Senior Citizens' Best Investment Options
Updated On Jun 10, 2022
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Retirement is the crucial stage. Whether you are a salaried person, or self-employed, people expect to secure their post-retirement. Today, let's discuss this crucial stage by providing you with the various investment options post-retirement for senior citizens.
Best Investments Options for Senior Citizens and Pensioners in 2022
Below are the best options for senior citizens that can be chosen to secure the future or prepare for post-retirement.
1. Senior Citizens Savings Scheme (SCSS)
No doubt that SCSS is one of the best investment options in 2022. Why was the scheme highlighted? The senior citizen saving scheme offers the interest payment to the investor every quarter. This supports your golden year with some regular income. One can also avail the benefit of sovereign guarantees and reliable returns.
2. Debt Mutual Funds
Once you have enjoyed it for 60 years, it becomes difficult to make a pace in the stock market. Therefore, debt mutual funds are the best options to secure your golden years. You will get consistent returns and professional management. The best part is you can grow your corpus every year. Therefore, a systematic business plan is the best idea.
3. Post Office Monthly Income Scheme
The most secure and reliable scheme to secure your future. Who doesn't want to get a regular income? If you are one, choosing a Post office monthly income scheme is the best option for you. An individual can invest up to the amount of 450000 whereas jointly the limit exceeds 900000. It has a maturity period of 5 years, so you can withdraw the amount prematurely after completing the tenure of 1 year.
4. Tax-Free Bonds
You might have heard about it? These bonds are issued by the infrastructure companies. For instance IRCON, REC, etc. The interesting factor for these bonds is completely tax-free. The bonds have a maturity period of 10 years and liquidity will be provided. Therefore, the interest will be paid on an annual basis. Senior citizens planning for their retirement can opt for this Scheme.
5. Annuity Scheme
An immediate Annuity Scheme is provided by the insurance companies for a safe and secure future. The pension or you can say that the annuity amount has a corpus of 6%, which is great. You need to understand the terms and conditions offered by the insurance companies.
6. Fixed Deposits
The other best investment option for senior citizens. They get a higher interest rate over and above the normal rates. Hence, this way it is beneficial for the senior citizen. Fixed deposits are quite flexible that make a feasible choice in case of an emergency.
Conclusion
For sure, the options don't end here. When you are at the age of retirement, you have a wide array to choose from. If you are thinking of planning your future securely, go for the best investment option scheme.
Also Read: Before You Make Any Investments, Get To Know Your Risk Profile.
