Senior Citizen Scheme: The biggest power of old age is money. At that age there is no source of income, in such a situation only the remaining capital is useful. If you want to spend your retirement life well, then know here about 5 such schemes which can accumulate a huge fund for your retirement and can also arrange regular income for you.
Atal Pension Yojana
Atal Pension Yojana is a scheme to provide regular income in old age. In this, investment can be started from the age of 18 to 40 years. In this, the person has to pay a small contribution every month till he completes the age of 60. 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 decided according to the amount of pension you want to get at old age. People between 18 to 40 years who are not taxpayers can invest in this scheme.
EPFO
If you are employed then you must be contributing to EPFO every month. If you continuously contribute to EPFO for 10 years or more, you become entitled to deposit a better amount at the retirement age and also receive pension. Good interest is given in EPFO, so if you want, you can increase your contribution through VPF and add a good amount of money for retirement. In this, the pension amount is given on the basis of contribution.
National Pension System
National Pension System is a good option to get monthly pension. In this scheme, most of the deposited amount 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 take advantage 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, then you can withdraw 60% of the amount from the deposit. Of this, 40 percent is used as annuity. This is how you are given pension. The higher the annuity amount, the more pension you will get.
Mutual fund
You can also add a good retirement corpus by investing in mutual funds through SIP. The average return of mutual funds in the long run 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 huge fund and spend your old age comfortably.
Post Office MIS
Through this scheme of post office, any person can arrange fixed income every month. Joint account can be opened in this scheme. You can invest a maximum of Rs 9 lakh annually in a single account in MIS. You can deposit up to Rs 15 lakh under joint account. At present interest is being given at the rate of 7.4 percent. In such a situation, you can arrange a pension of up to Rs 9,250 every month through a joint account.
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