The ideal solution for this problem is Annuities, where you make payments for a specified term and get fixed term payouts for life. There are various kinds of annuities and they combine elements of insurance as well (life and death benefits)
A good source to read up is here
Be careful about tax implications, the accumulation phase have wide ranging GST components.
The other option is a Systematic Withdrawal Plan with a Mutual Fund where you ride the risk but withdraw with a fixed frequency. Most MFs offer this option. Good news is that withdrawal is treated as Cap Gains so tax impact could be minimised. You do run the risks of investing.
Using FDs with quarterly interest etc is risky if you expect a fixed income and tax inefficient (with TDS deductions). Further it may not be beating inflation post tax . So income / purchasing power can vary and the retiree takes the investment risk on herself.
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