Hi I am a 65 year old house wife looking for investment options to take care of myself. Income sources : Son gives 10000 and husband gives 3000 per month. I have an existing FD of 2 lakh rupees. Where all I can invest and I don't have a health insurance, any suggestions to plan my investment as well as health policy
Ans: It's wonderful that you're thinking about your financial security. Here are some ideas to consider:
Understanding Your Income:
Combined Income: You have a combined monthly income of Rs. 13,000 (Rs. 10,000 from son + Rs. 3,000 from husband).
Financial Goals: Consider your financial goals. Are you looking for regular income, to grow your savings, or both?
Investment Options:
FD Reinvestment: Consider reinvesting your existing FD or its interest to earn compound interest.
Debt Funds: Debt funds offer stability and regular income, potentially suitable for your situation.
Senior Citizen Savings Scheme (SCSS): This government scheme offers attractive interest rates for senior citizens.
Importance of Health Insurance:
Medical Expenses: Medical emergencies can be expensive. Health insurance can help manage these costs.
Senior Citizen Plans: Many insurance companies offer health insurance plans specifically designed for senior citizens.
Benefits of a CFP:
Personalized Plan: Consulting a Certified Financial Planner (CFP) is recommended. They can assess your needs, risk tolerance, and suggest suitable investment options and health insurance plans.
Here's a simplified example (not a recommendation):
Invest Rs. 50,000 in Debt Funds (SIP): Start a Systematic Investment Plan (SIP) in debt funds for regular income.
Invest Remaining in SCSS: Invest the remaining amount in SCSS for a good interest rate and safety.
Get a Senior Citizen Health Insurance Plan: Choose a health insurance plan that covers your needs and budget.
Remember:
Review Regularly: Review your investments and health insurance plan (at least annually) with your CFP to ensure they remain aligned with your needs.
Start Investing Early: Even a small amount invested regularly can grow significantly over time.
Emergency Fund: Maintain an emergency fund with 3-6 months of living expenses for unexpected situations.
By taking charge of your finances and getting proper health coverage, you can secure a brighter future for yourself!
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
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