My father has retired recently. He received Rs 30 lakh upon retirement and wishes to invest this money. Where and how should he invest this amount?
His investment strategy would depend on whether he would be depending on this money for his monthly expenses or not. If he would be depending on this investment to fulfill his monthly expenses, he should begin with the Senior Citizens Savings Scheme (SCSS), which will give him a guaranteed income throughout the year. He should also refrain from thinking too conservatively. Avoiding equity altogether wouldn’t be right because only equity can help him beat inflation. After investing in the SCSS, he should choose a well-performing balanced fund and invest in it regularly.