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On 10 December 2018, the Government of India made NPS an entirely tax-free instrument in India where the entire corpus escapes tax at maturity; the 40% annuity also became tax-free. [11] Any individual who is a subscriber of NPS can claim tax benefit for Tier-I account under Sec 80 CCD (1) within the overall ceiling of ₹1.5 lakhs under Sec 80 ...
The employee contributes 10% of his gross salary to the system while the employer contributes a matching amount. At the official age of retirement, the employee can withdraw 60% of the amount as a lump sum while 40% needs to be compulsorily used to buy annuity that will be used to pay a monthly pension. The system tries to achieve a target of ...
Retirement planning, in a financial context, refers to the allocation of savings or revenue for retirement. The goal of retirement planning is to achieve financial independence. The process of retirement planning aims to: [1] Assess readiness-to-retire given a desired retirement age and lifestyle, i.e., whether one has enough money to retire
The 2024 presidential election is approaching, and many of us are concerned about what this might mean for our retirements. While it's natural to feel concerned about political changes, financial...
Retirement planners were once reserved for people who'd already accumulated a good deal of wealth, but they're far more accessible -- and affordable -- these days. This is good news for anyone...
What sets high-net-worth individuals apart when planning for retirement? It's not fancy investments or exclusive strategies -- it's the way they rely on detailed, comprehensive financial plans....
The EPFO administers the retirement plan for employees in India, which comprises the mandatory provident fund, a basic pension scheme and a disability/death insurance scheme. It also manages social security agreements with other countries.
Planning for retirement can be a complicated process, full of in's and out's along the way, well before you work your last day on the job. During that time, chances are you are saving and adding to...