Retirement Plan: Everyone worries about a regular income after retirement. If you are employed, your regular income stops after retirement, making it difficult to manage household expenses. Therefore, it is essential to invest in a safe place before retirement so that your money is secure and you continue to receive a regular income after retirement. In this article, we will tell you about some schemes where investing will eliminate your worries about a regular income after retirement. Read the complete article to learn more.
Atal Pension Yojana (APY) is the best option
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First, let’s talk about the Atal Pension Yojana. The Atal Pension Yojana is good for those who are not in the income tax bracket but want a fixed pension after retirement. People between the ages of 18 and 40 can apply for this scheme and contribute until the age of 60 to receive a pension. The pension amount can be fixed between Rs. 1,000 and Rs. 5,000. To receive a higher pension, you will have to invest more.
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Monthly pension available with NPS
The National Pension System (NPS) is a government-backed but market-linked scheme. By investing in it, you can secure both a better pension and a fund after retirement. The age limit is between 18 and 70 years, and contributions can be made until the age of 60. Under the scheme, a portion of the total corpus can be withdrawn as a retirement fund, and the remaining amount is invested in an annuity, which generates a monthly pension.
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SWP will create a monthly income
A Systematic Withdrawal Plan (SWP) is an option for mutual fund investors that provides a fixed amount every month after retirement. For this, it is necessary to accumulate funds through employment or other means beforehand. The SWP amount depends on the sale of your fund units. The SWP will stop when the fund is exhausted. In this, you can choose monthly, quarterly, or annual installments and apply to the AMC by providing your bank account details.
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EPFO-EPS will be the best option
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If you are a salaried employee and contributing to EPFO, you receive a pension after retirement under the EPS (Employee Pension Scheme). A minimum of 10 years of contribution is required for this. The pension amount is based on your salary and contributions. This is an important means of social security after retirement for private sector employees.
POMIS provides a guaranteed monthly income
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The Post Office Monthly Income Scheme (POMIS) is also a good option for a regular income during retirement. A maximum of ₹9 lakh can be deposited in a single account and ₹15 lakh in a joint account. This amount is deposited for a maximum of 5 years and provides income in the form of interest. At the current interest rate of 7.4%, a joint account can provide a monthly income of up to ₹9,250. After five years, it can be reopened to continue receiving the benefits.