As you approach retirement, ensuring a financially secure future becomes a top priority. Securing Rs 2 lakh per month pension can boost your confidence to live a fulfilled life after retirement. This article will discuss investment strategies, government schemes, and financial planning techniques that can help you achieve this objective.
Peaceful Post-Retirement Life
Tax Free Regular Income
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Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
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There is no shortcut to achieving this feat. If you keep investing for a long period, you can retire with Rs 2 lakh monthly pension.
Here are some tips for you:
It is never too early to start planning for retirement. The earlier you start, the more time you have to accumulate the desired corpus. Starting early gives you the benefit of compounding and also reduces the burden of saving a large amount in a shorter period.
There are various government-run retirement schemes, such as the Employees' Provident Fund (EPF), National Pension System (NPS), and Public Provident Fund (PPF), which offer decent returns and tax benefits. You can opt for these schemes and start investing in them as early as possible to accumulate a substantial amount.
The government offers tax benefits for investments made toward retirement. Make use of these benefits to reduce your tax burden and maximize your savings.
Pension annuity plans offer a fixed monthly pension after retirement. These annuity plans can be a good option for those who want a guaranteed income after retirement.
It is important to plan your expenses carefully and maintain a balanced lifestyle. Avoid unnecessary expenses and prioritize your savings to achieve your goal of a 20k pension monthly.
Here are some investment options to consider for securing a high pension amount:
| Investment Option | Description | Potential Monthly Pension |
| National Pension Scheme (NPS) | Government-sponsored pension scheme that offers two options: Tier-I and Tier-II accounts. | By making substantial contributions to your NPS account, you may be able to generate a monthly pension of 2 lakhs. |
| Fixed Deposits (FDs) | Fixed deposits offered by banks and financial institutions where you can invest a lump sum amount for a fixed tenure at a fixed interest rate. | By choosing a high-yield FD with longer tenure and reinvesting the interest. |
| Mutual Funds | Professionally managed investment vehicles that pool money from multiple investors to invest in a diversified portfolio of securities. | By investing in a well-diversified portfolio of mutual funds and opting for systematic withdrawal plans (SWP), you may be able to generate a monthly income. |
| Real Estate | Long-term investment option that can generate regular rental income. | By investing in properties that provide high rental yields and have the potential for appreciation over time. |
| Annuity Plans | Insurance-based pension plans that provide regular income after retirement. | By investing a significant amount in an annuity plan. |
| SIP | An investment method where you invest a fixed amount at regular intervals in mutual funds, typically monthly. | By investing in SIPs of mutual funds with a target to accumulate a substantial corpus over time, you can generate a monthly pension. |
| ULIPs | Insurance-cum-investment plans that offer market-linked returns and life insurance coverage. | By investing in ULIPs with a suitable investment strategy and tenure, you may be able to accumulate enough wealth. |
| Pension Plans with Guaranteed Returns | Insurance or investment plans that offer guaranteed returns on your investment with a pension benefit. | By investing in pension plans with guaranteed returns, you may be able to secure a fixed monthly pension. |
Here are some of the best pension plans in India available in the market:
Aditya Birla Sun Life Empower Pension Plan
Bajaj Allianz Life LongLife Goal
Bajaj Allianz Pension Guaranteed Pension Plan
HDFC Life Click 2 Retire
ICICI Pru Easy Retirement Plan
IndiaFirst Life Guaranteed Annuity Plan
Kotak Premier Pension Plan
LIC Jeevan Akshay 7 Pension Plan
LIC New Jeevan Shanti Pension Plan
Max Life Forever Young Pension Plan
Max Life Guaranteed Lifetime Income Pension Plan
Reliance Immediate Annuity Pension Plan
Reliance Smart Pension Plan
SBI Life Saral Retirement Saver
Tata AIA Life Guaranteed Monthly Income Plan
With a pension calculator, you can get an idea of how much you need to save each month to reach your desired retirement income goal. By regularly reviewing your results and making adjustments to your savings plan, you can ensure that you are on track to achieve your retirement goal.
Achieving a monthly pension of 2 lakhs requires careful planning, disciplined saving, and smart investment choices. It is essential to start early and consistently contribute to a well-diversified investment portfolio that aligns with your risk tolerance and financial goals.
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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