I am 63 yrs old i received rs 9 lakhs from fd where to invest for monthly income minimum 5000 pm for personal
Ans: Given your age and the desire for a steady monthly income of Rs. 5,000 from your investment of Rs. 9 lakhs, you may want to consider options that prioritize stability and regular income.
Senior Citizen Savings Scheme (SCSS): SCSS is a government-backed savings scheme designed for individuals aged 60 years and above. It offers a fixed interest rate and provides quarterly payouts, making it suitable for generating regular income.
Post Office Monthly Income Scheme (POMIS): POMIS is another government-backed savings scheme that provides monthly interest payments. It offers a fixed interest rate, providing a reliable income source for retirees.
Fixed Maturity Plans (FMPs): FMPs are debt mutual funds that invest in fixed-income securities with a predetermined maturity date. They offer relatively stable returns and can be suitable for generating regular income.
Systematic Withdrawal Plan (SWP) from Debt Mutual Funds: You can consider investing in debt mutual funds and opt for a systematic withdrawal plan (SWP) to receive a fixed amount periodically. This allows you to potentially benefit from higher returns compared to traditional fixed-income instruments.
Annuity Plans: Annuity plans offered by insurance companies provide regular income payments in exchange for a lump sum investment. You can explore different annuity options to find one that meets your income requirements and preferences.
Before making any investment decision, carefully assess your income needs, risk tolerance, and investment horizon. Consider consulting with a Certified Financial Planner who can help you develop a personalized investment strategy tailored to your financial goals and circumstances.
