Authorization For Direct Deposit Of Pension Benefits: Fill & Download for Free

Probably, to your employer (for payroll direct deposit), Social Security (for retirement or disability payments), and the IRS (for tax refunds). Authorizing direct deposits authorizes direct withdrawals to correct, uh, mistakes. It is not unheard of for an employer to misuse this when someone quits or is fired. But it’s pretty rare. It is also not unheard of for an employer to use it for correcting genuine mistakes, such as botching the withholding tax the first paycheck after they changed the tables. Don’t let money pile up in that account. Move it elsewhere if you are not using it for living expenses.Probably, to a stockbroker holding your retirement account so he can send you periodic withdrawals you designate.Probably, to a pension fund you are drawing benefits from.No, to anyone else who wants your information so they can make ONE payment to you which could just as well be done with a bank cashier’s check.No, to anyone you just met.

Aadhaar is a 12-digit unique identification number issued to Indian citizens by the Central government. It is issued and managed by Unique Identification Authority of India (UIDAI). Aadhaar captures biometric and demographic data while verifying every resident Indian citizen’s details. It has numerous benefits irrespective of claims by various anti-aadhar activists which projects it as a threat to citizens privacy.It facilitates financial inclusion of the underprivileged and weaker sections of the society and is therefore a tool of distributive justice and equality. It promotes hassle-free people-centric governance.Also, it is one of the key pillars of ‘Digital India’ and is the largest biometrics based identification system in the world.Aadhaar identity platform enables the Government of India to directly reach residents of the country in delivery of various subsidies, benefits and services.Appreciating these positives of AADHAR, government has implemented it in various spheres of public distribution schemes and government initiatives:Under PAHAL scheme, the LPG subsidy amount directly gets deposited into Aadhaar linked bank account.Under PM Jan Dhan Yojna, government accepts Aadhaar card/number as the document sufficient to open the bank account.DigiLocker enables users to store their personal documents on the government’s server. Signing up process requires linking of Aadhaar number.Aadhaar card can be linked to Voter ID’s to eliminate bogus voters.Now government has made Aadhaar card mandatory to open a bank account. No need of submitting bunch of documents to the banks for opening the account.Under ‘Jeevan Praman’ scheme, there is no requirement of pensioner to be physically present. Pensioner’s details will be accessed digitally through Aadhaar linked Digital Life certificate.Aadhaar is now accepted as a proof of address (including proof of identity) by Securities and Exchange board of India for investing in stock market.it is mandatory for all existing mobile subscribers (prepaid and postpaid) to link Aadhaar to the mobile number.Aadhaar will be must for making transactions above Rs. 50, 000.At present there is no other viable alternative to AADHAR for better administration of nation’s massive subsidy regime. Only issue is maintaining a balance between privacy and national interests, and efficiently ensuring that there is no leakage of AADHAR data.

Retirement planning should be one of the most important goals of everyone’s life. But unfortunately, in India, we postpone provisioning for the same, for the sake of other goals. Still, Child education and their Marriage planning are on the top of the list of individual’s goals. We sideline retirement planning for many years.Gone are the days when our parents were getting regular monthly pensions from the government. Nowadays most of the people are from private jobs or running their own business. In today’s world when private jobs are not secured there is no question of pension from the employer. And that's made Retirement Planning more crucial. Provision for this goal should start from your first pay cheque itself. If you start contributing early for this purpose you can build sizable amount in your retirement kitty.Good to know that you are thinking of Retirement goal with systematic investment for the long term.What is Retirement Planning?Retirement planning is the process of planning and managing your short and long-term finances to help achieve your financial dreams both during your working years and retired life. It involves analyzing your financial objectives, current financial position, and expected future cash flow to develop a comprehensive retirement roadmap.In retirement planning, some important factors needed to be considered for arriving at the retirement corpus required to be accumulated.Amount required in each month of retired life: This is determined as a percentage of current income or a percentage of current expenses. Likely saving in some expenditure i.e. (school fees, travel cost, etc) and likely increase in some expenses i.e( medical cost), etc. need to be considered.Nature of retirement benefits available: Pension, if any, will be provided by the employer should be reduced from the amount required in each month in the retirement phase.Inflation rate: Inflation is the increase in the prices of goods and services over time. The inflation rate is the rate at which prices increase over time, resulting in a fall in the purchasing value of money. This factor is very important while arriving at the retirement corpus.Number of years to retirement: How many years down the line the person expect to retire? These years are called the accumulation phase.Likely rate of return on the investment made during the accumulation phase: Investor invests in different types of product for his retirements such as equity, debt, gold, and real estate. Each type of asset gives a different rate of returns. The investor should consider the average portfolio return that will be received during his period.The number of retirement years to provide for: The retirement should plan for the lifetime of both partners - a longer period in case of concerns regarding earning potential of the next generation. The rising life expectancy of people needs to be factored.Likely rate of return on investment of retired corpus: On retirement, the accumulated corpus will be invested to generate regular monthly income. As after retirement, the person may not be able to take too much risk the rate of return on investment will be less i.e 6 to 8%.Retirement goal is a long term goal. For this goal your time horizon is long. You have a privilege to invest in those asset classes where your money grows more than the inflation rate. So that you can accumulate wealth in huge numbers as well as in shorter time.Best investment options for Retirement GoalEquity: Indian stock market has a huge potential. Indian companies are growing steadily. Many sectors are flourishing and expanding their businesses. Blue-chips are all time favorite. Stocks like TCS, Reliance, Infosys, and Mahindra will give a handsome return in the future.Mutual fund: Those who don't understand direct equity, mutual funds are the best vehicle to enter into the Stock Market through it. SIP is the best option. While investing in equity one mutual fund should consider building the portfolio under core and satellite approach. In this pattern, more proportion of money is invested in Large and Midcap fund. Large cap can generate 10 to 12% returns for SIP investments. These funds provide stability and minimize the downside risk of the market. The smaller portion is invested in good quality in Mid and Small Cap as satellite portfolio which has the potential to generate 15 to 18% returns. This can add a kick in overall portfolio returns.Real Estate: Real estate can be a good option for Retirement planning. Investment in land or commercial property is more fruitful than residential property. Real estate is an Income-oriented as well as Growth-oriented product. It provides rental income as well as growth in capital value.Debt instruments: For regular income and assurance of capital debt products are a good option. It helps as a cushion for the market fluctuation. Following are some best debt optionsPPF: Public Provident Fund. PPF is one of the best and safest long term investment options but with a locking period of 15 years. It enjoys an EEE status.EPF: Employee provident fund. This option is available for salaried people. Here employer and employee both contribute in EPF for the retirement purpose.NPS: National Pension Scheme is a pension cum investment scheme launched by Government of India to provide old age security to Citizens of India. It brings an attractive long term saving avenue to effectively plan your retirement through a safe and regulated market-based return. The Scheme is regulated by Pension Fund Regulatory and Development Authority (PFRDA).Debt Mutual Funds: Invest in good quality Debt mutual fund. Debt investment provides capital protection and guaranteed return. Many times good quality balance fund has outperformed large-cap fund. The hybrid fund is also one of the options. SIP in Short term debt funds can be mapped for short term goals and long term debt fund for the medium-term goal.Bank Fixed deposits: bank FDs are the most favorite investment options among Indians which provide guaranteed interest and principal is secured.Gold: Gold can be considered as the hedge against inflation. 5 to 10 % of exposure in gold is good enough. You can invest in gold through gold ETFs or Gold bonds.Follow these two important things for Happy RetirementInvest regularlyStay invested for longHappy Investing !!