When it comes to securing your retirement, early planning is crucial. The earlier you start, the more your money will grow. In this post, we will take you through the best retirement savings plans to help you create a comfortable future.
1. National Pension Scheme (NPS)
- Returns: 8-10% p.a.
- Tax Benefits: Additional ₹50,000 tax benefit.
- Ideal For: Those who want a steady retirement income.
2. PPF (Public Provident Fund)
- Returns: 7.1% p.a.
- Tax Benefits: Fully tax-exempt.
- Ideal For: Long-term retirement savers looking for risk-free options.
3. EPF (Employees’ Provident Fund)
- Returns: 8% p.a.
- Tax Benefits: Tax-free upon maturity.
- Ideal For: Employees looking for retirement security with employer contribution.
4. Post Office Monthly Income Scheme (POMIS)
- Returns: 6.6% p.a.
- Tax Benefits: Tax-free interest.
- Ideal For: Retirees or those nearing retirement seeking regular income.
5. Annuities
- Returns: Varies by plan
- Tax Benefits: Tax-exempt after the initial contribution.
- Ideal For: Those looking for guaranteed lifetime income.
