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POSTED BY ON July 2, 2014 5:39 pm COMMENTS (7)
Hi guys !
I hope I’ve posted this in the right place. This is regarding the retirement income for my mother who has just recently retired but had not really planned to create a proper corpus for retirement.
Her Employer will issue a pension of 5,000 pm, I wish to have a monthly income source of at least around 30,000 pm for her. When i got to the bank they always give me the usual jargon of the new pension scheme in spite of telling them that she has already retired, they do not seem to understand that she cannot wait for a 5 yr vesting period.
What I need right now is an investment avenue that has the option of one time lump-sum payment with immediate payouts. This should last for at least 15 to 20 yrs by which time i can provide for her monthly expenses. Please suggests places that i can go to and plans that I can ask for .
Thank you for all your help and assistance.
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You can invest some portion of lumpsum into Senior Citizen Scheme available in most banks which give higher ROI to senior citizens. A portion can go to Post Office Monthly Income scheme as well.
In case you can invest & support her for 3-5 years then you can opt for Monthly income plans along with a combination of Debt conservative or aggressive based on your risk profile. These are based on my personal experience on almost same lines.
I am not sure about what you are telling. I don’t think such schemes are available in India…. FD will be a good investment with monthly payout as the principal will not diminish in the investment that you said.
Also, the payout will be same though out the period. That is what you have asked for in your main query. FD is safe.
thank you so much for your reply just wanted to confirm if such a scheme existed before i went in for an FD
I think FD with a monthly payment would be a good option.
would that be prudent ? as it is a large sum and very easily liable to tax
Ok….. so what other options do you have ?
in retirement planning modules that I’ve seen i see a type of an investment where in a lumpsum investment of corpus provides monthly payouts with the corpus both earning interest and being depleted little by little.So although at the end of the investment period the principal is reduced to zero. the advantage is the higher payouts…. i want to know if such an option exists in India ?