National Pension Scheme is a popular pension plan as it offers tax-friendly schemes to senior citizensAfter working hard for several years, retirement is the time we all look forward to.Before planning your retirement, however, there are a few key factors that need to be taken into account. Personal savings, investments, loans, and debts, as well as pension schemes. These key factors can ensure your retirement period is smooth and hassle-free, giving you the opportunity to live with dignity and financial independence. In pension schemes, you can start depositing a small amount of income employee at the start of the career. The primary objective is to ensure you have a steady source of income once you are actively out of employment. Here is a list of pension schemes you can look into for an effective retirement plan: National Pension SchemeNational Pension Scheme, or NPS, is a long-term investment plan. It is regarded as a popular pension plan as it offers tax-friendly schemes to senior citizens. This scheme is a social security plan started by the central government. An employee can avail of this scheme by depositing a portion of their income at regular intervals while they are employed. Post-retirement one can withdraw funds three years after they have completed their service.Senior Citizens Saving SchemeThis pension scheme is backed by the government and offers several retirement benefits. Any resident of India who is above the age of 60 can avail of this scheme by investing a lump sum and get regular income with tax benefits. The SCSS is a post office scheme wherein an account can be opened at any local post office. A minimum amount of Rs 1,000 needs to be deposited at the time of opening an account.LIC Saral Pension SchemeThis one is hassle-free and easy to understand. It is a single premium, non-participating and non-linked annuity plan offered by LIC India. The age criteria for this scheme is between 40 years and 80 years. The minimum payment required to avail of this scheme is Rs 12,000. The mode of payment can be monthly, quarterly, yearly, or half-yearly.Atal Pension YojanaThe Atal Pension Yojana is a retirement-cum-pension scheme that is available to all citizens of India from the age of 18 to 40. The aim of this scheme is to provide the marginalised and low-income groups with post-retirement financial security. In this scheme, the pensioner can withdraw the entire amount of their pension wealth. Also, the government plays the role of co-contributor but only for those who are not covered by any other social security schemes.Pradhan Mantri Vaya Vandana YojanaIt was introduced by the government in 2017 and is specifically designed for senior citizens aged 60 years and above. Pradhan Mantri Vaya Vandana Yojanaoffers returns of up to 7.4% on a monthly basis for a period of 10 years. It is suitable for senior citizens who are vying for a regular source of income. This scheme, however, does not offer any tax benefits.
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