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Achieving Financial Security: How to Maintain a Stable Monthly Income After Retirement
How to maintain a consistent monthly income following retirement. (Pics: Freepik)
Make a one time investment in a mutual fund and establish an SWP to get a set monthly income, which is frequently more tax advantageous than interest based income.
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To cover unforeseen costs, maintain a liquid emergency fund that can pay for at least 12 months' worth of living expenditures.
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Make sure you have adequate health insurance coverage to safeguard your savings from growing medical expenses.
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Take advantage of government programs like the National Pension System (NPS) or Employee Pension Scheme (EPS) as well as private annuity plans that assure a monthly income.
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Because the income after retirement is so important, use Senior Citizen Savings Schemes (SCSS), Recurring Deposits (RDs) or Fixed Deposits (FDs) as security. (Disclaimer: Given the input is on an information basis, please seek professional advice.)
