If you want your wife to receive a pension of 45,000 rupees every month after she turns 60, you can start depositing 5000 in her name in the National Pension System (NPS) scheme.
The NPS is a voluntary, long-term retirement savings scheme designed to enable systematic savings during your working life. This can ensure a stable financial future for her.
By opening an account in the National Pension System Scheme, your wife can secure a significant amount after reaching 60. You can decide the amount of pension you want to receive every month through the NPS account.
If you consistently invest 5000 rupees monthly, your wife can accumulate a fund of Rs.1.12 crores by reaching 60, assuming a 10% annual return on investment.
This can provide a monthly pension of 45,000 rupees for both of you for the rest of your lives, giving you a hopeful outlook for your retirement years.
It’s a valuable option for ensuring financial security in retirement. By opening an account in your wife’s name, you can mitigate future financial challenges and enjoy a retirement with the peace of mind that comes from knowing you’ve made a sound financial plan.