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62-Year-Old Accountant Seeks Alternative Income: How Can I Support My Family?

Krishna

Krishna Kumar  | Answer  |Ask -

Workplace Expert - Answered on Jan 30, 2025

Krishna Kumar is the founder and CEO of GoMoTech, a company that provides strategic consulting in B2B sales, performance management and digital transformation.
Before branching out on his own, he worked with companies like Microsoft, Rediff, Flipkart and InMobi.
With over 25 years of experience under his belt, KK is a regular speaker at industry events and academic intuitions, both in India as well as abroad.
KK completed his MBA in marketing from the Sri Sathya Sai Institute of Higher Learning in Andhra Pradesh and his management development programme from XLRI, Jamshedpur.
He has also completed his LLB from Nagpur University and diploma in PR from Bhavan’s College of Management, Nagpur, where he was awarded a gold medal.... more
Asked by Anonymous - Oct 12, 2024Hindi
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Career

1 am 62 years of age and working in pvt company in accounts and the company is not getting any projects and getting salary in coming years will be difficult and I am two daughters who are still small and responsibilities are there, Pls suggest alternative income can be earned as accounts jobs are less in market at my age. Pls suggest and help.

Ans: Hello

Suggest you look at various job portals, freelance and remote work websites...

Also talk to friends and family and also to your former colleagues...

Reach out to all your former customers, partners, vendors...

All the best

Warm Regards
Career

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Ramalingam

Ramalingam Kalirajan  |9854 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 26, 2024

Asked by Anonymous - May 26, 2024Hindi
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Money
Iam 43 years old working in private Arts and Science college located in Chennai as Assistant professor. I have two daughters. I want save more money for daughters future. My salary also less. Kindly suggest me a passive income...
Ans: Creating Passive Income for Your Daughters' Future

As a Certified Financial Planner (CFP), I admire your dedication to securing your daughters' future despite financial constraints. Here's a strategy to help you generate passive income for their benefit.

Understanding Your Goals and Constraints

Your commitment to your daughters' future is commendable. Given your salary limitations, it's essential to explore avenues for passive income that align with your financial capabilities and long-term objectives.

Investing in Mutual Funds for Wealth Accumulation

Mutual funds offer an accessible and efficient way to invest in diversified portfolios of stocks, bonds, or a combination of both. By systematically investing in mutual funds, you can accumulate wealth over time and generate passive income through various strategies.

Utilizing Systematic Withdrawal Plans (SWP) for Passive Income

Once you've accumulated a substantial corpus in mutual funds, you can implement a Systematic Withdrawal Plan (SWP) to generate regular income. SWP allows you to withdraw a predetermined amount at regular intervals, providing a steady stream of passive income to support your daughters' future needs.

Emphasizing Long-Term Investment Horizon

Given your daughters' future goals, it's essential to adopt a long-term investment approach. By staying invested in mutual funds for an extended period, you can benefit from the power of compounding and potentially maximize returns over time.

Diversifying Across Asset Classes and Fund Categories

Diversification is key to managing risk and enhancing returns. Consider investing in a mix of equity, debt, and hybrid funds to achieve a balanced portfolio tailored to your risk tolerance and investment objectives. This diversification can help mitigate volatility and provide stability to your investment portfolio.

Seeking Professional Guidance for Optimal Results

As a CFP, I recommend consulting with a qualified financial advisor or Mutual Fund Distributor (MFD) with a CFP credential to design a customized investment strategy aligned with your daughters' future needs. Professional guidance can help you navigate market fluctuations and make informed decisions to achieve your financial goals.

Ensuring Regular Review and Adjustment

Regularly reviewing your investment portfolio is essential to ensure it remains aligned with your financial goals and evolving circumstances. Periodic adjustments may be necessary to optimize returns, manage risk, and adapt to changing market conditions.

