When is the Best Age for Retirement in India?

Early Retirement Age: 60 to 65 Years

Advantages of Retiring Early

Disadvantages of Retiring Early

Late Retirement Age: 65 to 70 Years

Advantages of Retiring Late

Disadvantages of Retiring Late

Ways to Determine the Right Age to Retire

FAQs About the Best Age for Retirement

Are there any tax benefits for people after retirement? up-arrow

 Yes, after retirement, there are tax benefits for people. If you are a retired employee above the age of 60 who is getting a pension, you can avail a deduction of up to ₹50000 against this pension income which is considered under the slab of salary.

Which is the ideal age to start planning for your retirement? up-arrow

There is no ideal age to start planning for your retirement, and starting it as early as possible is generally recommended. This means that once you get a job and start working, you should start planning your retirement simultaneously.

Is getting medical insurance a part of retirement planning? up-arrow

Getting medical insurance should be an important part of your retirement planning. This way, your accumulated savings stay intact during any medical emergency after retirement, and you do not have to spend from your savings. You can claim your insurance money during such a situation, which will not hamper your daily lifestyle.