National Pension Scheme (NPS), a government-sponsored pension scheme, was launched in January 2004 for government employees. It was opened to all sections in 2009. A subscriber can contribute regularly in a pension account during her working life, withdraw a part of the corpus in a lumpsum and use the remaining corpus to buy an annuity to secure a regular income after retirement….(read more)

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Retirement planning is an important aspect of life for everyone. With the advent of technology, the National Pension Scheme (NPS) has emerged as one of the most popular retirement planning options available. This scheme offers a range of benefits to its subscribers, making it an attractive option for retirement planning in 2022.

The NPS was introduced in 2004 and is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It is a voluntary, defined contribution pension scheme, which allows subscribers to build a corpus for their retirement. The NPS offers a range of investment options, such as equity, debt and government securities. The scheme also offers tax benefits to its subscribers.

The NPS offers two types of accounts – Tier I and Tier II. The Tier I account is a non-withdrawable account, while the Tier II account is a withdrawable account. The NPS also offers a range of investment options, such as equity, debt and government securities, which can be used to build a corpus for retirement.

The NPS also offers tax benefits to its subscribers. Under Section 80C of the Income Tax Act, subscribers can claim a deduction of up to Rs. 1.5 lakh for contributions made to the NPS. Additionally, the NPS also offers an additional deduction of up to Rs. 50,000 under Section 80CCD(1B).

The NPS also offers flexibility in terms of withdrawal. Subscribers can withdraw up to 25% of their corpus at the time of retirement. Additionally, subscribers can also opt for a partial withdrawal up to three times in a year.

In conclusion, the NPS is an attractive option for retirement planning in 2022. It offers a range of investment options, tax benefits, and flexibility in terms of withdrawal. Therefore, it is a great option for those looking to build a corpus for their retirement.