The Centre said on Monday all government and non-government employees are now exempt from paying income-tax on the entire National Pension Scheme (NPS) money withdrawn at the time of retirement, or on reaching 60 years of age.
Sadly Indian research on people's spending habits is not available. The Americans have some numbers which are completely useless for us. For example you will find a number of 70% - in retirement you will spend 70% of what you spent in the last year that you were working.
I knew a senior citizen who had kept his money in many companies as fixed deposit. This is a story which happened long back - many of these companies are no longer accepting fixed deposits (so please do not ask me about it now).
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