Retirement Scheme: No matter how much lump sum money you collect at the time of retirement, the day to day work is done only by pension. If you get pension every month, then you do not have to depend on anyone else for small tasks. Nowadays there are many such schemes, through which you can easily arrange pension for yourself in old age. Know about 5 such schemes here.
EPS
People working in the private sector contribute to EPFO every month. Both the employee and the employer contribute to EPFO. A part of it goes to your retirement fund and a part goes to EPS (Employee Pension Scheme). Pension is given every month on old age through EPS. If you have contributed to EPS for at least 10 years continuously, then you become eligible to get pension from EPFO. This pension is available at the age of retirement and depends on the amount of your contribution.
APY
You can arrange for regular income in old age through Atal Pension Yojana. This scheme is for those people who are not taxpayers. To invest in it, your age should be between 18 to 40 years. In this scheme, a person has to make a small contribution every month till he turns 60. After the age of 60, people are given the benefit of monthly pension ranging from Rs 1000 to Rs 5000. The amount of your contribution is decided according to the amount of pension you want to get in old age.
NPS
Whether you are in a government job or a private job, you can choose the option of National Pension System to get monthly pension. This scheme can also arrange pension along with retirement fund. NPS is a market linked scheme, so its return is based on the market. But in the long term, this scheme can give very good returns. Its average return is considered to be 10 percent. Any citizen of India whose age is between 18 to 75 years can take advantage of this scheme. In this, on retirement, 60% of the amount is given to you as retirement fund and 40 percent is used as annuity. This is how you are given pension. The higher the amount of annuity, the higher the pension you will get.
SWP
To get a good pension in old age, you can also choose Systematic Withdrawal Plan. This is an investment under which the investor gets a fixed amount monthly from the mutual fund scheme. Through this, a good pension can be arranged in old age. But first you have to accumulate a large fund through SIP or any other scheme along with your job. When you retire, you have to choose the option of SWP. You get the amount of SWP by selling mutual fund units. If the fund is exhausted, SWP will stop. You have to decide when you want money monthly, quarterly and annually. If you have not been able to do SIP, then you can also use the fund received on retirement for this.
POMIS
You can also earn income every month through the Post Office Monthly Income Scheme. This government-guaranteed deposit scheme earns income through interest. Single and joint account facilities are available. A maximum of 9 lakh rupees can be deposited in a single account and a maximum of 15 lakh rupees in a joint account. This money is deposited for a maximum of 5 years. As per the current interest rate of 7.4%, you can earn up to 9,250 rupees every month through this scheme through a joint account. The amount deposited is returned to you after 5 years. If you want to take advantage of the scheme even after 5 years, you can open a new account.
