For someone with a moderate income, a straightforward retirement plan to consider is the Public Provident Fund (PPF). PPF is a government-backed savings scheme that offers attractive interest rates and tax benefits. You can invest up to ₹1.5 lakh per year, and the contributions, interest earned, and maturity amount are all exempt from tax under Section 80C of the Income Tax Act. The investment period is 15 years, with the option to extend in blocks of 5 years, making it a long-term and secure way to build a retirement corpus.

Another suitable option is the National Pension System (NPS). NPS allows you to contribute regularly to a pension account during your working life. Upon retirement, you can withdraw a part of the corpus in a lump sum and use the remaining to purchase an annuity, providing a regular pension income. Contributions up to ₹50,000 are eligible for an additional tax deduction under Section 80CCD(1B), on top of the ₹1.5 lakh under Section 80C. NPS offers a mix of equity, corporate bonds, and government securities, which can be adjusted based on your risk tolerance, making it a flexible and efficient retirement planning tool.