How you can generate additional income after retirement

Fifty-nine-year-old Surendra Singh, a central government employee, is in a tight spot as he approaches retirement. He anticipates a monthly pension of Rs 30,000, but his current expenses amount to Rs 70,000 monthly. This leaves him needing to generate an additional Rs 40,000 each month during his retirement to maintain his lifestyle. Adding to Surendra's financial burden is an upcoming major expense: his daughter's wedding, for which he plans to spend Rs 30 lakh. So, he has to find a way to finance this significant event while also generating extra income monthly. Upon consulting us for financial advice, we first inquired about his retirement corpus. Our goal was to devise a plan to ensure financial stability for Surendra for the next 25 years, even with an inflation rate of 6 per cent. Below are the numbers he presented to us: Step 1: How he can set aside funds for his daughter's marriage Invest the Rs 30 lakh needed for the wedding in a couple of liquid funds.  Liquid funds provide greater flexibility than bank fixed deposits (FDs) in terms of liquidity. You don't have to commit to a time period while investing in them. Also, one can redeem the invested mon

This article was originally published on January 19, 2024.