Key Points
One of the most important of these goals is to save for your retirement, however, this is probably one of the most neglected money goals for most people...
However, depending solely on your EPF contribution for post-retirement earnings is not a good idea.. So, if you want to know how much to save for retirement, read on..
"National Pension System (NPS) is a voluntary retirement savings scheme laid out to allow the subscribers to make defined contribution towards planned savings. At the time of normal exit from NPS, the subscribers may use the accumulated pension wealth under the scheme to purchase a life annuity from a PFRDA-empaneled life insurance company apart from withdrawing a part of the accumulated pension wealth as lump-sum, if they choose so..
Voluntary savings. This could be your investments towards any financial product like the Public Provident Fund (PPF), NPS, Atal Pension Yojana, retirement plans of mutual funds, pension plans of insurance companies, bank fixed deposits or through any other scheme where funds are earmarked for one's retirement...
The need to save properly after estimating your post-retirement needs is what makes your voluntary savings an important route for building a good enough retirement corpus...
