Blog 28 - 'Age 60 Years'

“Hello, Did you get the claim file from Mr. Deshpande?” “Please check the case papers” “ The case is a bit complicated” Ashokrao was instructing his staff. This is our Ashokrao, age – 60 plus, but yet so energetic, he would run to catch the local train and munch on mutton like a youngster. He spent his youth searching for a job and traveling by train. Because his father lost his job abruptly, he had to shoulder the responsibility of the family a bit too early. He was never satisfied with his job. He could never come to terms with the shift duties, untimely meals, irregular sleeping patterns, and frequent changes in the weekly offs. All was chaos. Fortunately, he got an opportunity in a business, and he made a fortune out of it. In a very short span, he had uplifted his monetary status, and his lifestyle got his son properly educated, and later he too joined him. Eventually, they had their own office. Everything was now very good and well set! Ashokrao had found a rhythm in his life and in his business. While he was busy getting settled in life, he had missed planning for a secure source of income after retirement, among other things. Though he had his own business, he yearned to have a permanent and assured income for himself and his wife. And with a well-set earning source and reduced responsibilities, he could afford to think for himself. So friends, do you think this is possible at the age of 60? Yes, It is possible! I will explain you how!! That is, if Ashokrao has to make provision for a permanent pension for himself and his wife, he can invest in the NPS scheme even from the age of 60 and onwards. He can invest for the next 10 years regularly and start earning a pension from the age of 70. He can invest a maximum of 75% of his amount in equity under the Active choice option. And besides this, he can claim tax benefits under section 80CCD (1B), and, moreover, this tax benefit shall be over and above ₹. 1.5 Lacs, u/s 80C. So! What are you waiting for?