Updated on Sep 09, - PM. Retirement is an important stage in your life. Everybody, whether self-employed or salaried, expects to secure their lives post-retirement. This article discusses everything you need to know about various investment options post-retirement for senior citizens. As an investor, you would expect your investment to provide you with a regular income as well as accumulate wealth post-retirement. While some investments only offer only one of the benefits, some provide you with both.
In case you are a pensioner with a regular source of income, you might not need to focus on the first benefit. You can consider directing your portfolio towards mutual funds which grow over time and accumulate wealth in such cases. However, in case of salaried or self-employed individuals who do not receive any form of pension, you might want to orient your portfolios towards investments which provide a regular income in return. Hence, it is advised to think over the type of investment portfolio you would like to have.
There are various investments that offer a regular monthly income. Here are some of the best investment options for senior citizens and pensioners:. Recurring Deposits and Fixed Deposits Fixed deposits FD and recurring deposits RD are one of the most common types of investments made by retired individuals. Banks also offer a comparatively higher rate on FDs and RDs for pensioners.
In case you are investing in post office FDs and RDs, you will be offered the same tax benefits as that of the bank deposits. However, post offices offer an additional layer of security on your deposits. The funds in your post office deposit account are directed towards the government to ensure that there is no delay in payments. Though you can avail tax benefits on investments up to Rs. The pension receivable under the scheme will range from Rs.
To avail the scheme, you will have to make an initial investment not more than Rs. Building a portfolio with the right mix of fixed income and market-linked products becomes a challenge for the retirees. This scheme is specifically designed for Indian citizens above the age of 60 years. The age bar has been relaxed to 55 years in case of superannuation, voluntary retirement, and for those whose application is submitted within one month of accrual of retirement benefit.
Senior citizens can open an SCSS account in any post office which deals in this product or in any designated bank. The maximum deposit one can make in this scheme is Rs 15 lakh. Typically, the scheme comes with a tenure of five years but upon maturity, it can be extended for another three years. However, the interest received is taxable as per the applicable tax slab.
NSC is available at post offices across the country and anyone can invest in it. The tenure associated is 5 years and it is relatively low risk. The interest is compounded annually and accumulated. Once the term ends, the principal along with the accumulated interest is paid out to the investor. There is no cap on the deposit amount in NSC. Only the final interest pay-out is taxable. The safety in returns and the ease of operations make it a go-to investment option.
For senior citizens, bank FDs pay about 0. Bank fixed deposits with five-year tenure are eligible for tax benefit under Section 80C. Interest on fixed deposit is taxable, but interest income of Rs 50, from FDs is tax-exempt for senior citizens. Health insurance premium This one is a big avenue of tax saving for the senior citizens.
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Reshape Tomorrow Tomorrow is different. Let's reshape it today. TomorrowMakers Let's get smarter about money. The Leprosy Mission Trust India. Corning Gorilla Glass TougherTogether. ET Power Talks. Personal Finance News. Mutual Funds. Sunil Dhawan. Font Size Abc Small. Abc Medium. Abc Large. ET Online. Retirement means the end of earning period for many, unless one chooses to work as a consultant. For retirees, making the best use of their retirement corpus that would help keep tax liability at bay and provide a regular stream of income is of prime importance.
Building a retirement portfolio with a mix of fixed income and market-linked investments remains a big challenge for many retirees. The challenge is not to outlive the retirement funds - one retires at 58 or 60, while the life expectancy could be The idea is to build a retirement portfolio with a mix of these products.
Here are few investment options for the retired to provide for their monthly household expenses. As the name suggests, the scheme is available only to senior citizens or early retirees. SCSS can be availed from a post office or a bank by anyone above Early retirees can invest in SCSS, provided they do so within one month of receiving their retirement funds. SCSS has a five-year tenure, which can be further extended by three years once the scheme matures.
Jitesh Khatwani 18 days ago. Placing FDs in this manner will ensure instant liquidity at all times. Also, you can avail a loan against one FD in emergency situations while not affecting your returns from other FDs.
Please check the interest rates on our website. ROI up to 6. Views Share. Highlights Senior citizens get higher interest rates Interest rate for tax-free bonds range from 7. Here is the list of some of the recommended investment options for senior citizens: 1. Senior Citizen Fixed Deposits 1. Behtar nahi banate toh aage kaise badhte. Senior Citizen Savings Scheme 1.
This option provides steady and safe returns unaffected by market forces. This again has a maturity period of 5 years. These are bonds that are issued by the government to raise money for a project. The maximum amount that can be invested is up to Rs. Since these are mutual funds that focus on fixed income investments, they are considered safer 2. Long-term debt funds can offer you a higher value depending on the performance of the market. Related Posts: What is demat account.
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Term insurance plans come with home loan where you have. View Comments Add Comments. This would provide risk coverage. Read this article in :. Insurance agents have cheated investors tax saving investments for home. These are designed for risk. This will alert our moderators you invest a bulk amount one-time and get monthly pension on your investment tenure, risk. TomorrowMakers Let's get smarter about you invest annually until your. He should cover whole aspects. Find this comment offensive.Public Provident Fund (PPF). Sukanya Samriddhi Yojana. National Savings Certificate.