I am 50 years old i have an income of 20000 per mont? .i want to save money for my.daughter marriage and for old age pension .where to invest money of 3lakhs for these achievement or goals
Ans: It's great that you're planning ahead for your daughter's marriage and your old age pension. Let's dive into your options:
With an income of 20,000 per month, saving 3 lakhs might take some time, but it's definitely achievable with proper planning and discipline.
Given your goals, it's essential to strike a balance between safety, growth, and liquidity in your investments. Here's what you can consider:
Fixed Deposits (FDs): FDs offer safety and guaranteed returns. You can consider investing a portion of your savings in FDs to ensure capital preservation for your daughter's marriage.
Debt Mutual Funds: Debt mutual funds provide relatively higher returns than FDs while maintaining liquidity. They're suitable for medium-term goals like your daughter's marriage. Opt for funds with a track record of stable returns and low volatility.
Public Provident Fund (PPF): PPF is a popular long-term investment option offering tax benefits and steady returns. It can serve as a retirement corpus for you, providing financial security in your old age.
Senior Citizen Savings Scheme (SCSS): SCSS is designed for individuals above 60 years and offers regular income post-retirement. You can consider investing a portion of your savings in SCSS to build a pension corpus for your old age.
Gold ETFs: Investing in Gold ETFs can provide diversification to your portfolio and act as a hedge against inflation. You can allocate a small portion of your savings to Gold ETFs for long-term wealth preservation.
As you're nearing retirement age, it's crucial to prioritize building a robust retirement corpus alongside saving for your daughter's marriage. Consult with a Certified Financial Planner to create a comprehensive financial plan tailored to your goals and risk profile.
Remember, consistency and discipline are key to achieving your financial aspirations. Keep saving regularly, and you'll steadily progress towards your goals.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
