Are you looking for an online Pension calculator to help with your retirement planning in India? If so, you have come to the right place! This post will discuss the National Pension Scheme or NPS, its features and benefits, and how to use the calculator to plan your retirement. Whether you are about to retire or are already in the planning stages, read on for helpful tips and advice.
What is the National Pension Scheme?
The NPS is a defined contribution retirement savings scheme launched by the Indian Government. It was established to offer disciplined savings during an individual’s working life to ensure a comfortable retirement. The NPS is open to all Indian citizens between 18 years and 60 years. Contributions are made through various investment options, including Stocks, Bonds, and Government Securities.
A portion of the corpus is withdrawn as a lumpsum upon retirement, while the remaining gets used to buy an annuity. The NPS offers several tax benefits, making it an attractive investment option for many savers.
What are the unique features and benefits of the NPS?
The NPS has several features and benefits, making it a worthy investment option. Some of them are:
Tax benefits: Contributions to the NPS are eligible for tax deductions under Section 80C of the Income Tax Act.
Flexibility: Check how the pension income gets paid out: as a lump sum or in installments. You can also change your investment choices anytime.
Portability: The NPS is portable, meaning that you continue contributing to your account even if you change jobs or relocate within India.
What is the NPS calculator about?
Retirement planning is a daunting task, but some helpful tools make the process easier. One of these tools is the NPS calculator. This allows you to input various financial factors, such as your age, retirement age, pension amount, and retirement income, and then estimate how much money you need to save to ensure a comfortable retirement. Also, specify whether you want your pension income to be paid out as a lump sum or in installments.
While the NPS Pension calculator is a helpful tool, it is essential to remember that it is only an estimate. To get the most accurate retirement savings estimate, consult a financial advisor. So, what are you waiting for? Start planning for your retirement today with the online calculator!