Monthly savings that a 30-year-old investor needs to get a 5,000 pension
Atal Pension Yojana Calculator (APY): The Pension Fund Development and Regulatory Authority (PFRDA) managed by Atal Pension Yojana is a centrally supported pension scheme. The PFRDA manages the APY scheme through the architecture of the National Pension System (NPS). This is a social security scheme aimed at providing financial support to an employee after retirement. According to the APY table, you have to contribute a monthly amount to obtain a monthly pension of ??1000 to ??5,000. The monthly contribution will depend on the age of the APY subscriber at the time of opening the account.
Speaking on the APY scheme; SEBI Registered Tax and Investment Expert Jitendra Solanki said: “Atal Pension Yojana aims to provide financial support through a monthly pension to investors after retirement. certified copy of PAN map and Aadhaar map. When presenting these documents, the applicant is advised to keep the original PAN and Aadhaar card with him. When opening the APY account, the APY scheme offers the investor the possibility of choosing the monthly pension ( ??1000, ??2000, ??3000, ??4,000 and ??5000) that they would like after retirement. The monthly contribution to the APY account will depend on the monthly pension chosen by the investor and his age when opening the account. “
On how the monthly contribution is decided in the APY scheme, Jirendra Solanki said: “There is an APY table approved by the PFRDA. This table clarifies the monthly contribution to be paid. According to the APY table, an 18-year-old investor will have to contribute ??210 per month, if he wishes ??5000 monthly pension after retirement. ”He stated that the APY subscriber is required to continue investing until he reaches the age of 60. After that he will receive a monthly amount according to the chosen monthly pension.
If an investor is behind in planning for retirement, in this case APY has planned for them, but they will have to pay a higher monthly contribution as the investment period will be shorter. Suppose an investor wants to open an APY account at the age of 30, in this case the investor will have 30 years to invest. According to the APY chart, the investor will have to contribute ??116 per month for ??1000 pensions, ??231 for ??2000 monthly pension, ??347 for ??3000 monthly pension, ??462 for ??4000 monthly pension and ??577 for ??5000 monthly pension.
Thus, according to the APY chart, a 30-year-old investor will have to contribute ??577 per month in gt ??5000 monthly pension.
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