What do we understand by the term safer retirement? Every individual starts work to fulfil their needs. Our income helps us to bring bread and butter to our table. Apart from food, we have other essential needs also. Once we have a family, our income contributes to taking care of our families and their needs.
Our income helps us take care of our children’s education and medical expenditure expenses. In between many responsibilities, we have to plan something for retirement days. It is essential to ensure that we have a stable source of income to fulfil our basic needs and unseen expenses. Here we’ll talk about retirement planning so that it would be helpful to plan our future accordingly.
The meaning of retirement planning is that we should prepare today for future life. It’ll help us to meet all our goals and dreams independently. This planning includes setting our retirement goals, estimating the amount of money we’ll need, and starting to invest the amount to grow our retirement savings.
Everyone has unique retirement plans. We all may have specific ideas on how we want to spend our retired life. That’s why it’s necessary to have a plan designed to suit our individual needs. We retire from work, not from life. We all may have a new set of dreams for our post-retirement life.
At the same time, we may also want to maintain our day-to-day lifestyle without worrying about the expenses. Planning will help us define the path to achieving these life goals without any financial dependence.
Here are a few points to show how retirement planning can help us.
- Our savings help us to maintain our standard of living.
- It helps us to fight inflation.
- We can be prepared for a longer life.
- We can be ready for emergencies.
- It plays a significant role to fulfill retirement goals.
Now many investment options are available to help us save for retirement. We can see the options available with higher risks, and others may help us protect our wealth. We should refer to the opportunities which give us money safety. We should look for plans which provide us with a guaranteed regular income for life.
Let’s see the benefits which we’ll get with the retirement plans.
- We’ll get a regular income after retirement.
- Retirement plans provide us with guaranteed lifelong income.
- Retirement plans provide us with safe and secure investments without market fluctuations.
- We can customize our plans as per our needs.
- We get to have the advantage of tax benefits on investments.
National Pension System
National Pension System (NPS) is a retirement plan scheme. The Government of India has introduced it. It facilitates a regular income after the Safer Retirement to the subscribers. Once a subscriber opts for the National Pension System, a unique Permanent Retirement Account Number (PRAN) has been allotted. To encourage savings, the Government of India has reassured the scheme’s security and offered attractive benefits for NPS account holders.
Here we’ll talk about the main benefits of the National Pension System.
- National Pension System is regulated by the Pension fund regulator under the Ministry of Finance, Government of India. NPS Trust adheres to the guidelines through regular monitoring to ensure transparent norms.
- It is a voluntary scheme for all citizens of the country. You can start an NPS account anytime with any specific amount.
- NPS account holder has the flexibility to select or change the Point of Presence, investment pattern, and fund manager. It ensures that we can optimize the returns as per our comfort.
- NPS is one of the economic cost investment schemes available in the market.
- NPS is a portable scheme. NPS account will remain the same whether the change in employment, city, or state.
- NPS account holders can quickly transfer their Superannuation funds to their NPS account without tax deduction.
- NPS offers multiple tax benefits.
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