NPS calculator is an online tool offered by various banks that helps you to estimate the amount of pension and the lump sum amount that you will get when you retire at the age of 60 years. This helps you to decide the monthly contribution to be paid so that your future needs are fulfilled. The more invested money, the more the accumulated amount and the larger would be the eventual benefits of the accumulated pension wealth. Let’s take an example to understand the NPS calculator more clearly.
Example: Let’s say Mr A is 30 years old at present and he plans to retire at the age of 60 years. He is planning to invest in NPS, so according to his current age and retirement age, he will have 30 years of investing period. If he decides to invest Rs.5000 every month at an expected rate of return of 8% p.a. compounded monthly then following are the things that the calculator calculates:
The NPS calculator also gives information about the pension amount that one will receive every month and the lump sum withdrawal, based on the percentage you chose. Though the minimum percentage of accumulated pension wealth that needs to be utilized for purchase of annuities is 40%. But you can choose a greater percentage also and the amount of withdrawal depends on this. In the example, Mr. A has decided that 45% of his pension wealth should be reinvested in the Annuity plan.
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