Tax Deductions

As I am doing taxes for the recently concluded financial year, I am realizing how much of tax saving one would be forgoing once you retire :). Without income there is no more section 80C deductions, no more savings from interest paid towards home loan via section 24, no exemptions for HRA under section 80GG. These things only hit you once you retire. Of course I went into retirement knowing that, so nothing to worry, but you don’t realize these until you do your taxes. During your earning phase, every paycheck is a reminder for saving taxes and claiming as … Continue reading “Tax Deductions”

Health Insurance

Like life insurance, everyone needs a health insurance too. It is especially important to start one when you are young, so you can lock into lower premiums. However unlike life insurance, health insurance is useful both pre and post retirement. If you have not yet retired, the risk of not having a health insurance is that, in case of an emergency, your investments and savings will take a hit and will delay your retirement. If you are already retired, your corpus will take a substantial hit and will reduce your income stream. There are a lot of factors to consider … Continue reading “Health Insurance”