We are very bad at creating the most important thing we should not be which is called Savings. Wasting money on non-useful things is a hobby for most of us. We want a bank account full of balance, but once that comes, it flows out like a roaring river.
But on second thought desires are a little hard to contain and one cannot suppress them for too long. So, the least you can do to save your future and sustain a wealthy lifestyle after retirement is to invest in one of the few government-backed less expensive and safest retirement options. Let’s take a detailed look at what they are.
Top 3 Safest Retirement Options to Secure Your Future Wealth
1. National Pension Scheme or NPS
The National Pension Scheme is an amazing opportunity for all working-class retirement planners to sustain a standard comfortable lifestyle even after retirement. By investing small annually, an investor can expect a lucrative amount of monthly pension which will be a portion of both his accumulated savings in an NPS account and the interest earned on it. The subscribers can be both Government and Private organisation employees.
2. Public Provident Fund
“Section 80C of the Income Tax Act of 1961 allows for contributions to the Public Provident Fund (PPF), a government-sponsored savings program. By investing in PPF, you can reduce your yearly tax liability by up to Rs 46,800. These accounts have a 15-year lock-in term and allow annual contributions of up to Rs 1,50,000. PPF investments provide a rewarding rate of return, making them a great tool for saving for retirement. These are reasons why PPF is one of the safest retirement options for the working class.
3. Mutual Funds
“Mutual funds allow you to diversify your holdings across a wide range of asset categories, which could lead to higher returns. Equity has a proven track record of being the highest-performing asset class over the long term, according to historical statistics, and can generate wealth for investors over a lengthy investment horizon.” In the long run, mutual funds are the best
