Hi. My uncle want to take retirement from our business. He wants to invest in such a way that he can get 25000 evry month.
His age is 60+
Where should he invest and what amount?
Is SWP is useful here?
3 Answers
Hi,
May I know few details..
Is he totally dependent on this monthly income? Does he has any financial liabilities?
For how long he would like to get this regular income?
Can he afford to take risk?
Hi he has 3 daughters all 3 are married and his wife expired but his daughter's financial condition is not good so he sometimes help them from his side.
So he is the only member in his house (helping his daughters too) and that's why he want 25k monthly to fulfil his monthly needs.
And he want this 25k for life time (money may require more depends on inflection)
And he is in family business and he want to retire from the business and want to saperate his partnership
Sorry if i am not able to make u understand properly but hope you get my point.
Hi,
I got your point.
He may consider options like Post office Monthly income scheme (interest amount payable every month) / Senior citizen Saving Scheme (interest payable quarterly).
PO MIS can fetch him around Rs 2,800 pm on an investment of Rs 4.5 Lakh (max allowed investment for individual account).
PO SrCSS can fetch him around Rs 21,000 per quarter on an investment of Rs 10 Lakh. (tax benefit is also available u/s 80c).
If he can afford to take little bit of risk, he may consider SWP in a Conservative MIP Fund.
You may suggest him to take health insurance cover (if he does not have) and maintain an emergency fund amount in the form of cash/saving bank balance or FD/RD, to an extent of at least 3 to 6 months living expenses.
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