Senior citizens have plenty of reasons to cheer post the Union Budget. One of the biggest is the increase in deduction limit under Section 80D of the Income Tax Act.
Section 80D limit hike
Retirement is often seen as the second innings of life. That is the time when you enjoy the luxury of time, while you do not have any official meetings to attend or timelines to meet. While it may be an extended vacation, you may be in for many surprises, if you have not planned for it. Retirement planning must be done prudently and systematically so that you don't have any financial constraints while planning to fulfil your pending dreams and aspirations after retirement.
While retirement planning is often discussed, not many take it seriously. Since the post-retirement phase generally does not have regular cash flows, it is crucial for the investors that their financial plans consider all the eventualities. It is also essential that investors have enough investment corpus to maintain their lifestyle and take care of medical expenses post-retirement.
Retirement planning is one of the ignored facets of financial planning since the millennial population does not believe in saving for the future but instead lives in the present. In contrast, it becomes crucial to have a healthy financial corpus to take care of the life post-retirement in the absence of any formal social security scheme in India. The post-retirement life is often considered the second innings when one can fulfil their pending aspirations.
