Retirement is considered the fruit of a lifetime of hard work! During these years, you can enjoy life in peace. This is the time when your financial priorities change – you need stable income, security, and peace of mind. There are many investment options available today, and if you choose the right one, it can lead to a happy life.
The good thing about today’s time is that senior citizens also have many options to invest so that the golden moments of life are truly peaceful. When you make a wise investment decision, the “Nivesh ka Sahi Kadam” becomes a reality. Let us explore some of the best options here, with a special focus on mutual funds that can keep you financially strong even after retirement.
The ‘Best’ Investment Options for Senior Citizens
After retirement, everyone wants their hard-earned money to be safe and get regular income. There are many great options available to fulfill this purpose:
Senior Citizen Savings Scheme
This is a government scheme and is exclusively for citizens aged 60 years and above. Some citizens are also allowed to invest in it as an exception when they retire. It gives regular income every quarter and its interest rates are also attractive. This is an excellent option for those who want a safe investment with regular income amid market fluctuations. Indian citizens who are 60+ years of age are also allowed exceptions when they retire.
Pradhan Mantri Vaya Vandana Yojana
This is a pension scheme under which regular income can be received on a monthly or annual basis for 10 years. This is also a government scheme and can become a reliable source of regular income after retirement. It is great for those who want a stable income for a long period.
Post Office Monthly Income Scheme
This is a relatively low-risk savings scheme. In this, a fixed amount of interest is received every month as income. This is an ideal option for those who invest for regular income with minimal risk. It is suitable for those who want to stay away from market volatility.
Senior Citizen Deposits (FDs)
Generally, FDs made specifically for senior citizens offer higher interest rates than regular deposits. The investment is completely safe and the returns are fixed. The period of deposits also varies, you can choose from them according to your choice.
Mutual Funds
These funds are professionally managed and the money is invested in different funds, thereby diversifying the portfolio. Mutual fund returns are generally higher than traditional fixed-income options.
Investing specifically in balanced or hybrid funds can give higher returns. Mutual funds are characterized by their flexibility (easy to buy and sell), liquidity, and facilities like Systematic Withdrawal Plans (SWP) for regular income. You can use it at your convenience and need.