Pension: If you are worried about retirement, then you can open an account in this government scheme in your wife’s name. Let us tell you that through this scheme you will earn Rs 47,066 every month. To know the complete details related to this government scheme, read the news completely.
National Pension System: Everyone does future planning. Everyone also looks for their retirement plan. But, often people do not know the right tool. If you are worried about your retirement, your wife can solve this problem. If you open this special account in the name of your wife, the problem will be solved. National Pension System or National Pension Scheme (NPS) is one such scheme, in which not only you but your wife can also help in making money.
New Pension System (NPS) account can be opened in the name of wife. NPS account will give a lump sum amount to the wife at the age of 60 years. Apart from this, you will get the benefit of pension every month. This will be the wife’s regular income. The biggest benefit of NPS Account is that you can decide yourself how much pension you want every month. With this, there will be no money tension at the age of 60.
Open NPS account in wife’s name-
New Pension System (National Pension Scheme) account can be opened in the name of wife. As per convenience, you get the option to deposit money every month or annually. NPS account can be opened in the name of wife with even Rs 1,000. NPS account matures at the age of 60 years. Under the new rules, if you want, you can keep running the NPS account till the wife turns 65 years of age.
But, how will money be made from NPS?
Suppose your wife is 30 years old and you deposit Rs 5000 every month in NPS account. Your annual investment will be Rs 60 thousand. Continue investing for 30 years. Overall your investment will be Rs 18 lakh. But, money will be made now. At the time of retirement, you will have a huge corpus of Rs 1,76,49,569. Of this, Rs 1,05,89,741 will be received only from interest.
Here we have kept the average interest at 12 percent. Now compounding works. Even if the investment was Rs 18 lakh, compounding took your money to more than Rs 2.5 crore (Rs 1,76,49,569).
Now understand how the pension formula will be decided?
The biggest benefit of NPS Account is that you can decide yourself how much pension you want. When your wife’s account matures at the age of 60, you will get Rs 1,05,89,741 in lump sum. This is the money which is made from interest. Invest the remaining Rs 70,59,828 in annuity plan. We have kept the annuity at a minimum of 40 percent only. The annual annuity rate has been kept at 8 percent.
A fund of ₹ 1.76 crore will be created with a monthly investment of ₹ 5000-
How much lump sum amount will be received and how much pension? We have done the calculation using HDFC Pension’s NPS calculator.
- Age – 30 years
- Total investment period – 30 years
- Monthly contribution – Rs 5,000
- Estimated return on investment – 12 percent
- Total pension fund – Rs 1,76,49,569 (on maturity)
- Annuity plan of Rs 70,59,828 (40%)
- Estimated Annuity Rate 8 percent
- Monthly Pension- ₹47,066
The central government runs the scheme-
NPS is the Social Security Scheme of the Central Government. The money you invest in this scheme is managed by professional fund managers. The central government gives this responsibility to these professional fund managers.
In such a situation, your investment in NPS remains completely safe. However, returns on the money you invest under this scheme are not guaranteed. According to financial planners, NPS has given an average annual return of 10 to 12 percent since its inception.
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