17. On retirement How To Enjoy Retirement

Aman : Ravi, what’s your plan tomorrow?

Ravi : Nothing new. I will help my father, who is retired. He looks after the land and the farm. The work of manuring coconut trees and banana plants has begun and so tomorrow I’ll be busy helping my father.

Aman : What has your father been doing after retirement?

Ravi : Nothing else. He hasn’t much money to invest in any business nor is he business minded.

Aman : Life these days is difficult when one retires, isn’t it? Doesn’t your father get any pension?

Ravi : Oh, yes, he does. He retired on a pension at 55. It’s because he gets a pension we are able to make both ends meet. He also gets some money by way of interest on his fixed deposits.

Aman : He may not have much savings as deposits.

Ravi : I’m afraid he hasn’t. He has commuted his pension. That amount, the gratuity amount he received and his savings in the provident fund, all these were put as fixed deposit for a period to get the maximum benefit.

Aman : What do you mean by commuting pension?

Ravi : As a retirement benefit, pensioners are allowed to commute 50% of their pension for ten years. That is, on retirement 60% of the pension for ten years is paid to the pensioner in advance as a lump sum.

Aman : But afterwards you get only the remaining 50% as pension.

Ravi : Yes.

Aman : Then what is the advantage?

Ravi : There are several advantages. If the amount is fixed in a bank, it will fetch you a bigger amount by way of interest every month. That is one advantage.

Aman : What else?

Ravi : Even if the pensioner dies the very next day after collecting the amount, it doesn’t have to be repaid.

Aman : Yes, in the event of the death of the pensioner, it is a big advantage. We know that not many people live up to the age of 65 years. What else?

Ravi : The amount can be used for investing in business, constructing a house, for children’s marriage, etc. So almost everyone commutes pension. But the dearness allowance for full pension is paid every month along with the remaining 50% pension.

Aman : It is after retirement people need more money, especially when they fall ill. I wonder why the pensioner is not paid his last salary as his pension. Don’t you think so?

Ravi : You couldn’t be more wrong. The idea is good but you know it is your money, the taxpayers’ money that comes back to you in the form of a pension. Somebody else working in his place has to be paid his full salary, too. Nobody would like to pay more tax and so it is not practicable. Would you like to pay more tax?

Aman : No, I’m afraid I wouldn’t. But does that solve the problems of the pensioner?

Ravi : No, but there are other solutions. That is why employees are encouraged to save by taking insurance policies, contributing to the provident fund and various other schemes sponsored by the government and other private agencies.

Aman : I understand. Right from the time one gets employment, one has to start saving for the rainy day. So in addition to his pension, income from his own savings will be able to support him.

Ravi : Do you know what it needs? It needs lifelong planning

Aman : In that case, there won’t be much to worry on retirement.

Ravi : When is your father retiring?

Aman : My father too will be retiring in a year or two. I hope he will plan in advance for his retirement.

Ravi : You see, Aman. You haven’t yet completed your education, your sisters aren’t married and your house is in a bad state of repair.

Aman : So you’re telling me that more money will be required when my father retires

Ravi : Exactly so. But I’m sure father knows everything. Maybe he has been planning all these years. Everyone does so, otherwise life will be a mess afterwards.

Aman : I think so. Now I understand why my father has always been very prudent in his expenditure.

Ravi : It is high time you realized it. Parents always have the welfare of the family at their heart.

Aman : You are right, I know. Okay, have a nice weekend.

Ravi : Same to you, Aman. Bye!

How To Enjoy Retirement

How To Enjoy Retirement

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How To Enjoy Retirement

How To Enjoy Retirement

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