Do you want a huge amount as pension every month even after retirement? If yes,then it is important to do the right planning from now on. Nowadays (National Pension System – NPS) is considered to be an excellent scheme for employed people. In this,they not only get pension every month,but can also get a lump sum fund at the time of retirement.
If you also want to get ₹ 1 lakh pension every month after retirement,then you will have to adopt a special strategy. Let us know how to invest in this scheme,so that your regular income remains even after the age of 60.
What is NPS
NPS (National Pension System) is a retirement saving scheme of the Government of India. This scheme gives financial security to the people in the form of a pension. Under this scheme,you can invest every month or annually and can avail of it in the form of a pension after the age of 60.
In this scheme,60% of your share is given as a lump sum fund,while 40% goes into the pension plan. This gives you a pension every month. There are two types of accounts in this scheme. The first account is Tier 1 and Tier 2. Investment in a Tier 1 account is mandatory,while Tier 2 is optional. In Tier 2,you can withdraw money anytime.
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How to get ₹ 1 lakh monthly pension from NPS
If you want to get ₹ 1 lakh pension every month after retirement,then you have to invest in this scheme in the right way on time. For example,if you are 40 years old and you invest ₹ 20,000 every month in NPS,then according to a 10% annual return,your total fund will be around ₹ 3.23 crore in 20 years. Out of this,you can withdraw ₹1.62 crore in lump sum,while if you invest the remaining ₹1.62 crore in an annuity plan,you will get ₹1 lakh pension every month. In this way,even after retirement,you will get a regular income of lakhs and funds worth crores!
Benefits of investing in NPS
This scheme provides tax exemption of up to ₹2 lakh under 80C and 80CCD(1B) of the Income Tax Act. This is a scheme regulated by the Government of India,so the returns are safe and guaranteed. In this scheme,lifetime monthly income is available in the form of a pension. There is less risk in it due to balanced investment in stocks,bonds and government securities. Apart from this,you can invest every month,annually,or lump sum.
The right time to invest in NPS
The best time to invest in NPS is between the ages of 30-40 years. At this age,you get more exposure to equity (up to 75%),which leads to more growth in the long run. If you invest after the age of 50,the equity exposure reduces,which may also reduce the returns slightly.
How to open an NPS account?
You can open an NPS account online (eNPS website) or offline (bank/post office). For this,you need an Aadhaar Card,PAN Card,and mobile number. Apart from this,after completing KYC,you get a UAN number,through which you can start investing in NPS.
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