Outlook Money
While builders and developers often rent out entire buildings to make money, retirees can also consider investing in property for the purpose of putting it on rent.
Systematic Withdrawal Plans are a form of investment which allows you to withdraw money from the investments you have made. SWPs allow investors to withdraw a fixed amount of money on a monthly basis according to their needs.
Immediate Annuity is a type of pension plan where the investor invests money in a lump sum and receives it in a systematic form at a predetermined frequency such as monthly pension, quarterly pension, half-yearly pension or yearly pension etc.
SCSS allows senior citizens above the legal age of retirement i.e. 60 years to invest up to Rs. 30 lakhs. The scheme allows an interest of 8.2 per cent per annum which is compounded and paid quarterly.
Many government pension schemes can also help ensure a stable source of income post-retirement. Some of the well-known schemes are the Atal Pension Yojana, the NPS, and the Public Provident Fund, etc.