ROLE OF INSURANCE TOWARDS EFFECTIVE RETIREMENT PLANNING – PROBLEMS AND PROSPECTS
Keywords: Financial Counselling, Retirement Planning, Education, Senior Citizens
AbstractA well-planned retirement is a result of an efficient and sound financial counseling taken at the right point of time and educating oneself on this aspect can be a tedious task. Financial Counseling play a crucial role in an effective retirement planning, further securing the future of retired individuals. This paper aims to review the nature of financial counseling and its relevance in retirement planning. This paper reviews the relation between financial counseling and retirement planning. This paper is a part of an ongoing research, hence a working paper. The paper aims to develop a model which is proposed for determining the client markets as well as the relevant factors for financial counseling. Distinctions in professional services provided and knowledge needed to develop the proposed model are also discussed in this paper. The paper concludes that some Co-relation exists between financial counselling and retirement planning, if taken at the right time. The paper also recommends that some overlap in the curriculum and certification requirements of financial counsellors be maintained. The study has been attempted to understand the relevance of insurance and pension plans towards achieving a secured retirement for individuals.
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