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Confused senior citizen! Where to invest 25L for 18 months?

Milind Vadjikar |269 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 30, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by Dos on Sep 30, 2024Hindi

Money

sir i am 78yrs and fall in taxable income due to my investments...now i want to invest 25L..If put in indus senior citizen fd for 18 mths they are offering 8.49 but with tax dont know how much will be actual increment OR do i go in for Senior citizens saving scheme that offers 8.2% with quaterly interest which is also taxable....OR any other..PLS SUGGEST

Ans: My suggestion is you should go for SCSS. Agreed the ROI is slightly lesser. Interest will be paid quarterly but you will sleep peacefully without worrying about your money since it's a GOI scheme. So sovereign guarantee that your money is safe.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Ans: For a senior citizen, income upto Rs 3 lakhs is not taxable. In this case, your annual income would be Rs 3.25 lakhs.

So Rs 25,0000 over the exemption limit would be taxed at 5 per cent.

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Question by Mugalur - Mar 24, 2023Hindi

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1) Sir, I am a Super Senior citizen 81years aged I have heard that for 2023-24 year for 5 lakhs to 7 lakhs income I T is 20% in excess of net income of 5 lakhs under old tax regime. Is this position correct 2) whether under this scheme deductions such as Std dedcn, 50,000 Disability rebate ,75,000 health ins premium i 20,000 is available . Requet you kindly to clarify @ the earliest

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Asked by Anonymous - Sep 30, 2024Hindi

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Hi, I am sitting on a corpus of 2.5 cr invested in equity and PF. My monthly expense is close to 1.2 lac per month. My age is 48. Apart from my daughter’s marriage there is no liability on me. Is this enough to retire at the current month

Ans: Hello;
Your monthly expenses 1.2 L today will be 2.15 L, 10 years hence and
3.85 L, 20 years from now. This is just considering modest inflation of 6%.

Assuming life expectancy of 75 years, you need reasonable corpus to support you and your spouse for 27 years to meet your expenses.

You may cover healthcare costs through adequate mediclaim insurance but cost of other things will need to be borne by you.

I am presuming you have made separate provision for daughter's marriage.

My suggestion is you may invest your corpus of 2.5 Cr in an equity savings type of mutual fund which has low to moderate risk and let it grow for 7 years. Considering modest return of 9% your corpus will grow into a sum of 4.57 Cr.

While you may continue to work for more 7 years to cover expenses.

This benefits both ways, corpus to finance retirement rises and quantum of number of years in retirement reduces. (This is just from retirement planning perspective. May you be blessed with a long and healthy life).

Happy Investing!!

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

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Question by Sanjay - Jul 07, 2024Hindi

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Sir.i am m/56 single .earlier doing lectureship mech engg.due to family.my father passed last month . And my mother is suffering from asthma..my problem is that i cannot work out location in a local city for 4 hours. Could online teaching (school level and college level) will serve .how much expenditure other then laptop is expected

Ans: Sanjay,

I understand your situation what you need to do is find an additional job that supports your experience and skill sets.

There are work from home jobs, understand, what's your skill set and experience accordingly start your job search

If you do need further professional advice happy to assist
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Mere ko real state mein 10 sal ka experience hai aur main bhi job karta hun to mere ko bhi job chhodkar yah kam karna chahie meri abhi tak 2 deal Hui hai uske bad mein Dil nahin ho rahi to kuchh problem bhi hai to iska kuchh solutions hai kya

Ans: Yes aapka kaam pay focus nahee haay Bhai!

Abh job chodna ghalat aur nuksaan daayak honga!?

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I am a practising advocate since 25 years at bangalore now my profession is not good need suggestions

Ans: I understand your advocacy of 25 year's is not as good as before.

My suggestion with your current experience and education, you can either look for a practice, in an established law firm.
Option 2 look for a Corporate Job, which needs legal awareness.

Design a good resume not more than 2 page's and go to company websites where they need your skill set.. Go ahead and apply for the job's.

