“It’s better to live rich than to die rich”.
How do we know that when we hit sixty-five or seventy or eighty, there will be a skill that can throw off an income? We need to create a retirement corpus so that by age sixty we are financially free. A person is financially free when you don’t need to work to pay your bills. You should have enough assets that generate enough income today and for the rest of your life. We all know inflation is relentless, and even when the rate of inflation falls it does not mean that prices go down. They just rise more slowly. Getting the right amount of retirement is not tough to crack.
At the age of twenty-five save 25 percent of your post-tax income, at age thirty save 30 percent of your post-tax income, At forty save 40 percent. This formula works if you don’t have a single rupee saved towards your retirement, till you are forty.
The national pension scheme is initiated by the central government. This scheme is where a person needs to invest in a pension account at regular intervals when the employee is working. This program is open for employees from private, public, and even for those who are working in the unorganized sector. After being retired the person can withdraw a certain amount of percentage of their funds. Wherein the person gets benefit under section 80C and section 80CCD. This scheme is portable across all the locations.
There are basically two types of NPS and they have the tire I and Tier II.
NOTE: The tire-I account is mandatory for everyone who opts to invest in the NPS scheme. The central government has to contribute 10% of their basic salary. For the rest of everyone else, investing in NPS is their call.
NPS account is been regulated by PFRDA, one can go for online as well as offline to open this account.
The person needs to pay a fee of Rs. 125 for this.
One needs to make an investment not less than Rs. 250 or Rs. 500 or Rs. 1000 annually.
To open the NPS account manually, one should find PoP- point of presence.
Remember one should update their KYC papers in a bank.
One can invest in NPS through Fisdom .
All that you need to do is download Fisdom app, which is India’s most trusted app, update your KYC and start investing your funds in NPS.
The senior citizens saving scheme is a scheme protected and backed by the government of India to provide regular income for senior citizens of India. Since it is provided by the government of India, this scheme is tax-free, which is been preferred amongst the retired audience.
Note: HUFs and NRIs are not allowed to invest in this scheme.
1. The minimum amount required for investment is SCSS is Rs 1000.
2. The maximum amount should be lower of the two:
If its joint account with a spouse, then the maximum amount is 30 lakhs.
Note: have original identity proof for verification.
Hence it’s clear that NPS provides all the features that SCSS can provide. Also, NPS allows you to earn returns anywhere between 9-15% whereas SCSS helps you earn between 8-9%. Why miss out on the opportunity to earn those extra returns? Additionally, NPS provides tax benefits where one can secure the future after retirement. You can invest your funds through Fisdom after all one should spend their retirement peacefully.
Invest in NPS on Fisdom and enjoy a tension free retirement.
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