Formula to become a Millionaire

Formula to become a Millionaire

Deposit 12,000 rupees every month from the age of 28, make 3,37,00,024 crores, see calculation

If you are a salaried employee earning a moderate salary, then you can understand that balancing your income, expenses and investments is a skill that needs to be learned. If you balance all these three then you are also no less than a financial planner, but if you go a little further and think of creating a fund of crores?

Formula to become a Millionaire

Is there any scheme that can create a retirement fund corpus of crores for you? Actually yes, there are many schemes which can create a huge corpus for you if you start investing on time. We are going to tell you about a low risk and high return scheme here. NPS i.e. National Pension Scheme is one such scheme, which will give you a return of more than 3 crores on retirement.

NPS is a low cost investment tool and you can also save money in tax deduction. This is one of the most preferred schemes for post retirement savings. Usually 9 to 12 per cent returns are available on NPS annually.

NPS Calculator :-

If the age of starting investment is 28 years, then

You have to deposit every month – Rs.12,000

Till when the deposit has to be made – till the age of 60 years

How many years will the money have to be invested – 32 years

If the return is estimated at  10%

Keep annuity- 40%and annuity rate6%and

3,37,00,024 crore will be deposited in your retirement fund

Your monthly pension will be 67,400

Out of this your annuity value will be 1,34,80,010 crores

Lumpsum value will be ₹2,02,20,014 crore

Tax exemption

Tax exemption :-

An advantage of investing in NPS is that you get tax benefits. Employees investing in NPS can get tax exemption of up to 10% of their salary (Basic + DA) under section 80 CCD(1). Under 80 CCE, there is a provision of total exemption up to 1.50 lakh in this.

At the same time, in the contribution being given by the employer over the limit of 1.50 lakh under 80 CCE, up to 10% of the salary (basic + DA) under 80 CCD (2) (if a central government employee then 14 %) can be discounted.

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