Unlock a Secure Retirement: 5 Monthly Pension Schemes You Can’t Miss

Planning for retirement can be daunting, but securing a steady monthly income makes it easier. Investing in schemes that offer good returns ensures a regular income stream and builds a solid financial cushion for your golden years. Here are five fantastic schemes that promise reliable monthly pensions, ensuring you enjoy your retirement without financial worries.

1. Atal Pension Yojana (APY)
Perfect for Non-Taxpayers

If you’re looking for a simple and secure way to arrange a steady income post-retirement, the Atal Pension Yojana is ideal. Available for individuals aged 18 to 40, this scheme requires small monthly contributions until you turn 60. Depending on your contributions, you’ll receive a monthly pension between Rs 1,000 and Rs 5,000. It’s a straightforward path to financial independence in your later years.

2. National Pension System (NPS)
Flexible and Lucrative

The National Pension System is a market-linked government scheme suitable for any Indian citizen aged 18 to 70. It offers a flexible investment approach until you reach 60. In emergencies, you can withdraw up to 60% of your contributions. The remaining 40% is converted into an annuity, which forms the basis of your pension. The higher your annuity, the larger your monthly pension will be.

3. Systematic Withdrawal Plan (SWP)
Tailored to Your Needs

If you’ve been diligent with your savings through mutual fund investments, a Systematic Withdrawal Plan can provide a fixed monthly income. With substantial funds invested during your working years, you can opt for an SWP, where you receive monthly payments by selling mutual fund units. This plan continues until your fund is exhausted. Customize your withdrawal frequency and enjoy a tailored financial plan for your retirement.

4. Employee Provident Fund Organization (EPFO)
Reliable for Salaried Employees

For salaried employees contributing to the Employee Provident Fund Organization, the Employee Pension Scheme (EPS) offers post-retirement social security. To qualify, you need to have contributed for at least 10 consecutive years. Your pension amount is determined by your contributions, providing a reliable monthly income upon retirement. It’s a trusted option for many private sector employees.

5. Post Office Monthly Income Scheme (POMIS)
Secure and Government-Backed

The Post Office Monthly Income Scheme is a safe bet for those seeking a government-guaranteed deposit option. You can open single or joint accounts with maximum deposits of Rs 9 lakh for single accounts and Rs 15 lakh for joint accounts. With a five-year term and a current interest rate of 7.4%, a joint account can yield up to Rs 9,250 per month. At the end of five years, you can renew the scheme by opening a new account, ensuring continuous income.

By investing in these reliable schemes, you’ll secure a steady monthly income, giving you the freedom to enjoy your retirement without financial stress. Choose the plan that fits your needs and look forward to a comfortable and independent future.