Retirement Planning: If you are planning for retirement, then Provident Fund can be very useful for you in your old age. Let us tell you how you can become a millionaire with the money of Provident Fund.
Don’t panic about retirement plan, you can create a fund of 3 crores like this
Retirement Planning: If you do not want to face any problem in old age, then you should start collecting funds for your retirement from today. By the way, planning for retirement as soon as one steps into professional life (Retirement Planning) should be started. Because it is true that one day everyone has to retire and when you retire, your body will not be so active that you can earn by running. With time, the means of earning ends and the expenses go on increasing. That’s why you should start planning for your retirement from now itself.
If you are not investing for retirement Provident Fund It can be of great use to you in your old age. You can become a millionaire with the money of provident fund. That’s why you should try not to touch the provident fund money. Let us tell you that you can live a luxurious life after retirement only on the basis of provident fund.
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This is how a fund of crores will be made
If you start working at the age of 25 and your basic salary is Rs 20,000 per month, then Rs 4800 will be deposited in your PF account every month. In this, 12% is yours and 12% is the share of your company. In one year, Rs 57,600 will be deposited in your PF account as a fund. Similarly, after 35 years, on retirement, you will have a fund of Rs 2 crore. If the interest is calculated on this, then this fund will reach close to three and a quarter crores. At present, the interest rate on PF is 8.5% per annum.
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keep these things in mind
Do not touch the money deposited in Provident Fund under any circumstances. If once you disturb this fund, then your retirement planning will be affected. Withdrawing money on need can reduce the savings of old age. Even if you withdraw only a few thousand rupees from your PF, but its effect on retirement is manifold.
If you change jobs, do not forget to transfer the EPF account to the new company’s account. If the transfer is not done, interest will be available on the new account, but interest will stop on the old account after 3 years. You can transfer EPF account very easily through UAN.