To ensure that your life after retirement is convenient and financially secure, it is important that you invest wisely. For the specific purpose of investing post-retirement there are several instruments that you can consider. These include senior citizens FDs, Senior Citizen Savings Scheme, tax-free bonds, etc.

Choosing the right mix of instruments will help you finance your post-retirement lifestyle effortlessly, ensuring that you don’t have to compromise on your quality of life. You can use online calculators to check your returns.

For example, if you want to understand what FD interest rates translate into, you can make use of tools such as an FD calculator, and forecast the amount that you will receive on maturity.

Look at the top three investment options that suit retired investors perfectly.

Unit Linked Insurance Plans (ULIP)

Healthcare costs are ever increasing, which is why it is important to have insurance cover. With a comprehensive insurance policy, you can avoid paying out of your own pocket for healthcare expenses and hence preserve your savings.

But, when you invest in ULIPs, part of the amount you pay goes towards insurance, and the other goes towards investments. So, you can enjoy the benefits of insurance as well as investment from one scheme itself.

Senior citizen fixed deposits

This is a fixed deposit that is customised to suit the preferences of senior citizens above the age of 60, and perfectly caters to your low risk appetite as it isn’t linked to the market and offers assured returns. You can use a cumulative FD to build wealth or a cash reserve, or choose a non-cumulative FD with monthly payouts to replace a salary and take care of everyday expenses.

Choosing a rewarding FD such as the Company Fixed Deposit for senior citizen will allows you to earn assured returns over a tenor of your choice. Besides, NBFCs offers an interest rate of 8.75% on its fixed deposits and an additional 0.35% to senior citizens. You can use an FD calculator tocheck the amount that you will receive on maturity beforehand.

Government saving schemes

The government too offers several schemes that you can consider. As the government backs them they are completely reliable.

Senior Citizens Savings Scheme (SCSS)

You can opt for a Senior Citizens Savings Scheme, for instance, where you can invest up to Rs.15 lakh and earn interest upwards of 8%. The tenor is flexible too. You can hold the SCSS for 5 years and then renew it for another 3 years if you wish to. Besides, you can claim a tax benefit of up to Rs.1.5 lakh as per Section 80C of the Income Tax Act.

Post Office Monthly Income Scheme (POMIS)

Another government scheme, POMIS is a 5-year investment that you can you can invest Rs.4.5 lakh in individually, or Rs.9 lakh jointly and earn an interest rate of 7.3%. The benefit here is that you receive returns on a monthly basis, which can help you take care of day-to-day expenses.

These are some of the schemes that will help you live a financially comfortable life once you retire. From everyday needs to bigger ones such as paying for a wedding or holiday, you can tackle expenses without any worry or stress.