For those who want to invest their funds for the long term, pension plans could be a good idea.
The government offers two popular pension schemes National Pension System (NPS) and Atal Pension Yojana (APY).
A retirement corpus works best when its seeds are sown at a young age and the corpus is nurtured carefully with regular investments over a long period
The need to save for retirement is a recurrent theme in the discourse for financial independence, but very few make a disciplined investment.
Building a sizeable retirement corpus needs strict and disciplined financial planning and discipline over a long time period of time.
Money9 Helpline hosted Optima Money Manager's Pankaj Mathpal to resolve all the queries related to NPS and retirement funds.
The government also hiked the contribution of public sector banks for employee pensions under NPS to 14% from 10% earlier.
Retirement goals: Early retirement needs both strict financial planning and discipline over a long time period.
The entire maturity sum can be withdrawn from EPF account on maturity. In NPS, it is mandatory for 40% of the matured amount be invested in annuities
Both NPS and ULIP feature among the most popular tax-saving options.