Retirement Schemes: There are several government programmes that can grant your request if you want to save a sizable sum of money until retirement and achieve all of your Vacation goals. Additionally, this plan will give you a steady income as you age. You might make money each month while staying at home if you invest money in these schemes.
Introduction to EPFO
Let’s start by discussing EPFO, which offers a sizable retirement fund based on the monthly contributions made by salaried employees. In addition to workers in the private sector, the employer makes contributions to their Provident Fund account. Additionally, the government publishes an annual interest report on it. Employee pension plans are also managed by EPFO. You are eligible to earn a pension if you have invested in it for ten years. The amount of the pension is determined by contributions.
Exploring the National Pension System (NPS)
For a monthly income after retirement, you can also make contributions to the National Pension System (NPS). The NPS system is linked to the market and offers an average return of up to 10%. Participants in this plan might be as young as 18 or as old as 70. Once you turn sixty years old, you will be eligible to collect pension benefits. Under NPS, 40% of the total can be used as an annuity and 60% of the amount can be withdrawn upon maturity.
Atal Pension Scheme
The government’s Atal Pension Scheme allows you to receive a set monthly payment for retirement. This is something that can be invested in for 18 to 40 years. People receive a pension after turning 60, which can be anywhere from Rs 1000 to Rs 5000 based on their contribution level.
Through the Post Office Monthly Income Scheme , you can also make money each month. Under this plan, a joint account can be formed. A maximum of Rs 9 lakh can be invested per year under MIS. Up to Rs 15 lakh can be deposited into a joint account. There is a five-year deposit for this money. With this arrangement, you can earn up to Rs 10,000 per month at 7.4% interest.
Exploring Mutual Fund SIP
You can also profit handsomely over the long run from mutual fund SIP by investing monthly in a superior fund on the counsel of your market specialist. Experts estimate that investing in mutual funds can yield an average long-term return of 12 to 15 percent.