Outlook Money
If one has a monthly income post-retirement also, it ensures stability in life as affording expenses becomes easier. Therefore, one needs smart investment options to ensure this income.
1. Rental Income
One of the sources of income for retirees can be renting out their properties. Here, investment can be made by buying residential buildings for the purpose of putting them on rent which in turn can help them in having a stable source of income.
SWPs are that type of investment which allows one to withdraw money from investments being made. These allow investors to withdraw fixed amounts of amounts of money monthly basis.
It is a type of pension plan where the investor invests a lump sum amount and receives it back in a structured manner at regular intervals, such as a monthly, quarterly, semi-annual, or annual pension. This allows financial stability by providing a source of income to investors post-retirement.
SCSS allows senior citizens above 60 years to invest up to Rs. 30 lakhs. This scheme also allows an interest of 8.2 per cent per annum which is compounded and paid quarterly. This becomes a source of income for retirees.
There are various government pension schemes that can help ensure a stable source of income post-retirement. Some of the well-known schemes are the Atal Pension Yojana, the National Pension System, and the Public Provident Fund, etc.
Compiled by Syed Muskan