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Sanjeev Govila458 Answers  |Ask -

Financial Planner - Answered on Nov 15, 2023

Asked on - Nov 09, 2023Hindi

Sir I am going to retire in next 3yrs. How much amount I need so that I can get monthly income of Rs70000. And where I should invest those money. Please advice
Ans: To calculate how much money you need to retire with a monthly income of Rs. 70,000, we need to know the following:

Your current age
Your desired retirement age
Your expected rate of return on your investments
Your desired lifestyle in retirement

Assuming that you are currently 51 years old, plan to retire at age 54, have a life expectancy of 20 years after retirement, and expect a 6% rate of return on your investments, you would need to have a retirement corpus of Rs. 75 lacs approx as of now which become approx. 1 Cr. after the 3 years at the time of your retirement to generate a monthly income of Rs. 70,000 for 20 years after retirement upto the age of 74 years.

As for where to invest your money, there are a number of options available, depending on your risk tolerance and investment goals. Some popular options include:

• Senior citizen savings scheme (SCSS): This is a government-sponsored savings scheme that offers a guaranteed interest rate of 8.2% per annum.
• Post office monthly income scheme (POMIS): This is another government-sponsored savings scheme that offers a monthly income to investors. The current interest rate is 7.40% per annum.
•Annuity plans: Annuity plans provide investors with a guaranteed income stream for a set period of time or for life.
• Debt mutual funds: Debt mutual funds invest in a variety of fixed-income securities, such as government bonds and corporate bonds. They offer relatively low risk and stable returns.
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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