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Question by pritam - Sep 30, 2024Hindi

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I am 46 year old woman.My current salary is 60000 per month. I have invested few amount in shares and ipo around 60000 . please suggest how to do make better plan for future.My son also in 11 th STD

Ans: Hello;

The value of your current income as after 14 years will be 1.36 L considering 6% inflation over 14 years by the time you are 60 years of age.

If you feel that your expenses may be reduced then and you would need say 70% of the income after 60 age so 70% of 1.36 L gives us a monthly income requirement of around 95 K.

To achieve this target I recommend you to start a monthly sip of 25 K into a combination of pure equity type mutual funds.

You need to top-up the sip amount by minimum 10% each year.

Also I would suggest you not to dabble in direct stocks and reinvest the 60 K sum lumpsum into above referred type of mutual funds.

The sip corpus will grow into a sum of around 1.96 Cr. The lumpsum invested will grow into a sum of around 4 L after 14 years considering a modest return of 13%.

Therefore your comprehensive corpus will be 2 Cr.

If you buy an immediate annuity from an insurance company for your corpus then considering annuity rate of 5.75% you can expect to receive monthly payout of around 95 K.

For your son's education funding you may utilise EPF corpus or seek an education loan.

Happy Investing!!

You may follow us on X at @mars_invest for updates.

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

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I AM PLANNING TO CHANGE MY JOB. WORKED IN SAME CO. FOR 35 YEARS AGR IS 55. WORKED AS PEON TO ADMN MANAGER. WORKED MULTIPLE TASK . PLEASE SUGGEST ME A JOB IN BIG ORGANISATION

Ans: I see you have grown this company from a Peon to Admin Manager.

It's clear that the company has looked after you very well.
Now at 55 you want to jump job's and experiment.. absolutely doing the wrong thing!?

Stop looking at those fancy big companies.. Start living in the present!?

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Question by NILESH - May 25, 2024Hindi

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Sir Myself nilesh from solapur current i am doing job in pvt sector company my age is 36 i can't effort my family expenses because i get only 15000 per month is their any side business for me my job time is 9 to 6

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I don't know what's your current job and your skill sets to give you an accurate suggestion.

However... What I understand that you are in currently in Solapur and there are plenty of opportunities

Now you are available 6 onwards so you could try looking at delivery personnel jobs, there's a lot of demand in the logistic business
Alternatively a job in a restaurant!?

If you do need further professional advice happy to assist
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Hi, I am Software QA engineer with 15 years of experience. I have good salary currently, but when I looking for change I am not getting hike as QA jobs are getting obscure due to other technical advancements. I do not want to be software developer as my coding skills are not that good. What should be my career path to grow further.

Ans: Hi,

I understand that you have a good salary but since you are not getting salary hike in the QA JOB, you want to switch jobs.

But the fact lies in your question, that you are not in sync with other technical advancements.

However since your coding skills are not good.. You can't be a software developer.

Now understand your career path is based on your skill sets and core competence!

That's for you to explore!?

If you do need further professional advice happy to assist
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Question by ram - May 13, 2024Hindi

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I am 42 unemployed and Unmarried, I did devops course in covid period and got a job in same company but after 6 months they said to leave the company. I am trying the job with 3 years of experience, failed many interviews, i am tired of failing and feels that I lost a career path, what should I do, my survival in challenging. Please suggest !

Ans: Hi Ram,

Your name is more than any ordinary name... Even Lord Ram went through several perils... Actually 14 yrs in the wilderness.

Now compare with you Ram,your troubles much smaller ...!?

Let's understand why people fail interviews....mostly lack of confidence, of not being able to present yourself properly.

There should be a clear action plan before you attend an interview.
You must look presentable.
You must be confident during the interview.
Ensure your knowledge & language skills are good, to get you the job.

Now let's chart your career path.
Where were you earlier,where are you now, where do you want to be

Design a good resume not more than 2 pages and post it in competitor companies of the domain you have experience.
Lo and behold the job will be yours!?

If you do need further professional advice happy to assist
https://m.me/maxim.emmanuel.2024

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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