It is essential to start planning your retirement right from when you are in your 20s or 30s. As the medical expenses and cost of living are rising consistently, it is crucial to get serious about retirement planning as early in life as possible. There are six investment options that offer guaranteed income in your retirement years.
- Mandatory Pension Scheme
Mandatory Pension Scheme is a government-approved pension scheme which allows you to contribute to a pension account during your active work life regularly. You can receive regular monthly income after retirement.
- Life Insurance Retirement Plans
If you are looking for retirement investment, life insurance retirement plans are also an excellent option. There are now unit linked pension plans as well as annuity plans exclusively designed to make sure that your life post-retirement is exactly as you had always imagined.
- Mutual Funds
There are now regular income plans solely for people who want to receive a steady income from their investment. Alternatively, you can also start investing in any fund of your choice. You can select a duration after which you’d like to withdraw a fixed amount from your investment regularly.
- Wealth Management Services
You can also look for professional wealth management services if you are looking to build a substantial retirement corpus. Based on your investment profile, professional wealth managers will help you take informative and confident investment decisions that can deliver high returns.
- Housing and Real Estate
The demand for real estate and housing is constantly on the rise. This means that once you invest in real estate, your investment is bound to grow in value over time. This option can be a good source of monthly income, if you decide to put a commercial or housing property on rent.
- The safe and classic company FDs
Your savings can be put to excellent use by investing in regular company fixed deposits. These offer immense growth to your investment over the tenor and also deliver fixed periodic interest payments. FD interest rates for senior citizens are usually higher.
Rani Tarek Jarkas is the founder of Cedrus Investments and a highly experienced and accomplished financial service executive. Rani Jarkas’ service offers you a comprehensive understanding of your portfolio positioning today, so you know how to be positioned tomorrow.