Building a Secure Future for Your Daughters

In conclusion, by investing systematically in mutual funds and implementing a SWP strategy, you can generate passive income to support your daughters' future aspirations. With careful planning and professional guidance, you can build a secure financial future for them despite your salary limitations.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |9854 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Aug 16, 2024

Money
Dear Mr. Kalirajan, My Name is Ajay aged 53, i left my job a year ago due to some health issues and do not intend to rejoin again. i have my own house along with a saving of 2.10 CR mainly in MF, Bank FD and direct equity in proportion of 60% Equity and 40% Debt. I have one daughter in class 12th and have earmarked a sum of 50 Lacs for her education invested 50:50 in Debt and equity. with remaining 1.60CR how can i generate an income of one lac Per month. i Am adequately covered in terms of health and life Insurance and also i receive Rs.10000 per month from a pension plan. Your Valuable suggestion will be really helpful. Regards, Ajay
Ans: Assessment of Current Financial Situation

Ajay, it is commendable that you have a well-structured portfolio, especially considering your early retirement due to health reasons. Your current savings of Rs. 2.10 crore, with a 60% allocation to equity and 40% to debt, provides a solid foundation. Additionally, you’ve set aside Rs. 50 lakhs for your daughter’s education, reflecting a thoughtful approach to future needs.

You aim to generate a monthly income of Rs. 1 lakh from your remaining corpus of Rs. 1.60 crore, which will supplement the Rs. 10,000 you receive from your pension plan. Given the current structure of your investments, a well-balanced strategy can help achieve this goal while preserving your capital.

Evaluating the Existing Portfolio
Your portfolio is currently divided into 60% equity and 40% debt. While equity offers potential for growth, debt ensures stability. However, given your goal of generating a stable monthly income, it’s essential to reassess this allocation. At 53, with no intent to rejoin the workforce, preserving your capital and generating a regular income should take precedence over aggressive growth.

Equity Exposure: While equity investments are essential for growth, they come with volatility. A 60% exposure may be higher than necessary for your current income needs. It may be wise to reduce this to 40-50%, ensuring that you can still benefit from growth while reducing risk.

Debt Allocation: Your 40% debt allocation provides stability. This can be further optimized to ensure it generates steady income. By including more conservative debt instruments, you can enhance income generation without taking on excessive risk.

Strategies to Generate Rs. 1 Lakh Monthly Income
Your goal of Rs. 1 lakh per month can be achieved by carefully structuring your investments to provide regular income. Let’s explore how to achieve this:

Systematic Withdrawal Plan (SWP): An SWP from your mutual funds can provide a regular monthly income. By withdrawing a fixed amount each month, you can ensure a steady cash flow while your investments continue to grow. It’s advisable to set up SWPs from both your equity and debt mutual funds, ensuring a balanced approach.

Fixed Deposits (FDs) and Debt Funds: A portion of your Rs. 1.60 crore can be allocated to FDs and debt funds that offer monthly or quarterly interest payouts. This will provide a reliable income stream, supplementing your SWP. Debt funds, in particular, offer tax efficiency, especially for long-term holdings.

Balanced Advantage Funds: These funds automatically adjust between equity and debt based on market conditions. They offer the dual benefit of growth and stability. By investing in these, you can enjoy a balanced approach that aligns with your income needs.

Senior Citizen Savings Scheme (SCSS): Although you are not yet eligible, it’s worth considering for future years when you turn 60. SCSS offers a stable income with attractive interest rates, suitable for retirees.

Rebalancing Your Portfolio
Given your current situation, it’s crucial to rebalance your portfolio to align with your income goals. Here’s how:

Reduce Equity Exposure: Lower your equity exposure to 40-50%. This will reduce the volatility in your portfolio, ensuring that you are not forced to sell assets at a loss during market downturns.

Increase Debt and Income-Oriented Investments: Allocate a larger portion of your portfolio to debt instruments that provide regular income. This will help in generating the required Rs. 1 lakh per month.

