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In today’s world, it is more important than ever to plan for your future. Retirement may seem like a distant reality, but the sooner you start saving, the better off you will be in the long run. Voluntary pension schemes are an excellent way to secure your financial future and ensure a comfortable retirement.

One such option is the New Pension System, also known as the National Pension System (NPS). This system was implemented in India in 2004 and offers a range of benefits for individuals looking to save for retirement. Here’s how you can get started with the New Pension System today.

1. Eligibility: To be eligible for the NPS, you must be between the ages of 18 and 60. You can open an account with any registered Point of Presence (POP) or the National Pension System Trust.

2. Choose your Pension Fund Manager: One of the key features of the NPS is that you can choose your Pension Fund Manager from a list of authorized entities. This allows you to tailor your investment to your risk tolerance and financial goals.

3. Decide your Contribution: You can choose how much you want to contribute to your NPS account on a regular basis. The minimum annual contribution is Rs. 1,000, and there is no limit on the maximum amount you can contribute. You can also make a one-time contribution if you wish.

4. Tax Benefits: Contributions to the NPS are eligible for tax benefits under Section 80C of the Income Tax Act, up to a limit of Rs. 1.5 lakh per year. Additionally, contributions up to Rs. 50,000 are eligible for an additional deduction under Section 80CCD(1B).

5. Monitor and Review: Once you have set up your NPS account, it is important to regularly monitor your investments and review your portfolio. You can make changes to your contribution amount, Pension Fund Manager, and asset allocation as needed.

6. Withdrawal Options: When you reach the age of 60, you have the option to withdraw up to 60% of your accumulated corpus as a lump sum. The remaining 40% must be used to purchase an annuity that will provide you with a regular income stream in retirement.

The New Pension System is a valuable tool for individuals looking to secure their financial future and enjoy a comfortable retirement. By starting early and making regular contributions, you can build a substantial corpus that will support you in your golden years. So don’t delay—take the first step towards a secure retirement by enrolling in the NPS today.