Retirement Planning

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Retirement Planning

You can consider putting this money into a fixed deposit or a liquid mutual fund for safety and easy access.

Updated : Sep 01, 2023

I’m a senior citizen and have Rs 60 lakh in FDs. How can I generate more income for a comfortable retired life?

In this edition of Ask Money Today, read all about retirement planning and how you can ensure that you don’t have to fret

India, a country with a population exceeding 1.3 billion, is home to 138 million senior citizens, as per the latest Census records.

Updated : Aug 25, 2023

Insurtech firm Plum finds a healthcare paradox: Only 2% of senior citizens have health insurance in India

The senior citizen cohort is expected to surge to around 194 million by 2031

You must speak with your lenders about ways to make the payments easier – restructuring, refinancing to a lower rate, EMI reduction or tenor enhancement, etc.

Updated : Aug 24, 2023

I’m a 55-year-old govt employee, and 70% of my salary goes towards repaying four loans. Should I take VRS?

In this edition Ask Money Today, find out how you should plan your finances such that you are not deep in debt

For your foreign vacation every three years, we suggest you put away your remaining surplus of Rs 1.2 lakh per year in an SIP of Rs 10,000 per month in a top-performing balanced advantage fund.

Updated : Aug 22, 2023

I’m 65 and get a monthly pension of Rs 40K. I have invested Rs 24 lakh in SCSS, POMIS. How can I plan two vacations in a year?

In this edition of Ask Money Today, find out how retirees can plan a vacation abroad every year

To plan your retirement effectively, you will need to consider multiple factors—things like your post-retirement lifestyle, inflation, existing provisioning, and your target retirement age, etc.

Updated : Aug 16, 2023

Can millennials prepare themselves for retirement at 60 by investing Rs 5,000 a month today?

One must remember that with life expectancy increasing, the retirement phase will get longer so retirement planning is critical

Here are 14 common mistakes people often make due to the distant goal. Therefore, identifying pitfalls and avoiding them is essential

Updated : Aug 14, 2023

Retirement Roadmap: 14 mistakes you must dodge

Here are 14 common mistakes people often make due to the distant goal. Therefore, identifying pitfalls and avoiding them is essential.

If you consistently invest Rs 50,000 per year for the next 30 years, your initial investment of Rs 15 lakh will grow into a substantial corpus of Rs 1.10 crore.

Updated : Aug 11, 2023

I am 30 and save Rs 50,000 every year in NPS for tax purposes. How much pension will it earn me at 60?

When you turn 60 you have two options; you can either use 40% of corpus to buy an annuity plan and withdraw the remaining as a lump sum or you can use the whole corpus to purchase an annuity plan

If a subscriber decides not to withdraw the entire NPS corpus at the age of 60, they can defer the lump sum withdrawal until the age of 70.

Updated : Aug 03, 2023

National Pension System: 7 amazing facts about NPS that you probably didn’t know

Upon turning 60, a subscriber has to use at least 40 per cent of the NPS corpus to purchase an annuity from a life insurance company and can withdraw up to 60 per cent as a lump sum, which is tax-exempt

If you choose Life-Long Pension without Return of Principal Amount option, you will receive pension for your entire life, and no amount will be payable to anyone on death.

Updated : Aug 03, 2023

I’m 66 and want to exit with Rs 10 lakh in NPS and start my pension. How much can I get per month from NPS?

In this edition of Ask Money Today, read about the options offered under the NPS when you choose to start receiving pension

The slow speed of the software impacts the timely servicing and processing of claims and requests by members

Updated : Jul 26, 2023

System reboot: EPF Officers’ Association highlights glitches in IT system, infrastructure

Writes to labour minister seeking an upgrade of the retirement fund manager’s IT system and infrastructure

The EPFO payroll data is considered a high frequency measure for formal sector job creation in the economy

Updated : Jul 20, 2023

EPFO registers 0.88 million new members in May

The EPFO payroll data is considered a high frequency measure for formal sector job creation in the economy

Since retirement planning is a long-term goal, building the corpus with equity and debt is prudent.

Updated : Jul 20, 2023

I’m a 30-year-old private sector employee, and I want to retire at 45. How should I plan for this?

In this edition of Ask Money Today, read about how you should go about deciding on your retirement age, and how you can meet that goal

Experts suggest one must check their investment portfolio periodically and make necessary adjustments based on prevailing economic conditions and retirement goals.

Updated : Jul 18, 2023

How does inflation impact your long-term retirement savings?

Here is what you can do to safeguard your investments from price rise

Previously, the process for submitting a joint application by employees was quite complicated

Updated : Jul 10, 2023

Higher Pension from EPFO: List of documents needed to apply for higher EPS as deadline ends tomorrow

Subscribers can now conveniently apply through the EPFO’s Unified Member portal, where they can access the option labelled ‘Pension on Higher Salary’

You can open new PPF and NPS accounts and start contributing at your convenience.

Updated : Jul 04, 2023

I am a 61-year-old retired govt employee and have closed my PPF and NPS accounts. Can I reopen both after retirement?

In this edition of Ask Money Today, find out what you can do if you find employment after retirement

On Thursday, the Finance Ministry tweeted that the news report is false.

Updated : Jun 22, 2023

Tweaks in NPS? Finance Ministry denies report, says committee still deliberating clauses

The Centre has been concerned over the current pension system after some states switched back to the older pension system (OPS).

The move comes after the government set up a committee in April to review the pension system

Updated : Jun 21, 2023

Tweaks in NPS? Central govt likely to offer assured base pension, says report

The current National Pension Scheme requires employees to contribute 10 per cent of their basic salary. In comparison, the old pension scheme subscribers don’t have to contribute anything during their working life.

Updated : Jun 16, 2023

Here is how to access your NPS transaction statements through DigiLocker

Subscribers can download the e-PRAN and account statement by searching for PFRDA in DigiLocker

The choice of SLW at periodic intervals through automation will give subscriber flexibility, provide liquidity, and optimise retirement benefits.

Updated : Jun 14, 2023

Should senior citizens opt for the new NPS systematic lumpsum withdrawal option?

Withdrawal at periodical intervals through automation would add flexibility, provide liquidity, and optimise retirement benefits

While APY has generated 9 per cent return, the National Pension System (NPS) have given more than 12 per cent returns (in equity) since its inception.

Updated : Jun 08, 2023

PFRDA chairman says regulator may soon offer an assured return scheme

It has set a target of enrolling 13 million under the Atal Pension Yojana in FY24, compared with 12 million in FY23

The Systematic Lumpsum Withdrawal feature will allow NPS subscribers to opt for periodic withdrawals, like monthly, quarterly, half-yearly, or annually

Updated : Jun 07, 2023

NPS withdrawal rule set to change: Centre may introduce periodic withdrawal of funds instead of lump sum

Currently, NPS subscribers, after attaining the age of 60 years, can withdraw up to 60 per cent of the retirement corpus as a lump sum.

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