How To Utilise Retirement Money

This is a bit late but I hope I am able to provide some useful information.

1. Assess their needs by having a fair conversation with them. They need to be clear on how much money would go into regular expenses and how much can be put away for other purposes.

2. Get them a medical insurance if not available already. 5 lakh would be my suggestion. If that's not possible due to age and pre existing ailments, plan a corpus fund accordingly that can be accessed easily

3. Invest a portion in Senior Citizen Savings Scheme (SCSS - Can be found in many nationalised banks and PO - But suggestion would be to get it in a bank), FD and LIC annuity plan. I would suggest that some amount should be in the equity markets (in a good mutual fund). Since your mum is not yet a senior citizen,your dad can invest in SCSS for a 15L sum.

4. Make sure they are aware of where they are invested in. Esp, for your mum. Women tend to be lax with these details.

Hope this helps.

 

You may think about investments in
1. Land
2. Property(flat/Villa)
3. Shares/Mutual funds
4. Gold
5. Static investment like Post office etc..
6.Any other type of investment like LIC, Monthly interest recurring schemes.