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A salaried person retires after reaching the age of 60 years. Many times a business person is unable to earn due to old age. In such a situation, pension is a great support for old age.
Atal Pension Yojana is a scheme that provides regular income in old age. Investing in this can be started from the age of 18 to 40 years. In this, a small amount has to be paid every month till the age of 60 years. After the age of 60 years, people are given the benefit of monthly pension ranging from Rs 1000 to Rs 5000. The amount of your contribution is determined based on the amount of pension you want to receive in old age. People in the age group of 18 to 40 years who are not taxpayers can invest in this scheme.
If you are employed then you will have to contribute to EPFO every month. If you contribute to EPFO continuously for 10 years or more, you are entitled to a better amount and pension at retirement age. EPFO offers good interest. Therefore, if you want, you can increase your contribution through VPF and add a good amount for retirement. In this, pension amount is paid on the basis of contribution.
National Pension System is a good option to get monthly pension. Most of the amount deposited in this scheme is invested in the market, in such a situation you get an average return of 10 percent on it. Any citizen of India whose age is between 18 to 70 years can avail the benefits of this scheme. To get pension you will have to invest till the age of 60 years. However, if the account holder needs emergency funds before retirement, you can withdraw 60% of the deposited amount. 40 percent of this is used as annuity. This is how pension is received. The higher the annuity amount, the more pension you will get.
You can also add a good retirement fund by investing in mutual funds through SIP. The average return of mutual funds in the long term is considered to be 12 percent, which is much better than any other scheme. In such a situation, by investing for 20 to 25 years, you can add a big fund and spend your old age comfortably.
Through this post office scheme, any person can arrange fixed income every month. Joint account can be opened in this scheme. You can avail an annual maximum of Rs. Can deposited. Rs 9 lakh can be invested. You can deposit up to Rs 15 lakh in a joint account. At present interest is being given at the rate of 7.4 percent. In such a situation, you can arrange pension up to Rs 9,250 per month through joint account.