In India, Retirement Planning is still a developing concept that often needs to be noticed. Many individuals focus solely on their present needs and neglect their future financial security after retirement. However, it's essential to work on retirement and pension plans early on to maintain financial independence during retirement. 

To achieve this, you must calculate your future expenses using Allcalculator.net's pension calculator and your needs as a retired person. This calculation will encourage you to be mindful of your expenses and increase your savings for essential investments as part of your retirement planning.

What are the major groups of Pension Plans? 

In India, there are four primary categories of pension plans:

• National Pension Scheme (NPS): This is a government-sponsored retirement savings scheme where your funds are invested in debt and equity markets based on your preference. Once you turn 60, you can withdraw up to 60% of the corpus as a lump sum, while the remaining (at least 40%) must be invested in an annuity plan to generate a pension income.
• Deferred Annuity: Under this type of annuity, the income is deferred to a later date after paying the premiums. Estimate the amount using  pension calculator and get the correct results.
• Immediate Annuity: In this type, a lump sum is contributed to a regular income stream at the time of payout. Payment begins instantly at a future date.
• Pension Plans with Life Coverage: These options provide a regular monthly income after retirement and offer financial coverage for your life.

Whether you are just starting your career or are already retired, it's important to consider your pension options carefully. Understanding the different types of pension plans using  pension calculator helps you make well-versed decisions about which plan will work best for your retirement needs.