Retirement: These schemes make you enjoy your old age, they will give you lump sum money and also generate income every month..

It is said that money is the biggest strength in old age. If you want to have the strength of money in old age and you do not need to beg in front of anyone, then for this you need to do financial planning in time. Here you can learn about such schemes which will give you a good amount of funds in old age and can also arrange income for you every month.

SIP+SWP strategy will make arrangements

SIP+SWP strategy can arrange both lump sum amount and monthly income for you in old age. In SIP, every month a fixed amount is invested in mutual funds, and with the return on it, a large amount is collected in the long term. In SWP, the fixed amount is credited to your bank account. You get the amount of SWP by selling mutual fund units. Under the SIP+SWP strategy, you invest in SIP for 20 to 30 years during your job. With this, you can create a very good fund.

After this, when you retire, you will have to choose the option of a Systematic Withdrawal Plan i.e. SWP. The estimated return in SWP is around 8 percent. In SWP, you can choose the withdrawal amount and the period for it as per your needs i.e. 10 years, 20 years, or more. However, this income will be available only as long as you have the funds. If the fund is exhausted, SWP will stop. If your invested amount remains after systematic withdrawal for 20 years, then you can extend the SWP plan further or you can withdraw that amount and use it somewhere else.

NPS will also give retirement funds and pension
NPS i.e. National Pension System is a government scheme that has been started keeping in mind the retirement life of the people. Any Indian citizen can invest in this scheme and arrange for a pension in old age with a good lump sum amount. NPS is a market-based scheme, so its return is not fixed, but in the long run, very good returns can be earned through it. You can take 60 percent of the total amount invested in NPS as a lump sum after turning 60 years old, that is, this amount is in a way your retirement fund. While at least 40 percent of the amount has to be used as an annuity. You get a pension from this annuity. How much pension you will get depends on your annuity.

EPFO also gives retirement funds and pension
If you work in a private company and contribute to EPF every month, then through this also you can arrange for a good retirement fund and pension. The money deposited in EPFO is divided into two parts, one is EPF and the other is the pension fund. If you contribute to EPF for 10 consecutive years, then you become entitled to get pension after retirement. The amount of your pension is decided based on your contribution to the pension fund. To add a good retirement fund from EPFO, you can increase your contribution through VPF.

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