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Any citizen of India between the age of 18 to 65 can open a National Pension System (NPS) account. It can be opened online or by visiting the Point of Presence - Service Provider (PoP - SP) nearby. 

The amount you need to put aside for retirement depends on your retirement corpus. Your retirement corpus is the estimated amount you need that will help you manage your monthly expenses once you are retired. This cannot be planned in a couple of years because the amount you would have to save is huge.

You can certainly make money from money. However, the option depends on your risk appetite, existing amount and objective. For safe investment options, banks and NBFCs are the best place to park your money and earn moderate returns through RD, FD, government bonds and post office saving schemes. PPF, Sukanya Samriddhi Account, National Pension System, etc., are some of the plans which are ideal for long-term risk-free investments. 

Getting into a saving investment scheme will always help in the long run. Saving up money for future needs is always a necessity because when you are facing off with a financial emergency, it will help you a lot. One such investment scheme is the Post Office Monthly Income Scheme (POMIS) which was introduced by the Indian Postal Service.

There are multiple ways where an individual can safely park the money which can be used post your retirement. The best plan can be chosen depending on your income and retirement plans.

You can switch from regular plan to direct plan easily which will reduce your annual expenses. Because, by choosing the direct plan, you are managing your SIP plan on your own, instead of being managed by the distributor. This will reduce the expenses and hence the return will be slightly higher when compared to the regular schemes.

A Public Provident Fund (PPF) is a long-term investment instrument that is risk-free in nature. The maturity period of the account is 15 years and one cannot withdraw any amount until 7 years. PPF scheme is a good avenue for claiming tax deduction for up to INR 1.5 Lakhs under section 80C.

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