Worried about your financial security in retirement? Join us for a thought-provoking conversation with Kuldeep Parashar, the founder and CEO of PensionBox, as he discusses the importance of financial independence during old age. In this interview, Aman Raj explores how PensionBox can help you plan for a secure future by creating a personalized retirement plan. Discover how small savings today can ensure that you’re financially stable and independent when you need it the most.
What is PensionBox exactly? What does it do?
Kuldeep Parashar: Let’s start with a basic idea. You’ve probably seen the movie Baghban, where Amitabh Bachchan’s character has four kids, and as he ages, they start getting divided in their responsibilities. This Baghban problem highlights a significant issue: as we get older, we often become dependent on our children. This isn’t a sustainable approach for the future. When you become old, you shouldn’t rely solely on your kids for support. Instead, you should have a pension, pension savings, or retirement savings to ensure you’re not financially dependent on anyone. Emotionally, everyone may support you, but without financial stability, things can become problematic.
PensionBox is a concept designed for individuals, especially employed people, to create a retirement plan. It helps you plan for your financial needs in old age. You can open a National Pension Scheme (NPS) account and start depositing small amounts of money. This account offers two options: your company can contribute to it, or you can do it yourself. The idea is that when you grow old, you should have money set aside. If you don’t have financial resources when you’re old, and your health starts failing or your children can’t support you, your pension or retirement savings will become your safety net. That’s the main concept behind PensionBox.
