Hi Mr. Ramalingam. I am 70 years old. So far no investments in Mutual Funds. All Investment in FD's. Now thinking of investing in SIP for about Rs. 25k per month. I have Family income of 1.50 lakhs from FD's monthly.Family expenses being looked after by my son. Please suggest SIP's n other Investment. Gopalakrishnan K
Ans: Considering your age and financial situation, it's commendable that you're looking to diversify your investments. For a conservative approach, you can allocate a portion of the 1.50 lakhs monthly income from FDs towards SIPs and other investment options.
SIPs: Start with balanced funds or debt-oriented hybrid funds that provide a mix of equity and debt exposure to manage risk. Allocate around 50% of the 25k SIP towards these funds.
Debt Funds: Invest the remaining 50% in short-term debt funds or corporate bond funds for stable returns and lower volatility.
Senior Citizen Savings Scheme (SCSS): Consider investing in SCSS, offering higher interest rates and tax benefits for individuals aged 60 and above.
Fixed Income Options: Explore Post Office Monthly Income Scheme (POMIS) or Pradhan Mantri Vaya Vandana Yojana (PMVVY) for regular income and safety.
Health Insurance: Ensure you have adequate health insurance coverage to manage medical expenses and safeguard your financial well-being.
It's essential to consult a Certified Financial Planner (CFP) to create a personalized investment plan tailored to your needs, risk tolerance, and financial goals. They can guide you on asset allocation, tax-efficient strategies, and retirement planning to secure your financial future.
