Rs ₹ 5 lakh in fixed deposits and ₹13 lakh in employees’ provident fund.

His net take-home monthly salary is ₹80,000. He can invest about ₹35,000 per month. Besides, his monthly contribution to EPF account, including employer contribution, is ₹11,500.

He wants to invest for his son’s higher education, for which he thinks he will need about ₹20 lakh (present cost) after 12 years. Besides, he wants to save for this retirement. He has not bought any insurance plan yet.

Buying insurance

Insurance is the first pillar of financial planning. In his case, getting insurance portfolio right is even more critical since he is the sole earning member in the family. There are three broad types of insurance plans that every earning member must buy: Life, Health and Accidental Disability Insurance.

While there are many ways to calculate life insurance cover requirement, a simple thumb rule is to buy a cover for 10-15 times the annual income. With his level of income, he can go for a life cover of ₹ 1.25-1.5 crore.

A term insurance plan is the best way to purchase a life insurance. This will cost him about ₹18,000-20,000 per annum. He can choose to pay annual premium in monthly installments too.

He has a health cover of ₹3 lakh from his employer. The coverage is clearly not sufficient for a family of three. He must buy a family floater health insurance plan of ₹10 lakh. That will cost him about ₹15,000 per annum.

He can buy accidental disability cover as a rider with a term plan or as a standalone plan. A rider with the term plan is cheaper because the scope of coverage is limited to total and permanent disability.

A standalone plan is more expensive, but it covers both partial and total permanent disability, temporary disability, and accidental death.

These insurance plans (life, health and accidental cover) will cost about ₹5,000 per month or Rs 60,000 per annum.

He has a fixed deposit of ₹5 lakh that can be considered towards medical and emergency fund.

Son’s education

For son’s education, he needs ₹20 lakh (present cost) in 12 years. At the inflation rate of 6 per cent per annum, the target nominal corpus will be ₹40 lakh in 12 years.

Assuming a return of 10 per cent on the portfolio over 12 years, he needs to invest ₹15,000 per month.

He can put this money into a hybrid fund or a multicap fund by way of SIP. He must gradually shift this money to debt as he moves closer to the goal.

For his retirement, he mentions that only 2/3rd of his current expenses will continue into retirement.

His current expense is ₹45,000 per month but that includes conveyance and school and tuition fee for his son.

His expected expenses during retirement will be ~ ₹30,000 per month (cost). Assuming a post retirement life of 30 years, inflation of 6 per cent per annum and that he can earn inflation matching returns during retirement, he needs to accumulate ₹4.3 crore in 24 years.

His current EPF corpus will grow to ₹80 lakh in 24 years . At assumed pre-retirement return of 10 per cent per annum, he needs to invest ₹32,000 per month.

He is already putting ₹11,500 per month by way of EPF. After accounting for regular expenses, insurance payments and investment for son’s education, he can invest an additional ₹15,000 per month (35,000 – 5,000 – 15,000).

His retirement portfolio is already debt heavy. He can split this amount between a largecap fund and a midcap fund, with heavier allocation to the former. He is investing less than he should. He must invest more when his cashflows permit. This should not be a problem since his best earning years are ahead of him.

He must understand all the goal calculations above are based on heavy assumptions about inflation and expected returns.

He must keep revisiting these assumptions and portfolio growth and make adjustments accordingly.

The writer is a SEBI-registered investment advisor and founder of personal financeplan.in

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Is EPF alone good enough for retirement kitty?

Personal Finance

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Maximum safety for the corpus, fixed returns and tax-free status at the time of investment (up to ₹1.5 lakh), on interest accumulated as well as on the maturity proceeds make EPF among the most efficient instruments for building long-term savings.

However, tweaking EPF norms in the Budget and outside of it has been the practice in the last few years. This year is no different, with the Budget proposing taxation of interest on employees’ contribution over ₹2.5 lakh to provident funds, made after April 1, 2021. While this move is targeted at high-income earners according to the government, the tweaking of EPF rules over the years holds a lesson for all classes of investors – don’t put all your eggs in one basket.

Target of changes

EPF has been the favourite tinkering target for many years now, bringing uncertainty to retirement planning based on EPF alone. Budget 2016 originally proposed that only 40 per cent of the EPF corpus will be tax-free (for corpus from contributions made beginning April 1, 2016), only to roll back the much-criticised move. A monetary limit of ₹1.5 lakh for employer contribution (for taking tax benefit) was also proposed and withdrawn.

