Retirement Income Plans – LifeYield and Schwab Intelligent Portfolios
If you’re looking for an income investment plan to supplement your retirement savings, you’ve come to the right place. LifeYield and Schwab Intelligent Portfolios are two of the most popular retirement income plans, but what are the other plans? How do they work? And which ones are the best? Here are some tips to help you make the best decision. And don’t forget to check the terms “tax-smart” and “smart income detective” before investing.
LifeYield helps you withdraw money from your retirement accounts tax-smartly and easily. It simplifies the process of withdrawals across multiple accounts and scenarios to maximize the client’s money and minimize the disruption to their household portfolio. Withdrawals are also automatically handled by the software to avoid any rebalancing. LifeYield also helps you identify tax harvesting opportunities and minimizes taxes. It can reduce your overall tax bill by as much as 40%.
Schwab Intelligent Portfolios
If you’re considering investing your money with the Schwab Intelligent Portfolio service, you’re likely looking for a hands-off, easy-to-manage approach to investing. You’ll have access to a variety of tools to track your finances, such as an interactive tool that lets you run scenarios and see what results you’ll get based on your risk profile and investment strategy. Schwab’s Interactive Tool is also available to help you understand your financial goals, and you’ll be able to contact a representative 24 hours a day, seven days a week.
Exide Life Smart Income Plan
The Exide Life Smart Income Plan is a collaborating pension scheme that provides enhanced protection and safety through riders. Although it is a collaborating scheme, it is not risk free. Bonus payouts depend on the fund performance and the time period during which the policyholder invests. The tax advantages on this plan are subject to change with tax laws. Nevertheless, the plan’s riders can help investors achieve their financial goals in the future.
Pramerica Life Smart Income Plan
The Pramerica Life Smart Income Plan is an individual retirement account which invests in annuity. The money you invest in it grows over time, providing you with regular income in retirement. The plan requires only one premium payment. The maximum amount of sum insured is Rs.3 crores per life, subject to a board-approved underwriting policy. The company also offers a traditional non-par fixed benefit plan called Pramerica Life Group COVID-19 Shield. This plan protects you from the financial consequences of COVID-19.
SBI Life Smart Income Protect
The SBI Life Smart Income Protect is a participation-based, 15-year savings plan that offers both insurance protection and a regular flow of income. After making a single premium payment for the first five years, a policyholder will be entitled to receive an annual payout of Rs 55,000 tax-free. This will provide enough cash flow for future needs, while also protecting the policyholder’s family. SBI Life Smart Income Protect’s policy features include a 30-day premium payment delay and vested reversionary bonus of 10 percent or 6 percent.