NPS Retirement Planning: There is no rocket science required to become a millionaire, but regular investments and choosing the right scheme are needed. We are going to tell you how you can get a pension of up to Rs 2 lakh every month after retirement.
NPS Pension Calculator: Everyone is worried about old age expenses. If you also want that your old age is safe and you do not have any problem with money in old age, then you should plan in advance. You should start saving money for retirement from the day you start your job. In fact, the sooner you start saving, the more money you will get till retirement. You have a variety of investment alternatives at your disposal to help you build up your retirement savings, including EPF, NPS, the stock market, mutual funds, real estate, etc.
The government is running many schemes
To secure your retirement, the central government has made several schemes where you can invest. If you are employed then you should also think that when you retire, you will get a huge amount every month as a pension. But for this, you have to invest from today itself, so that after 60 years your old age can be safe.
What is NPS Scheme
National Pension System (NPS) is a government pension scheme consisting of both equity and debt instruments. NPS gets a guarantee from the government. You should invest in an NPS plan to get a higher monthly pension after retirement.
Income tax exemption
NPS Pension Scheme is a government scheme like Public Provident Fund (PPF), Employees Provident Fund (EPF), Sukanya Samriddhi Yojana, etc. In this, an investor can increase his monthly pension amount by using the maturity amount properly. Through NPS, you can save tax up to Rs 2 lakh annually Under Section 80C of Income Tax, you can save tax up to a maximum of Rs 1.5 lakh. If you invest in NPS, you will get an additional tax exemption of up to Rs 50,000.
2 lakh monthly pension will be available
If you deposit 5000 rupees every month for 40 years in NPC then you will get 1.91 crores. After this, you will get a 2 lakh monthly pension on investment of maturity amount. Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, a monthly pension of Rs 63,768 will continue to be received from the annuity till the investor is alive.
Rs 63,768 monthly pension in 20 years
If you invest Rs 5000 every month from 20 years till retirement then you will get a lump sum maturity amount of Rs 1.91 crore to 1.27 crore. After this, you can get a Rs 63,768 monthly pension of Rs 1.27 crore per month with a 6% return.
There are two types of NPS There are two types of NPS, NPS Tier 1 and NPS Tier-2. Tier-1 requires a minimum investment of Rs. 500, while Tier-2 requires Rs. 1000. However, there is no maximum investment limit. There are three investment options available in NPS, in which the investor has to choose where his money will be invested. Equity, corporate debt, and government bonds. With more investment in equities, it also gives higher returns. Keep in mind that you should make any investment only after talking to your investment advisor.
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