In Budget 2020, employer contribution towards recognised provident fund, NPS and other superannuation funds was prescribed an upper limit of ₹7.5 lakh, beyond which it would be taxed as perquisite in the hands of the employee. Accretions to this, such as interest or dividend to the extent of the employer’s contribution included for tax purposes, is also taxed.

The Employee Pension Scheme (8.33 per cent of the employers’ matching 12 per cent contribution goes here ) was withdrawn for new employees who joined the workforce after September 1, 2014 and whose basic pay plus dearness allowance (DA) exceeded ₹15,000 per month. Also, pensionable salary was subject to a cap of ₹15,000 for those joining after September 2014. Prior to that, higher contribution was allowed at the option of the employer and employee. (matters remain sub-judice, though).

VPF attraction dims

A back of the envelope calculation shows that an income (basic pay and dearness allowance (DA)) of about ₹20 lakh a year, at 12 per cent, will fetch an EPF contribution of about ₹2.5 lakh. Thus, the government’s defence to taxing interest on EPF contribution over ₹ 2.5 lakh is that it is targeted at the high-income group. But directionally, this move discourages Voluntary Provident Fund (VPF) contributions as even those earning below ₹20 lakh could be using the VPF route to invest further in the EPF. Up to 100 per cent of the basic pay and DA can be contributed to the VPF in a year by an employee, over and above the 12 per cent contribution to EPF. Earning the same interest rate as the EPF, the VPF provides a risk-free, tax-free route to further build your retirement corpus if you are an EPF subscriber. The attractiveness of the VPF now dims for these investors.

Return uncertainty creeps in

Not only that, the ability of the EPFO to give returns unconnected with the market situation is being put to test lately. In what was perhaps the first time, the EPFO last year declared that it would pay the promised interest of 8.5 per cent for FY20 in two instalments, split as 8.15 per cent from debt investments and 0.35 per cent from the equity portion.

Until sometime ago, the EPF contributions were invested entirely in debt instruments. The EPFO began investing in the stock market in 2015. About 15 per cent of the incremental flows is in now invested in the stock market through the ETF (exchange-traded fund) route. When the EPFO declared an interest rate of 8.5 per cent for 2019-20 earlier , the idea was that it could offload its ETF holdings to the necessary extent to fund this interest outgo. But the market sell-off due to the Covid-19 outbreak at the fag end of the financial year spoilt the plan. Thus, stock market investments have now brought an amount of uncertainty to returns and this factor is here stay.

Also, the EPFO’s practice of higher interest payouts on the debt portion when compared to the prevailing market interest rates — which has quite been the norm so far – may not carry on forever, as interest, declared from the surplus available may not mirror the returns made by its underlying portfolio. The stock market exposure accentuates this divide.

Pat for NPS

While EPS has been losing sheen in many ways, the National Pension System (NPS), which is a market-linked retirement product, has been in the spotlight. As early as Budget 2015, the then Finance Minister spoke of bringing out a mechanism to help employees migrate from EPF to the corporate NPS scheme, clearly bringing out the government’s preference to shift the burden from their shoulders. This was followed by providing an additional deduction of ₹ 50,000 from taxable income for NPS investments, over and above the ₹1.5-lakh 80C deduction limit in the same budget.

Budget 2016 declared the 40 per cent of the NPS corpus that is compulsorily invested in annuities, tax-free (annuity income taxable). Budget 2019 declared the remaining 60 per cent that can be withdrawn in lump sum, also tax-free. Returns earned on NPS contributions are tax exempt as well (except on employer contribution in case of corporate NPS over a certain limit). These factors should serve as a wake up call for investors who until now could take low risk and earn high returns. The time to sweat it out has arrived.

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Financial Planning – How a single parent can meet her goals

Personal Finance

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Nirmala, aged 37, single parent to two daughters aged 9 and 7, wanted to plan for her financial goals. Her monthly income was ₹1.4 lakh and expenses were ₹60,000 including travel and medical needs. She owns an apartment in South Chennai valued at ₹80 lakh. Nirmala began working since the last two years and has limited financial resources. Her goals were the usual ones, and she wanted to reach these comfortably without exposing the capital to risks in the long term. That said, she was willing to invest in large-cap equities for long-term goals such as retirement and wealth creation.

