A big concern for retirees and near-retirees is how to maintain a steady income after leaving work. Maturity benefits like PF, Gratuity, National Pension Schemes etc. are available at the time of retirement. Let’s learn how to invest all this safely and get income.
Retirement benefits must meet two goals. One is to ensure a regular income. Second, for the next 20 to 30 years, that cash value should remain in good shape. Only then can the rising costs be tackled.
This can be achieved in two ways. Decide how much income you need for regular expenses and invest in government fixed income schemes. Let’s take a look at the programs that fall under that category.
Senior Citizen Savings Scheme! (SCSS)
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It is a government backed guaranteed savings scheme. Currently 7.4% interest is paid quarterly. If you invest Rs.15 lakh after retirement, you will get Rs.1,10,000 per year. If your spouse is also a senior citizen, the money invested in her name will get an additional Rs 1.1 lakh to Rs 2.2 lakh per annum.
Prime Minister Vaya Vandana Scheme (PMVVY)
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Pradhan Mantri Vaya Vandana Scheme is the first risk-free scheme like the Senior Citizen Savings Scheme. LIC provides this. They don’t recommend this as the commission is high for the consultant in this scheme. Even if you are going to put money into this project yourself, they will try to change your mind.
In this, senior citizens can invest up to Rs.15 lakh each. The interest is 7.4%. Interest can be earned monthly, quarterly, semi-annually, annually. If husband and wife jointly invest Rs 30 lakh, they will get Rs 2.2 lakh. 30 lakhs in the previous scheme Senior Citizen Savings Scheme and investing Rs 30 lakhs in this will give an annual income of Rs 4.4 lakhs. On a monthly basis it comes to Rs.36,600.
Postal Monthly Income Plan
This is the third popular scheme. But the interest is less than the above 2 schemes. Slightly higher compared to bank deposits. 6.6 percent interest is available. A person can deposit a maximum of Rs 4.5 lakh. If husband and wife jointly deposit Rs.9 lakh, they can get an annual income of Rs.60,000 separately.
According to this, with a total deposit of Rs.69 lakh, you can get an income of Rs.5 lakh per year. 41,500 per month. Even if you build a house for Rs.69 lakh and rent it, you will not see this income. At the same time, since it is liquid money, children are more likely to spend as they ask. These deposits will fall only to those who are disciplined in their finances.
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