In this world there are two methods to make money the first option is you work and earn money and the second one is your asset works for you and from which you get money. The first one is a very popular one where everybody does it and earns money and the second one is for retirement persons when you retire how you can earn money for that you should choose a better plan from now onwards which should also be much secured in future. Here we explain in depth , Where to Invest Money to get Monthly Income
Investment system which will create an alternate source for regular income that is your investment money should work for you and it should also provide you more money. If your asset is kept in your bank or if it is in your pocket this will not work for you it will remains the same, whereas only when you invest your money it will add some amount to its actual value. This process is one of the simple investment methods and the tool used here to make your money grow without making any effort. Some of the methods recommended here are
Here fixed deposits are one of the most popular and common investment option used here and which is at no risk at all. This provides you some fixed rate of interest on your investment amount when fixed for a particular period of a time. This amount that is the interest amount can be got from the bank yearly, quarterly or it can be monthly.
The fixed rate of interest by most of the popular banks in India varies from 8% to 9% per annum. The received interest amount is from taxable that is Bank detects 10% TDS on the interest earned.
Senior citizen saving scheme
This scheme is one of the special scheme which is only for the senior citizens the people can adopt this scheme only who are above 60 years of age. This is one of the savings schemes which have the maturity of 5 years and it can also be extendable for 3 years, rate of return will be offered in the scheme is 9 % per annum. Here in this scheme interest will be paid for every 3 months.
Rent from real estate
Real estate, through property rental or real estate development, is also another good way to generate income but it is a little bit higher risk. For this reason, it can be a good idea to speak to experts in this area, such as Lincoln Frost, to ensure you make the best financial decisions. If you know what you are doing, you will always be able to make money if you rent out a property that is purchased by you, particularly if you market it at a competitive rate.
Long term government Bond
This is one of the safest options to get income regularly. Here the government Bond offers a percentage and will return half yearly amount. These bonds are very long term bonds at the end you will get the principal amount which you have been bonded initially.
Post office MIS scheme
This is also one of the scheme where monthly amount will be generated this is nothing but a fixed amount is deposited in the post office and fixed monthly income will be generated. For this scheme initially for individual 4 lacs has to be deposited or for joint account 9 lacs has to be deposited the time period of this scheme is allotted as 5 years. And the interest here is a percentage annually and you will get 5 % bonus at the end of the period.
These are the few methods which will help you to create an additional monthly income during your retirement period.