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Proper financial planning is vital for a happy and carefree retired life. Read on for a few investment options that can help create the desired corpus for the future.
Want to lead a comfortable life without any financial constraints once the 9to5 is over and done? To ensure a happy, healthy, and wealthy retirement, you need to start financial planning in your heydays. It is extremely crucial to figure out ways to ensure a regular income stream when it’s time to hang up your boots for good. The key is to make wise investment choices that have the potential to offer long-term financial stability.
Annuities are insurance contracts that can provide a guaranteed income for life through a lump sum investment or premiums paid pay over time. Apart from generating a constant cash flow, these plans are safe from market-linked volatility and offer tax exemptions as well as death benefits. There are two types of plans (Immediate Annuity and Deferred Annuity). An immediate annuity starts making payments within one month of the investment. In the deferred plan, the amount is accumulated, and the pay-outs take place at a later date chosen by the investor. You can pick a scheme that meets your specific needs.
National Pension System (NPS):
,p>This government-regulated scheme is a great investment option for retirement. The big plus of NPS is that you can invest anything from Rs 500 per month to Rs 1.5 lakh per year. And yes, the pension scheme provides tax benefits over and above Rs. 1.5 lakhs. Also, the subscriber can withdraw a partial amount of the corpus on retirement while the remaining sum gets paid out as regular monthly income.
Bank Fixed Deposits:
Fixed deposits are a fairly popular choice among retirees. Not surprising as the deposits are safe, secure and offer greater flexibility in terms of tenure. Seniors can spread their funds across different maturities. This not only provides them liquidity but also takes care of the re-investment risk. The interest rates for FDs have been dipping over the years, but senior citizens get an extra 0.25 – 0.5 per cent per annum, depending from bank to bank.
Mutual funds are another great investment option to fall back on your retired life. They have the potential to create an impressive corpus via the power of compounding in the long run. You can invest equity, debt or balanced funds, depending on your risk profile. Also, some allocation via Systematic Investment Planning (SIP) is a good idea, especially for those who do not know the financial markets. The SIP route assures good returns and averts any possible losses due to market fluctuations.
Senior Citizens Savings Scheme (SCSS):
SCSS is a must-have in a retirees’ portfolio as it is robust, safe, with long-term savings prospects. The investment scheme is open for anyone 60 years. It offers an interest rate of 7.4 per cent, compounded quarterly. SCSS has a starting tenure of 5 years which can be extended by 3 more once it matures. You can deposit anything between Rs. 1,000 to Rs. 15,00,000. It must be noted that interest earned under SCSS is subject to taxation under Section 80C.
So, what are you waiting for? Get cracking and start investing in the right products right away. Taking action now will help build a financially strong foundation for your upcoming retirement.
- A Consumer Education Initiative series by Kotak Life
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