Want to secure your finances before retirement? Check these government pension schemes

One of the major challenges of retirement is maintaining financial stability. People must remain financially secure before choosing to retire. Their only choice is to rely on pensions because their other income sources are running out. This pension is the only source of income for senior persons, allowing them to maintain a steady standard of living as they age. To take benefit of pension plans in later years, one must make wise investments. But pensions are shrinking in both the public and commercial sectors. Keeping that in mind, the government has developed a variety of unique pension plans to guarantee the stability and financial security of the country’s elderly population after retirement. Here are some of such government retirement schemes that senior citizens can opt for: National Pension Scheme (NPS): The NPS is considered the government’s most well-known pension plan for seniors. This pension program puts a significant emphasis on voluntary payments, which provide numerous benefits to members. The NPS was only available to government employees when it was originally launched in 2004. But in 2009, it was broadened to cover all private sectors and industries. The Pension Fund Regulatory and Development Authority (PFRDA) is in charge of the NPS, which was established specifically to provide elderly people with financial security after retirement. Members of the program can deposit regularly in their NPS accounts while they are still working, which allows them to save money for their retirement. Pradhan Mantri Vaya Vandana Yojana (PMVVY): This government-sponsored pension program ensures retirees’ social security and financial security through offers from investment profits. The program, which provides guaranteed earnings for 10 years, is exclusively offered by India’s largest insurer LIC (Life Insurance Corporation of India). Varishtha Pension Bima Yojana (VPBY): Varishtha Pension Bima Yojana, a government pension program, offers guaranteed returns and financial security. The program offers older members rapid annuity options as a form of an annuity payout. The VPBY, also referred to as LIC VPBY, is provided by LIC, and the customer is obliged to pay the premium of their choice at the start of the policy. Atal Pension Yojana: Though there are several pension schemes in India, few of them provide benefits to low-income people, especially those who work in the informal sector. The Atal Pension Yojana stands out as an exception. This government-sponsored pension program encourages employees and labourers to save voluntarily for their retirement through small monthly payments. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.