look news india
Retirement Planning: Most people want to live happily after retirement, but due to rising inflation and wastage of earnings in youth, many people have to do menial jobs even after retirement. Financial planning is essential for a comfortable retirement. There are many government and private schemes available in which you can invest and get a fixed income in the form of pension every month.
Some plans offer guaranteed returns, while some are linked to market conditions. However, this also gives positive returns in the long run. Let's know about five such pension plans…
1. Senior Citizen Savings Scheme Account: This post office scheme gives 8.20 percent interest per annum. You can avail this scheme by investing a minimum of Rs. 1000. Maximum investment of Rs. 30 lakh is possible. A lump sum investment has to be made in this scheme. In which income is received every month for a period of five years. A deduction of Rs. 1.50 lakh is available on the deposited amount under Section 80 (C) of the Income Tax Act.
2. Atal Pension Yojana: This scheme has been designed keeping senior citizens in mind. Based on the investment, after 60 years, one is eligible for a pension of Rs. 1000 to Rs. 5000 every month. To avail the benefits of this scheme, one must apply within the age limit of 18 to 40 years.
3. Monthly Income Plan: This is the monthly income scheme of the post office. In which you can get monthly pension for five years by investing a lump sum. The deposit amount is returned after five years. This scheme gives 7.4 percent interest annually. Which is given every month in the form of pension. In which the maximum on an individual basis is Rs. 9 lakhs and for a couple Rs. The investment limit in this is 15 lakhs. In which on an individual basis Rs. 5550 per month and for a couple Rs. 9250 per month pension.
4. Systematic Withdrawal Plan in Mutual Funds: Monthly income can be obtained through Systematic Withdrawal Plan (SWP). In this, you have to invest a lump sum in a hybrid scheme of a mutual fund. A fund from which you get a fixed amount of pension every month. However, since the scheme is market linked, the capital keeps fluctuating.
5. Fixed deposit: Post offices and banks provide fixed deposit facilities for different periods. You get interest on FD deposits on monthly, quarterly, half-yearly and yearly basis. Senior citizens get 0.25 per cent more interest than a general citizen.
