PERSONAL FINANCE
Now if you want to become a crorepati through NPS, then its method is very easy, just a little trick is needed.
Retirement planning is advised to be done when you start earning, as it allows you to accumulate a huge amount till retirement. National Pension System is one such option in which you can invest in lump sum as well as arrange monthly pension after your retirement.
If you can save just Rs 74 a day and put it in NPS, then you will have Rs 1 crore in your hands till retirement. If you are 20 years old, you can start planning for your retirement from now, although people usually do not work at this age. Still, saving Rs 74 a day is not a big deal.
NPS is a market-linked retirement-oriented investment option. Under this scheme, NPS money is invested in two places, Equity i.e. Stock Market and Debt i.e. Government Bonds and Corporate Bonds. You can decide how much of the NPS money will go into equity only during account opening. Usually, up to 75% of the money can go into equity. This means that in this you are expected to get slightly higher returns than PPF or EPF.
Now if you want to become a crorepati through NPS, then its method is very easy, just a little trick is needed. Suppose you are 20 years old at this time. If you invest in NPS by saving Rs 74 for the day i.e. Rs 2,230 for the month, then when you retire after 40 years, you will be a crorepati. Now suppose you got a return at the rate of 9%. So when you retire, your total pension wealth will be Rs 1.03 crore.
Start investing in NPS
Notably, you cannot withdraw all this money at once, you can withdraw only 60 per cent of it, the remaining 40 per cent you have to put in an annuity plan, from which you get a pension every month. Suppose you put 40% of your money in an annuity. So when you are 60 years old, you will be able to withdraw a lump sum amount of 61.86 lakhs and assuming the interest is 8%, then every month pension will be around Rs 27,500.
Since it is a market-linked product, the returns may vary. The mantra of any investment is to start investing in it early.
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