financial planning

POSTED BY manoj bhattacharyya ON November 30, 2012 1:42 pm COMMENTS (6)

i am interested to get advises on the following matter.

I had to struggle in life for earning money and just have retired. At present there are 4 members in my family. Unfortunately, i could not able to save adequate money before retirement. I have calculated that my monthly earning against interests on fixed deposits to banks is around 22k, EPF is 1.5k only & besides i have around 3.5 lakhs in savings a/c.

I have two sons who are now doing higher studies (p.hd & m.e.) and they are economically not dependent on me for studies. Wife is just a house wife. However, i have a 2-storied building.

Would you please advice me the all possible ways by which my rest of the life after retirement will be risk free & tension-less. I shall be ever grateful on finding the right path.

6 replies on this article “financial planning”

  1. Bond Bhai says:

    Somehow my earlier comment did not get published. I will try to recollect what i had written earlier and post back.

  2. Bond Bhai says:

    And believe me, if you are getting 25K per month, you are better off than most of the retirees i have seen 🙂

  3. Bond Bhai says:

    I can comment on the Health Insurance Part.
    Since you have mentioned you are a Senior Citizen i assume you and your wife are over 65 years of age. At this age, there are not many options for Insurance, the premiums are high and there is also a “Co pay” involved. You pay a part of the cost and the company pays the rest.
    Some of the options you have is – Star Health Red carpet (for a 2L coverage the premium is around 9K with 20% copay, you pay 20% of the hospital cost and rest the company pays).
    There is also Max Bupa, which offers insurance for senior citizens, but the premium is too high (almost 25k for 2L coverage). For a detailed comparison – visit

    As for the investing part, my take is should not be investing too much in Equity/Equity related products. Too risky in a short term. You can think of Debt related products. There is a scheme provided by Reliance where in you can invest in their “Liquid” funds and they even give you a “Debit card” which you can use it in all HDFC ATMs to withdraw. The growth rate is also not bad around 9%/. So, you can think of this as well.

    But please make sure you get correct advise and research before investing.

  4. manoj bhattacharyya says:

    Dear Manishji,

    Thanks for your reply.
    Please note that my monthly income of 22k coming from interest on FDs of banks only. Is there any better way of income from any reliable & trusted organization by investing part of the deposited amount.
    Both of my sons were in service sectors (management cadre) but both of them switched on to higher studies. Am sure they will not stay with me in future since they are getting offers frequently from other states of India and abroad.

    Moreover, i expected some advise on health insurance for senior citizens of me & my wife.

    Am stable enough & already got a part time job and looking for a better job for full time.
    However, trust i have able to get you understand about my preset state of mind and would expect to receive your reply soon.


  5. Bond Bhai says:

    Reverse Mortgage is an amazing option! However, i have heard that the property should not be older than 15-20 years, is this true?

  6. So you have 23.5k income per month right now, which will not increase with time . Some way you need to create a inflation linked income .

    One unconventional way is to ask your children to provide you with some monthly income till your life and after which you will give away the house to them equally . And tell them that other wise you will opt for Reverse Mortgage –

    What do you think about it ?

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