How to Get a ₹10000 Pension Per Month?

​One of the most common questions people nearing retirement age ask is, “How to get pension of ₹10,000 per month?” Having a pension during your retirement years offers peace of mind. It is something that shields you financially after you have spent a big part of your life working and earning money.

Although there are professions that provide pensions after retirement; however, the majority of them do not. But that is no reason you cannot get yourself monthly financial aid after you stop working. There are several schemes that you can invest in during your earning period to avail yourself of the benefits of a pension during your retirement.

Ways to Get a ₹10,000 Pension Per Month

There are quite a few ways to get a ₹10000 pension per month, and the secret really lies in knowing where to invest your money. Have you thought about government-backed schemes? They’re quite popular, offering safety and security. But maybe you’re curious about market-linked options, too? These can be a bit riskier but potentially offer higher returns. Or why not go for a mix of both? That way, you can balance the safety of one with the potential of the other. Each option has its own level of risk and return. Intrigued? Read along to find out which might be the best fit for you.

Investment Options for Building a Retirement Corpus

You might be thinking, “How do I even start saving to get that ₹10,000 pension per month?” The good news is that there are several retirement plan insurance options designed to help you achieve a desired amount of pension every month. These options not only offer regular monthly income but also come with certain tax benefits. Check them out:

Pension Plans

First, in the list of investment options, you have pension plans. They’re one of the simplest ways to make sure you have a steady income during retirement. Basically, you pay premiums over a fixed period, and when you retire, the insurance company gives you a monthly pension. Many insurance companies offer these plans, and depending on how much you invest, you will receive a pension per month.

National Pension System (NPS)

Gaining more and more popularity these days, the National Pension System (NPS) might be just what you need. It allows you to set aside an amount regularly while you’re still working. When you retire, a portion of your savings can be used to buy an NPS annuity, ensuring you a monthly pension. It gets better since the returns are market-linked; there’s a chance your retirement corpus could grow over time.

Mutual Funds

If you’re comfortable with a bit of risk, mutual funds are another great option for building a retirement corpus. Reiterating, yes, they come with market risks, but investing in a Systematic Investment Plan (SIP) could help you build a corpus enough to cover your needs during retirement. Over time, you could generate a monthly income of ₹10,000 or even more! The trick is to invest regularly and let the magic of compounding take care of the rest.

Post Office Monthly Income Scheme (POMIS)

Looking for something more secure? The Post Office Monthly Income Scheme (POMIS) might be just the right fit for you. It’s one of the safest investment options out there. While the returns might not be as high as some market-linked options, it does offer a steady monthly payout. If security is more important to you than high returns, this could be just the plan you need.

Senior Citizen Savings Scheme (SCSS)

Once you hit 60, you can opt for the Senior Citizen Savings Scheme (SCSS). It’s a government-backed scheme offering attractive interest rates with low risk. You can invest a lump sum and receive regular payouts that can add up to a ₹10,000 pension per month, depending on the amount invested.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Here’s another safe bet if you’re nearing retirement. Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension plan designed for senior citizens. By investing in a lump sum amount, you can secure a monthly pension, which might help you reach your goal of ₹10,000 per month.

Employee Provident Fund (EPF)

Are you salaried? If so, you’re probably already contributing to your Employee Provident Fund (EPF). With regular contributions from both you and your employer, your EPF corpus can grow substantially. Upon retirement, you can withdraw a portion of the accumulated funds, and the rest can be used to generate a steady pension.

How to Plan for Monthly Income After Retirement?

So, now you know how to get pension of ₹10,000 per month, but how do you plan? The key is to start early and diversify. Don’t put all your eggs in one basket. A combination of NPS, mutual funds, and SCSS might give you the perfect balance of risk and security, helping you achieve that ₹10,000 pension per month. Calculate how much you need to invest now based on your retirement goals and current age.

Conclusion

Figuring out how to get pension of ₹10,000 per month might seem overwhelming, but with the right investment strategy, it is absolutely doable. Whether you prefer low-risk options like POMIS or SCSS, or want to explore market-linked returns through NPS and mutual funds, the key is to start now and plan wisely! Your choice today can help you plan a retirement for your loved ones or enjoy your retirement days comfortably.

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