Diversification: Ensure that your investments are diversified across various asset classes. This reduces risk and provides a more stable return. Consider adding some conservative hybrid funds or balanced advantage funds to your portfolio.

Addressing Education Funding
You’ve wisely earmarked Rs. 50 lakhs for your daughter’s education, split evenly between debt and equity. This strategy is sound, but given that your daughter is in 12th grade, you may need to re-evaluate the equity portion.

Shift to Conservative Investments: As your daughter approaches college, it might be prudent to gradually shift a portion of the equity investments into more conservative debt instruments. This ensures that the funds are available when needed without the risk of market fluctuations.

Education Loans: If necessary, consider an education loan to cover any shortfall in funds. This can be a strategic move, allowing you to preserve your investments while benefiting from the tax advantages on education loan interest.

Managing Risks and Ensuring Stability
Your health issues have already influenced your decision to retire early. It’s essential to consider the following to manage risks and ensure financial stability:

Emergency Fund: Maintain an emergency fund equivalent to 12 months of expenses. This ensures that you have immediate liquidity in case of unexpected expenses.

Insurance Coverage: You’ve mentioned being adequately covered in terms of health and life insurance. Ensure that your health insurance provides comprehensive coverage for you and your family. Given your early retirement, also consider a critical illness rider if not already included in your policy.

Inflation Protection: Ensure your investments are inflation-protected. While debt instruments provide stability, they often lag behind inflation. Hence, a portion of your portfolio must still be allocated to growth-oriented assets like equity.

Tax-Efficient Withdrawal Strategy
Generating Rs. 1 lakh per month also requires a tax-efficient strategy. Here’s how you can minimize taxes on your withdrawals:

Long-Term Capital Gains (LTCG): Utilize the tax benefits of LTCG on equity investments. By systematically withdrawing gains, you can stay within the tax-free limit of Rs. 1.25 lakh per year.

Tax-Advantaged Debt Funds: Consider debt funds that offer indexation benefits, reducing the tax burden on your withdrawals.

Avoid Early Withdrawals: If possible, avoid withdrawing from investments before they have reached a tax-advantaged status. This will help minimize taxes and maximize your income.

Final Insights
Ajay, your current financial situation is strong, with a well-balanced portfolio and a clear goal. By slightly adjusting your asset allocation and focusing on income generation, you can comfortably achieve your target of Rs. 1 lakh per month.

Ensure that your portfolio remains diversified and rebalanced periodically. This will help you manage risks while enjoying a steady income. Your daughter’s education is well-covered, but a shift towards more conservative investments as she nears college would be prudent.

With these adjustments, you can enjoy a worry-free retirement with a stable income stream that meets your needs.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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Nayagam P

Nayagam P P  |9456 Answers  |Ask -

Career Counsellor - Answered on Jul 27, 2025

Asked by Anonymous - Jul 26, 2025Hindi
Career
Hello My son has a option of going either to VIT Chennai for BTech CSE CYBER SECURITY or Thapar institute for BTech Electronic and Computer Science. Kindly suggest which is better
Ans: Based on the following insights/information and your son's interest & his long-term goals, choose the more suitable option for him out of the 2 options he has: VIT Chennai’s B.Tech in Computer Science and Engineering with Cyber Security, accredited A++ by NAAC, admits 120 students and reports a 60–65% placement rate for its inaugural Cyber Security cohort, supported by partnerships with leading recruiters, dedicated cybersecurity labs, hands-on training in ethical hacking and forensics, and a curriculum aligned with ISO/IEC standards. Its Placement Cell facilitates 3,160 offers in 2025 overall, with 2,192 unique and 1,457 regular offers, underscoring strong industry engagement and robust career services including mock interviews, cyber-range exercises, and internship pipelines. Thapar Institute’s B.E. in Electronics and Computer Science, consistently ranked among India’s top 30, achieves a 90–100% placement rate for its ECS branch, buoyed by state-of-the-art VLSI, embedded systems and communication labs, compulsory industrial training in the 6th semester, and recruiter visits from Microsoft, Amazon, Apple, Samsung and Goldman Sachs. Both programs excel in infrastructure, faculty expertise, industry tie-ups, student support and research opportunities. Cyber Security graduates from VIT enter a rapidly growing market projected at USD 3.5 billion by 2027 with a 14% annual rise in job postings in Bengaluru alone, while Thapar ECS alumni benefit from diverse roles in IoT, AI and hardware-software integration across sectors such as telecommunications, consumer electronics and automotive.

