It becomes very difficult to live life by depending on others, which is why people start preparing their retirement plans while still working. There are many schemes available to help save for the future.
By investing in these schemes, you can ensure that you will receive a pension every month after retirement. Today, we will introduce you to some of these schemes, through which you will continue to receive a steady income every month, even after retiring. This will help you manage your expenses easily. Let’s take a look at these schemes.
National Pension System (NPS)
Planning for retirement in advance is crucial. If you can receive a monthly pension after retirement, it can make life much easier. The National Pension System (NPS), run by the government, is a great option for this.
In this scheme, you need to make monthly contributions. After the age of 60, you will receive 60 per cent of the total amount accumulated in the NPS fund as a lump sum. The remaining 40 per cent is provided as a pension. Initially, this scheme was available only to government employees, but now private sector employees can also benefit from it.
How to Apply for NPS:
Visit the official NPS website or approach any authorized bank to open your NPS account.
Fill out the necessary forms and provide the required documents (Aadhaar, PAN card, etc.).
Make regular monthly contributions as per your chosen plan.
Atal Pension Scheme
Launched by the central government in 2015, the Atal Pension Scheme is aimed at helping middle-class and poor citizens. Under this scheme, you need to make monthly contributions, and it matures after you turn 60. After that, the beneficiary receives a monthly pension ranging from Rs 1,000 to Rs 5,000.
How to Apply for the Atal Pension Scheme:
Visit your nearest bank or post office that offers the scheme.
Fill out the application form and provide your documents (Aadhaar, mobile number, bank account details).
Start making your monthly contributions.
Senior Citizens Savings Scheme
The Senior Citizens Savings Scheme (SCSS), offered by the post office, is an excellent retirement plan, especially for seniors. You receive good interest rates on your investment. The maximum investment limit has been increased to Rs 30 lakh. It provides an 8 per cent annual interest rate. The scheme’s duration is 5 years, and it can be extended for another 3 years.
How to Apply for SCSS:
Visit your nearest post office to apply for the Senior Citizens Savings Scheme.
Provide necessary documents such as identity proof, age proof, and bank details.
Make your lump-sum investment and start earning interest.
These schemes offer excellent opportunities to secure a steady income post-retirement, ensuring you meet your financial needs easily.