Yes, you can stop or cancel your retirement plan and get what is called the ‘surrender value’. This amount depends on the duration for which you were invested in the plan.

Both savings and retirement plans are different instruments. Although they help you save money for a fixed goal, a savings plan can be aimed towards either short-term or long-term goals. Retirement plans, as the name suggests, are solely for retirement (long-term) purposes. 

You can start a plan at any age. Needless to say, the earlier you start the better it will be in terms of the amount of regular payouts you’ll receive once you retire. This is so, because your money will be invested for a longer period of time, thus increasing the potential of getting better returns.