Goals, assets, risk profile

Nirmala

wanted to prioritise the following goals. She first wanted to set up an emergency fund of ₹7.2 lakh and also get health insurance for herself and daughters. Next, she intended to build a fund of ₹10 lakh each, at current cost, to be gifted to her daughters when they would turn 24. Nirmala also wanted to purchase gold worth ₹50,000 every year till her retirement. An annual retreat trip for ₹60,000 per annum was on her wish-list too. For the long-term, Nirmala wanted to set up a fund to provide for her retired life from 60 years of age, at a current cost of ₹30,000 per month, and also wanted to create a surplus fund at current cost of ₹50 lakh at her retirement in addition to the retirement corpus.

Nirmala’s asset position was as follows. Her EPF balance was ₹3 lakh with annual contribution of ₹1.6 lakh, and her PPF balance was ₹1.5 lakh with annual contribution of ₹1.5 lakh. She had cash in hand of ₹10 lakh, gold worth ₹20 lakh, a house valued at ₹80 lakh and a car worth ₹6 lakh.

Nirmala was focused on safety of capital but understood the importance of allocating a portion of investments to equity towards her long-term goals. But she was very particular about keeping the balance money in avenues that would avoid capital erosion despite opportunities for better returns.

Review and recommendations

We advised Nirmala to keep ₹7.2 lakh in fixed deposits (from her cash balance of ₹10 lakh) towards emergency funds. She could reserve the balance ₹2.8 lakh for her career growth needs that was imperative under the present conditions. We recommended that she take medical insurance with sum insured of ₹10 lakh for herself and her daughters, in addition to the employer-provided health cover. Nirmala is a divorcee and both her daughters are staying with her. Their education and other expenses are to be managed by the father and hence, Nirmala need not opt for life insurance.

To provide for the fund gift to her daughters when they turned 24, we advised Nirmala to invest in large-cap funds. She needed to invest ₹7,800 per month for 15 years towards the gift to the first daughter and ₹7,200 per month for 17 years towards the gift to the second daughter. At an expected annualised return of 9 per cent, Nirmala should be able to build a corpus of ₹27.6 lakh and ₹31.60 lakh respectively.

Taking into account her provident fund contributions, Nirmala had to invest ₹34,000 per month towards her retirement. She needed to accumulate ₹4.48 crore to retire at the age of 60, assuming a life expectancy of 90 years. It was assumed that her expenses till retirement would increase at 7 per cent annually. After retirement, with intended moderation in lifestyle, it was assumed that her expenses would increase at 6 per cent per annum. With Nirmala particular about avoiding capital erosion, it was suggested to set an expected return of 7 per cent per annum. Though this is achievable in the current environment, an exposure of 10 per cent to equity-related investments was advised to ensure adequate returns.

We advised Nirmala to use voluntary PF contribution and NPS to manage her fixed income allocation towards retirement, and large-caps and mid-caps for equity investments. The retirement corpus with 50:50 equity and debt allocation was planned with these products. Based on her cash flow with allocated investments towards her multiple goals, it may be difficult for Nirmala to start building her surplus fund, if some money has to be kept aside for unexpected expenses. But she could increase her savings in subsequent years to build a surplus fund at current cost of ₹50 lakh that would translate to ₹2.37 crore at her retirement. The PPF, not mapped to any of her goals, could also be used towards building the surplus.

Cash flow (₹)

Monthly

Income

1,40,000

Expenses

60,000

Surplus

80,000

Annual surplus

9,60,000

Funding needs & goals:

Annual retreat trip

60,000

Gold purchase

50,000

PPF

1,50,000

Gift to Daughter 1

93,600

Gift to Daughter 2

86,400

Retirement

4,08,000

Total

8,48,000

Balance

1,12,000

After funding the goals, the balance money could be used towards building long-term surplus fund or to have a better lifestyle. The choice was Nirmala’s to decide about how to deploy the money.

Planning for the future within three years of employment, especially for a late entrant on to the employment scene, was a wise thing for Nirmala to do. By adhering to the plan, she could avoid costly errors. We advised her to seek professional help to draft a will at the earliest.

It would take four to five years for Nirmala to reach the planned asset allocation of 40:60 in equity:debt in the pre-retirement phase. We advised her to maintain a ‘behaviour journal’ during this time to study her emotions on the volatility induced by equity-oriented investments. This would help her gauge her risk tolerance better and adjust asset allocation accordingly to equity, debt and other investments.

Asset allocation is the key to a successful financial plan. “History shows you don’t know what the future brings” is a quote to be recalled while thinking of asset allocation.

The writer is a SEBI-registered investment advisor at Chamomile Investment Consultants

Mind it!

A behaviour journal can help study emotions, gauge risk tolerance, and adjust asset allocation accordingly

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