Recommendation: Choose Thapar Institute’s Electronics and Computer Science for its near?universal placement success, comprehensive lab?to?industry training, and broader core-electronics scope, whereas VIT Chennai’s Cyber Security specialization is ideal if priority lies in a niche, high-growth security domain with dedicated forensics and ethical-hacking infrastructure. All the BEST for a Prosperous Future!

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Career Counsellor - Answered on Jul 27, 2025

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Sir I got NIT kurukshetra IIOT in josaa should i opt for nit silchar ece and iiest shibpur it in csab? Which is best ?
Ans: Poulami, NIT Kurukshetra’s IIoT specialization, benefits from the institute’s 83.31% overall B.Tech. placement rate and exceptional IT-sector performance (97.58% branch placement in 2025), underpinned by modern labs, AIoT research centers, strong industry tie-ups with global tech firms, accredited faculty, dedicated placement mentoring, and active student clubs fostering innovation. NIT Silchar’s ECE program records a 91.51% placement rate (2023) with an average package of INR 17.05 LPA, supported by state-of-the-art telecom and embedded systems labs, faculty with industry experience, regular internship pipelines, holistic career services, and funded research projects in VLSI and wireless communications. IIEST Shibpur’s IT stream achieved an approximately 85.9% placement rate in 2024 with average packages near INR 12 LPA, driven by its historical legacy, multidisciplinary research labs, MoUs with top IT firms, robust student support services (coding bootcamps, hackathons), and a strong faculty research profile in data science and cybersecurity.

Recommendation: Opt for NIT Kurukshetra IIoT if priority lies in the highest branch placements and cutting-edge AIoT research, choose NIT Silchar ECE for robust placements and specialized electronics infrastructure, and select IIEST Shibpur IT for a balanced IT curriculum, strong research credentials, and comprehensive student support to best align with career goals. All the BEST for a Prosperous Future!

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Nayagam P

Nayagam P P  |9456 Answers  |Ask -

Career Counsellor - Answered on Jul 27, 2025

Nayagam P

Nayagam P P  |9456 Answers  |Ask -

Career Counsellor - Answered on Jul 27, 2025

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Hello Sir, My son is at present doing Grade 12 CBSE with PCM in Dubai. He is interested in Computer Science, Math, Physics and Economics. Please guide us in selecting the course and also the exams to be written. We are planning his higher studies in India. Would be more helpful if you are able to guide us with the approx cutoff which he should aim for the exams.
Ans: Nithya Madam, To secure admission to top-tier engineering, science, and economics programs in India, your son should aim for the following approximate benchmarks across key national tests, while ensuring that his chosen institutions excel in five critical dimensions—robust infrastructure, experienced faculty, industry partnerships, student support services, and research opportunities. For JEE Main, a General-category candidate must achieve at least 93.10 percentile to qualify for Advanced. In JEE Advanced, securing a rank within the top 2,000 generally opens doors at leading NITs (e.g., NIT Surathkal CSE closing around 2,000), while a rank under 500 targets premier IIT CSE programs. The CUET UG cutoff for high?demand STEM courses at DU, BHU, and JNU typically falls between 180–220 marks out of 250, whereas a score of 200+ safely places candidates in top central universities for B.Sc. Computer Science or Economics. For MET (Manipal Entrance Test), aim for a rank under 3,000 (CSE closing rank ~1,633 in Round 5). The IISER Aptitude Test (IAT) requires a score above 130 out of 240 to secure BS–MS seats at IISER Pune and Kolkata. COMEDK UGET aspirants should target 90–100 marks, corresponding to a rank within 1,000–1,500 for CSE at leading Karnataka private colleges. Amrita’s AEEE demands a percentile of 92–99 for CSE at Coimbatore and 90–97 for other campuses. VITEEE candidates should achieve a rank under 6,500 (scores around 90–100 yield this range) to access CSE at VIT Vellore. Among the top private engineering institutions beyond those already considered, aim for these cutoffs to target: SRM Chennai (AEEE percentile 93–98), Thapar Patiala (JEE Main rank

