Pension Awareness Day: Everything you need to know about NPS Diwas

 Money cannot buy you all the happiness in the world", said a man who probably had a lot of money. The problem really is not having any of it. When one doesn't have enough money, it becomes the source of a lot of pain, frustration and anger. All our problems seem to revolve around not having enough of it. Once an individual becomes financially independent, all their decisions are not solely based on money. Being financially well means you have your finances in order and the mental and physical stress you feel from monetary issues are minimal. Becoming financially well isn't an overnight thing you can achieve but you can slowly build your finances towards independence. There are concepts like Time value of money, Inflation rate, compound interest that can make it or break it for you. Here are some important steps that you can take to feel financially stress free: Creating an Emergency Fund This is a Pension fund that is to be used only under dire circumstances. This fund i...

What is a Pension? pension is your monthly income from your Retirement Planning savings or the goverment’s pension program in simple words, pension=retirement income it’s like your salary post retirement simple enough? Let’s dive deep into “How did it all start”! History of Pension Romans pioneered the first ever recognizable Best pension in history. In 13 B.C. Augustus had created a pension plan in which retired soldiers received a pension after 16 years of service in a legion and four tears in the military reserves. Evan after 2000+ years, pension is still practiced by leading institutions around the globe. the Indian National Army is an exemplar that provides retiring pension to officers on completing a minimum qualifying service of 20 years(15 years in case of the late entrant). Germany,United Kingdom,Ireland & the United States were the few nations to build a pension system for the retired workforce. Pension in India India’s...

Before you start reading about the reasons we want you to understand that retirement is a universal phenomenon. Everyone around the world including you will age and hence retirement planning is not a choice but a necessity. At My PensionBox , we simplify the process of retirement planning with PensionBox & make sure you make better decisions to live a better life. For centuries,Indians have lived a comfortable and simple life as elderly but today's fast paced world and changing dynamics of the society have posted challenges that were never faced before.And hence, it needs to be addressed with Best Pension Plans open dialogue and collective efforts.   Reason1: India's elderly (age>60) are living alone. Reason2: Indian women need retirement income. Reason3: we are aging,yes all of us. Reason4: The Goverment's support is not enough. Reason5: It's the right thing to do,period. If you have question after reading the blog, we are here for you just drop us a note or...

  Pension is your income when you decide to leave the workforce. Simply put it’s the money you get every month without work. Now the important part is how much pension is enough? To answer that we have two generic methods to calculate your private pension needs. We have seen that some can live on ₹ 20,000 per month & others need ₹ 1,00,000 to maintain their lifestyle. In short, Pension needed depends on you, your way of life, your current age, your retirement age, inflation (mehgayi), expected rate of return in Get early retirement & 10 more factors. Before we start, let’s assume you are Ramesh or Rashmi or Prof. X: You are 30 years old & works as Manager at an MNC Your current Income = ₹ 10,00,000 annually & expenses = ₹ 50,000 monthly You get an average 10% hike on the yearly package and the rate of inflation in India is 6% Your desired retirement age is 55 Looks like now we know you & we are ready to see how different methods calculate you...

  The Pension Fund Regulatory and Development Authority (PFRDA) has kickstarted a campaign under ‘Azadi Ka Amrit Mahotsav’. 1st October 2021 as the National Pension System Diwas (NPS Diwas) to promote pension and retirement planning for a carefree ‘azad’ retirement. Why is NPS Diwas important for India? We believe India is at a historic turning point where we have the highest number of working forces in the world and a growing number of dependent elderly populations. Need to become financially independent in elderly years is the need of the hour and is going to grow in millions in coming years. PFRDA’s NPS Diwas is a step towards promoting and creating awareness in our people so that they know what’s important and what to do next to get there. PFRDA leading the flag with multiple companies promoting retirement planning will definitely create a wave of thoughts in the general public to at least start thinking about pension planning .     What is Pension Fund Regula...