How To Utilise Retirement Money

Easiest option is to put it on a Fixed Deposit. Senior citizens n women get more percentage, so you can split it on mom n dads name equally. Make each other the nominees for that fund. I think you have to speak to the bank and make sure the interest money comes in every month. I remember something like that for my granma.

Secure it in a way that they can't take the whole thing, if they need to live off that money.

Put medical insurance.

 

You could find the best retirement plans or invest in any business that you are interested about. If you want be sure, you may ask a financial advisor about those things.

 

The risk appetite is very low at this age. Many would suggest in mutual funds.
But check lic immediate annuity plan. One time lumpsum and they will get a pension and after them the principal will come to the kids.
I hope they have a health insurance. Else get one. But the premium would be high

 

Hi, I meant senior citizen 'and' women have more percentage like 0.5 / 0.75% more than normal. So your mom doesn't have to be a senior citizen for that. I think kotak mahindra offers more for women's FD. I maybe wrong now as it's been a while. Do a google search for current rates, as it keeps changing.

I have heard post office is good. I don't have personal experience though. Just check the interest rate to compare and check if they can give the interest money every month for their expenses.

Check in 'policy bazaar' or sites like that to check the insurance that may work for them. But insurance won't give them money now to spend.

But Medical insurance can help with all their upcoming medical expenses without burning their retirement fund. But their age and current medical condition may affect this. So you need to check if they are even eligible.

How do they want to spend their retirement life?

 

Post Office has a senior citizen retirement savings scheme which offers a higher rate of interest and you father can deposit around 15 lakhs in that jointly with his wife, which is safe and will yield interest which can be drawn monthly, or if monthly requirement is not there, the same interest can be transferred to a recurring deposit in the same P.O. itself. Having a medical insurance for both is definitely required if not already done.
Depending on their needs, they can keep some amount in regular Bank FDs, where although interest rates are low, it can withdrawn/ continued when required.

 

is he going to get pension ?

If he is going to get pension , then put part of money in monthly income scheme where the monthly interest goes to RD. If he have does not have pension , then he should withdraw the among monthly. Put some in FDs so it is easily accessible when needed. Check out post office schemes, you should have good options.

Job cannot be a time pass , check if your dad is interested in voluntary activities and see if you can find one. If he is willing to do job check consulting options in his area of work.