Sir I am 49 years, I am taking VRS in Dec 2024 due to some health issues. I will get Rs. 1.12 cr (without commutation) and pension of 65000+. I wish to get 60000 extra per month on average from the above amount. My expenses would be managed from pension. Please suggest plan for the goal. I can do SWP for maximum 30 lakh.
Ans: Your Goal:
Achieve a monthly income of Rs. 1.25 lakh (pension + desired income) after taking VRS.
Challenges:
Generating this income solely from your VRS amount (Rs. 1.12 crore) and a conservative withdrawal rate (like 5%) might be difficult.
Possible Solutions:
Adjust Withdrawal Rate: Consider a slightly lower withdrawal rate to stretch your VRS amount further.
Explore Additional Income: Look for ways to generate some additional income, even part-time work, to bridge the gap.
Strategic Investment: Utilize the SWP facility for a portion of your VRS amount and invest the remaining amount in a mix of debt and equity (depending on your risk tolerance) to potentially earn higher returns.
Key Points:
Financial Advisor: Consulting a registered financial advisor is highly recommended. They can personalize a plan based on your specific situation and risk tolerance.
Market Fluctuations: Remember, market returns can fluctuate. Ensure your plan considers potential risks.
By considering these points and seeking professional advice, you can create a more realistic and sustainable plan to achieve your desired income after taking VRS.