I am 57 year old, working in a PSB for the last 35 years. I plan to retire early in another year. I will get terminal benefits of Rs 1.10 crore and pension of Rs 65000.00 p.m. I have liabilities to the tune of Rs 10.00 lacs. My monthly expenses will be around Rs50000.00 ...
Kindly guide me as to how to deploy the amount of Rs 1.00 crore after adjusting loan liabilities
Ans: As you approach retirement after a dedicated career, it's crucial to deploy your terminal benefits wisely to ensure financial security in your golden years. Start by clearing off your existing liabilities, providing a clean slate for your retirement journey. With the remaining corpus, consider diversifying your investments across various asset classes, such as mutual funds, fixed deposits, and possibly annuities, to generate a steady income stream post-retirement. Prioritize preserving capital while seeking modest growth to meet your future financial needs. Remember, retirement marks a new chapter in life—a time to cherish the fruits of your labor and pursue passions long postponed. As you embark on this journey, consider consulting with a Certified Financial Planner to craft a personalized retirement plan that aligns with your aspirations and ensures a fulfilling retirement ahead.