POSTED BY February 23, 2012 9:13 am ONE COMMENTON
Cheers to everyone behind Jogoinvestor, you guys rock!
This query is regarding money-management for my 62 yr old mother. I lost my father 7 yrs back, all my siblings are now sttled/married.My youngest brother is still unmarried is working with a software major in bangalore & planning for higher studies this yr.
She has about 18L from PF etc put as SBI FD now. Her monthly income is 6K+8K(Pension +Rental income). She lives at Patna, so her monthly expenses are mostly met except for some major expenditures towards travel, marriage- gifts – in which case she withdraws from her corpus. She has recd about 12L from ancestral property which she intends to keep separately for contributing to buying a house by my brother(in next 5 yrs).
My question is – since she is 62+ and has health issues(on high BP & heart-related medications), isn’t it advisable that her fund remain in liq& semi ilq form (bank FDs) ? Will taking health insurance at this age make sense? Where should she keep her 12L for max returns, low risk, for next 5 yrs?