It's great that your cousin has paid off their home loan by age 35 and is investing 30% (₹45,000 of ₹1,50,000) of his income for retirement. He is using additional tax exemption under Section 80CCD with ₹50,000 invested in the NPS. His goal is to accumulate ₹5 crore for retirement by age 60, leaving 25 years to invest.
With a ₹45,000 SIP and 12% returns from equity MFs, he will reach ₹8.5 crore. From the NPS, with ₹50,000 annually and 10% returns, the estimated corpus is ₹54 lakh. Note that 60% of the NPS corpus can be withdrawn as a lump sum, with the remaining 40% required to be invested in an annuity.
This story is from the December 19, 2024 edition of Mint Ahmedabad.
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This story is from the December 19, 2024 edition of Mint Ahmedabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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