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Nayagam P

Nayagam P P  |9456 Answers  |Ask -

Career Counsellor - Answered on Jul 27, 2025

Asked by Anonymous - Jul 26, 2025Hindi
Career
Dear Sir, my daughter has got provisional admission in MIT WPU Pune CSE. In MHCET with 93.84 percentile and state merit rank of 21357 , open category and HIndi linguistic minority we may get CSE or IT in Thakur college of Engg Mumbai. In Pune We may max get Bharti Vidyapeeth , Lawale or Dhankawadi. We are confused which one to Finalize in terms of placement and overall ROI. Kindly guide.
Ans: MIT WPU Pune’s CSE program achieved a placement percentage of approximately 75% in the latest drive with an average package of 7.25 LPA across recruiters such as Amazon, IBM, Infosys and more, supported by over 500 industry tie-ups that feed into its updated curriculum, robust placement cell training, state-of-the-art labs and experienced faculty dedicated to enhancing employability through workshops and internships. Thakur College of Engineering and Technology in Mumbai reported around 90% placement for its CSE and IT batches, averaging 6.5 LPA and peaking in CSE at 7 LPA, underpinned by NBA/NAAC accreditation, strong corporate partnerships with top recruiters, extensive mock-interview prep, well-equipped infrastructure and a seasoned faculty body focused on industry-aligned skill development.

Recommendation: Prioritize MIT WPU Pune if seeking slightly stronger average packages and larger recruiter network, while considering TCET Mumbai for higher placement ratios, accreditation benefits and marginally lower fees to maximize return on investment. All the BEST for a Prosperous Future!

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Nayagam P

Nayagam P P  |9456 Answers  |Ask -

Career Counsellor - Answered on Jul 27, 2025

Career
Sir, I have scored 69.2% in the boards. I am a SC category student and I am going to IIT Roorkee in the CS branch. Will my 12th percentage affect my college placements? Is there any type of 12th percentage criteria in IIT placement for interviews??
Ans: Rishabh, No secondary?school marks threshold is applied at the placement stage, and recruiters evaluate performance in coursework, projects, internships, and technical interviews rather than past board scores. Placement percentages for CSE have remained exceptionally high, with 95.83% of the 120-member CSE cohort securing offers in the 2024 drive and an approximate average CTC of 36 LPA. Overall, IIT Roorkee’s placement rates across disciplines exceeded 90% in 2024-25, with 938 full-time offers and over 200 PPOs from 261 visiting companies. Five critical institutional attributes underpin this sustained performance: robust industry tie-ups ensuring diversified job profiles; rigorous, updated curriculum aligned with emerging technologies; dedicated placement support through mock interviews and resume workshops; strong research infrastructure fostering innovation skills; and world-class faculty mentorship catalyzing both technical depth and soft-skills development.

For students worried that board marks below 70% might hamper placements, the evidence shows that maintaining strong academic performance at IIT Roorkee, leveraging placement cell resources, and demonstrating competency through projects and internships are decisive.

Recommendation: Leverage the placement cell’s training resources, engage in industry-relevant projects and internships, maintain a strong GPA in core CSE courses, cultivate communication and problem-solving skills through mock interviews, and actively network with visiting recruiters to maximize placement outcomes. All the BEST for a Prosperous Future!

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