i am single age 45 i am investing 120000 in ppf 5000 in nps and my company pf my contribution is up 1,35000 , in mututal fund i invest 5000 per motnth, i donot have pension what should i do more to safe guard my old age expnes
Ans: I have today itself given out an anwer to this which I am reproducing below:
There are various types of pension plans available in the market like those offered by Insurance companies, National Pension Scheme and Mutual Funds.
Insurance offered pension plans could be Immediate Annuity Plan, Guaranteed Period Annuity Plan, Life annuity plan etc which generally offer assured income to you. However, the returns are very low and high taxability make them quite expensive. I feel that the lure of assured income does not fully compensate you for what you lose in the bargain.
I feel that using Mutual Funds to create retirement income is much better alternative since it gives you far greater flexibility of investment, withdrawal, changing course any time as per your requirements and very high tax-efficiency.
Before choosing an option for your retirement, I suggest you to consult with a good financial advisor for the best suitable advice.
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