Retirement Planning: To pass through youth gracefully and do not have to spread hands in front of anyone in old age, for this it is necessary that you should do retirement planning in youth itself.
There are many schemes for retirement. We are going to tell you about some of these reliable schemes.
Retirement Planning: In today’s time where expenses are increasing rapidly, your earnings are not increasing at that pace. In such a situation, when you reach the last stage of life i.e. retirement, will you have enough money to meet these expenses, because the biggest expenditure in old age is your medical needs, which only increase with time.
In such a situation, there is a need for a scheme that gives you regular monthly income even in old age, so that you do not depend on anyone and your expenses are also met comfortably. So we are going to tell you about some such reliable schemes which will give you regular income every month.
1. Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana: You can buy Pradhan Mantri Vaya Vandana Yojana (PMVVY) from Life Insurance Corporation (LIC), the country’s largest insurance company. It gives you a fixed rate of pension for 10 years, which is a very good scheme for retirees. Any person whose age is 60 years or more can invest in this scheme.
In this scheme, interest is currently available at 7.4% per annum, which is paid every month, its rates change every year. But once invested, the rates are fixed for the entire investment period. There is also a death benefit, the purchase price money is returned to the nominee after the death of the policyholder.
This scheme ended on March 31, 2020, but in view of its success, the central government has extended it for 3 years till March 31, 2023.
2. Senior Citizen Savings Scheme
Senior Citizen Saving Scheme: Senior Citizens Savings Scheme, as the name suggests, this scheme has been specially designed keeping in mind the senior citizens for retirement. At present, 7.4% interest is available on this scheme, which is given on a quarterly basis. Whatever is invested in it usually matures in 5 years, if you want, you can extend it further for 3 years.
3. Post Office Monthly Income Scheme
Post Office Monthly Income Scheme: Post Office Monthly Income Scheme is a government small savings scheme, which gives investors an opportunity to earn a fixed amount every month. Under this scheme, a lump sum amount is deposited in the account under a single or joint account. On this, the government gives 6.6% annual interest.
This scheme is of 5 years, which can be extended for 5-5 years. This is a completely risk free scheme as the government guarantees security. A maximum of Rs 4.5 lakh can be invested through a single account. If you have a joint account, you can invest a maximum of Rs 9 lakh. There can also be a maximum of 3 adults in a joint account. But the maximum limit is Rs 9 lakh.
4. Government Securities
Government securities i.e. G-Secs are also a safe investment medium, as it is a debt instrument. These securities are issued by both the central government and the state governments. You get regular interest income on investing in this scheme. These securities are issued by the government, so there is no scope for risk in it. The government takes full guarantee of this.
