College and retirement are two age spans where you wish to have maximum fun with less of stress and anxiety. Retirement is the stage of life where you are done with most of your responsibilities and job formalities, and thus everyone dreams of a carefree retirement years. This is the age, where you do not wish to be a part of your favorite activities without being bothered about the expenses, responsibilities and formalities. The dream retirement for many of us may probably sound, like going on a vacation to a place that you once added to your bucket list, buying gifts for your family or just meeting your age old friends. And the best thing is that you can live this dream, all you need to do is just start now! This is the time you can start planning to turn this dream into reality.

Right Way to Your Dream Retirement

The stage when you earn is the time when you can save money rather than spending every single penny of your money. It is always better to think before spending your money earned against time, energy and efforts. Here are few ways you can have your dream retirement without worrying about expenses;

  • Understand what you want from retirement

Understand how you wish to spend your days, where you will spend them and what will make you happy. This will guide you enough to know how much you need to save for your dream retirement.

  • Train your mind

Think that you are earning at least 20% less than your actual income. You can ask your bank to deduct 20% of your salary automatically as it appears in your account and put it in a recurring deposit. This will help you, not ending up with a zero balance.

  • Multiply your money

Look for the best possible plans that can multiply and grow your money. There are various schemes and plans that can multiply your money and you can choose one that suits you the best.

  • Risk taking

Your age determines your risk taking capacity. When you are in your late 20s and early 30s, you have less of responsibilities, thus increasing your chances to take risk. You can invest in medium-risk products that give you moderate returns. The daring ones can also invest in high risk products that can yield high returns. You can also look for no risk investment options. With your age, you start to shift towards the low-risk involvement products. Choose your plan and scheme according to your risk taking capacity while you get good return by the time you retire.

  • Make retirement income plan

Sit down, and calculate approx. how much your income, security and pension will translate into future funds. Ensures from where you can withdraw money first keeping your taxes in mind. This pre-retirement plan will relieve you from stress that you might face once you are retired.

  • Decide on when to retire

Deciding on a date to retire will make you happier rather than when retirement is forced upon you. Retire even if you wish to retire at an early stage.

  • A part time job

If you are one of the happiest retirees, and still feel the zeal to work on your on conditions, you can start a part time job when you retire. You will feel satisfied, if not financially, then physically for sure.

Investment Plans to Opt from

  • Post Office Monthly Income Scheme

This will ensure you secure monthly income post retirement life. You can invest your sum retirement benefits to attain interest as high as 8.4%. This plan pays interest on monthly basis during your retirement year.

Key Features-

  • Tax Deduction at Source not applicable
  • Minimum investment required is Rs. 1500
  • An account can hold money up to Rs. 4.50 lakhs
  • Interest rate will be 8.5% per annum which is payable monthly.
  • Senior Citizen Saving Scheme

Under this, people aged 60 years can open joint account with their spouse only. This insurance policy will get you tax benefits under sec80C of the income tax.

Key Features-

  • Maturity period is 5 years.
  • Nomination facility is available.
  • Person can run more than one account individually or jointly with spouse.
  • Interest rate as high as 9.20% per annum with quarterly interest pay-out.
  • National Saving Scheme

You can invest every month for five years, reinvest on maturity and relax on retirement. This offers monthly pension as the NSC matures.

This is used for small savings and income tax saving investments.

Key Features-

  • Minimum investment limit is Rs. 100
  • No maximum investment limit.
  • Rate of interest 8.50%
  • No Tax Deduction at Source.
  • Certificates act as collateral security to get loan from banks.
  • Bank Fix Deposit

This allows you to deposit your money with banks for a fixed period of time. At the time of maturity, you will receive a return that would be equal to the principal plus the interest earned over the time period of the fixed deposit.

Key Feature-

  • Guaranteed income and high returns.
  • Flexible in nature.
  • Safe and secure way to invest.
  • Partial withdrawal is allowed.
  • Loan facility up to 90% of principal and accrued interest available.
  • Reverse Mortgage

It is also known as Home Equity Conversion Mortgage. Under this, borrowers are responsible for homeowner’s insurance and property tax.

Key Features-

  • Maximum period for assets mortgage is 20 years with bank.
  • The borrower can decide on monthly, quarterly, annual or lump sum payment as when he/she wants.
  • The amount received is considered as loan and not income.


Your dream retirement is just in your hands, all you need to do is make up a plan and work on it. Understand what you want in your retirement, make a plan, choose the policy and there you have your dream like future.