Retirement is a crucial phase of a man's life when the expenses outgrow his income. Moreover, at this stage, you can't even work properly as you used to do.

If you are planning for retirement in India, then there are many things that you need to do wisely. These issues mainly arise in two conditions.

Whether you are planning for retirement in India as an NRI or a foreigner. Because on the basis of this, your retirement planning will differ.

Here in this article, we will be looking at how to plan retirement in above mentioned situations.

Why You Need Planning For Your Retirement In India

When you look outside then you will find tons of best places to retire in India. However, what you will not find easily is your retirement plan for India.

India is no doubt a good place to live and enjoy retirement. Then it is obvious that they will decide how to spend their retirement time in their country.

As a foreigner, you can't start living in India just like that. There are several conditions to fulfill whether you are an NRI or a foreigner.

Like you need to work on your visa if you are unable to get Indian citizenship. With your visa type what and how you can earn is also connected.

Moreover, you also need to work on your income and tax compliance. After that comes your healthcare insurance.

With that, there are many more things you need to plan. Like whether your retirement fund is available in India or not.

Visa Requirements

While planning your retirement in India one major headache is about visa. If you are a NRI then a visa is not a problem for you.

However, if you are a foreigner, like have American nationality then you can't get Indian citizenship. The Indian constitution doesn't allow dual citizenship.

So you need to if you want to plan your retirement in India. Most likely in this case you can apply for a tourist visa. But that will be for 6 months only.

However, if you don't want a visa and are looking for citizenship only then you can do so.

But there are various requirements for that too. Only after satisfying those conditions, you can get Overseas Citizenship in India.

Your Tax and Income

Your tax and income depend on what type of visa you have. When you come to India then if you are coming as a foreigner then you have certain conditions.

You don't have to pay any tax as a foreigner in India, however, you are not eligible for any income either. Also, you can't own or buy any property here.

Even if you have an Indian partner then also you are not allowed to buy any property or land.

However, if you are spending your retirement in India as a NRI then things will be different. You can own or buy property here. You can also exercise your owner's rights here.

With that, you can also choose any profession or job here and work. However, you must live in India for over 182 days in the previous financial year. But, the duration of a tourist visa is only 180 days.

So these are some issues you need to take care of while planning for retirement in India.

Therefore you need financial and legal considerations when retiring in India.

Your Healthcare

When you are planning to retire in India then your health also becomes essential.

Firstly public health services in India are overpopulated. And in some instances even not well developed.

Apart from public health care services, you will have private services available. But they will be very costly depending upon your treatment and level of healthcare facilities.

That is why you need to choose a health insurance plan for your retirement in India. You can choose it either in your country or from any Indian health insurance service provider.

While choosing your health insurance firstly you need to get familiar with all the conditions.

With that, you need to check what your health insurance covers for retirement in India. Like they have routine checkups or not, what is accidental coverage and all?

And if they comply with overseas health insurance norms. Only after considering all these things you can choose your health insurance plan.

FAQs

1. When to start retirement?

Well, there is no absolute answer to when to start retirement. It differs from individual to individual.

If you earn well then you can start saving for your retirement in your 30s. However, if it's not the case then you need to start planning your retirement in your 20s.

1. Is a retirement plan necessary for retirement?

When it comes to retirement, you need to be prepared and planned. For that, savings, as well as investments, are good.

However, if you don't want any hassle in your retirement then you should opt for a retirement plan.

It will direct you on your savings and how to invest.

Conclusion

Therefore we can see that planning a retirement in India is not as tough as it seems. However, you need planning to make your retirement in India smooth.

Well, this applies to all conditions related to your retirement. If you want a relaxing and tension-free retirement then you need to start planning early.

In addition to planning you also need to execute your planning and choose a retirement plan. When you have a retirement plan then you will earn and save accordingly.

As you know retirement is all about savings and retirement plans. However, before choosing any plan you need to consider all the factors related to it.