Planning retirement is extremely important and crucial these days to have a stable and independent financial future. However, due to increasing inflation every passing year, limited savings amounts in the bank account will not be enough to suffice the complete retirement tenure. Therefore, wise investments need to be made today to receive a decent amount, say 30k pension per month in the future.Read more
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Some investment options can ensure a 30k pension per month after retirement.
One can get Rs. 30,000 pension amount per month or much more, easily if the investment is made systematically. Following are some of the crucial factors that help in determining how much amount an investor can receive as a pension amount after retirement:
The investing age: If the investment is started at an early age, even a small amount can be more beneficial than starting investments later.
Pension option: Your choices of investment play a major role in determining your future pension returns. On the one hand, where equity funds offer high returns and high-risk involvement, many government plans and schemes, on the other hand, offer guaranteed returns with no risk. For example, if an investor wants Rs. 30,000 pension per month, they need to invest approximately Rs. 5,000 per month for around 10 – 15 years.
Tax deductions: If an investor does not plan their investments properly, a huge amount of their savings can go into the income tax. Investments should be diversified so that minimum taxes are levied, and more profits are earned.
Rs. 30,000 per month is not a huge amount, and an investor can easily earn it in the form of a pension if invested wisely. One can consider some investment options to secure a monthly pension of Rs. 30,000 after retirement.
National Pension Scheme or NPS is a PFRDA (Pension Fund Regulatory and Development Authority) government backed, voluntary retirement plan. Under the NPS scheme, investors can allocate a certain amount from their monthly income towards the NPS account during their employment period. At retirement age, the investor is eligible to withdraw up to 40% of the accumulated corpus, and the rest, 60%, needs to be reinvested in the annuity.
Let us understand how to get a 30k pension per month if the investment is made in an NPS scheme through the following example:
Mr. Rahul is 30 years old and wishes to contribute to his NPS scheme till the age of 60 years. Assuming that the expected rate of return on the investment is 10%:
The monthly amount of Rs. 7,000 needs to be invested for the next 30 years till 60 years of age.
The total invested amount will reach Rs. 25,20,000 after 30 years.
The total corpus will be around Rs. 1.59 crores.
It is known that under NPS, a minimum of 40% of the accumulated sum is invested in annuity. The annuity value is now around Rs. 63.82 lakhs approximately.
Expecting an annuity rate of 6%, an investor will receive a pension amount of Rs. 30,000 approximately per month from the NPS scheme.
If an investor wants both insurance and investment benefits, ULIPs or Unit Linked Insurance Plans are the plans they are searching for. This insurance plus investment plan helps in the creation of wealth as well as protects the family of the insured after their untimely demise. Therefore, it is undoubtedly gaining huge popularity these days and is considered one of the best sources of investment for moderate to high risk-taking investors.
The investment amount in the ULIP is divided into 2 parts:
One part of the premium is to provide life insurance coverage.
The other part of the premium is used for debt and equity funds investments to reap financial benefits.
The investor's financial goal should be taken into consideration before deciding the amount to be invested in the ULIP plan.
There are many benefits under a ULIP plan, including easy fund switching, portfolio diversification, choosing funds per your own preference, etc.
An investor needs to invest somewhere around Rs to get a 30k pension per month under a ULIP plan. 7,000 to Rs. 9,000 per month for a period of 10 years and stay in the plan for a total of 20 years. At the end of the tenure, a lump sum payout of Rs. 77 lakhs will be generated.
An investment instrument offered by many banks and other financial institutions in India, Fixed Deposits offer a high rate of interest over a period that can vary from 7 days to 10 years. The Fixed Deposit has a fixed interest rate at the time of opening. As it is not market linked, the rate does not fluctuate as per the financial market fluctuations.
It is extremely easy to buy a Fixed Deposit from any authorized bank or financial institution, and returns can be calculated in a hassle-free manner through the FD calculators.
An investor can put in one-time lump sum money in their FD account for a period varying between 7 days to 10 years and earn decent returns at the end of the tenure.
If Rs. 1 lakh is invested at the rate of 6.5% per annum in an FD for 10 years, the estimated return value on the investment will be approximately Rs. 90,000, making the maturity amount Rs. 1,90,000 approximately at the end.
The main agenda of pension plans or retirement plans is to provide a fixed monthly income to investors even after the retirement age so that the retirement period can be enjoyed freely without any financial baggage. Pension plans help in:
Accumulating savings for a long term period.
Dealing with uncertain and unforeseen financial situations post retirement.
Offering financial cushion.
There are different categories of pension plans available in the market to cater to different requirements of the investor.
Each pension plan comes with its own benefits and returns. In order to attain best out of any pension plan, it is recommended to start investing at the right age.
It is not very difficult for an individual to receive a 30k pension per month if the right investments are made at the right time. But unfortunately, people tend to delay planning about retirement, leading to a stressful life full of financial burdens. Knowing about the life uncertainty, a handful of pension amounts every month is necessary and should be taken with utmost seriousness.
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