- I invest as much as Rs 20, 000 in an FD every month. However, every alternate month I invest in non-cumulative FD schemes. In short, out of 12 FDs of Rs 20, 000 each, 6 are non-cumulative schemes and the other 6 are cumulative schemes. The interest income generated through non-cumulative schemes is then re-invested in mutual funds and other market-linked investment schemes. This way, I no longer have to worry about losing money because that’s hard from my own pocket.
- Moving on, I invest approximately Rs 50, 000 - Rs 60, 000 every once a year in a senior citizen FD scheme but in my father's account. This increases the TDS exemption limit and a higher amount is generated through investment.
- Lastly, I invest a very insignificant amount ranging from Rs 500 to Rs 800 in SIP.
What is a feasible retirement plan for the current lifestyle of Indians?
Describe Detailed Retirement plan for senior citizen