I need to know your advice. My husband is retiring soon and we are a bit worried about how to handle our money after retirement. What do you think is the best savings plan that we can get? Do you think a retirement plan will suffice our needs? What's the best investment for us?
Your saving plan and post-retirement financial schemes should be according to your cost of living. If your husband gets a monthly pension after retirement, the worries lessen by halve. However, if that is not the case then an amount should be kept in such a way that it generates a monthly amount which would be adequate to sustain. Needless to say, you need a pool for medical purposes as well.
I am not sure which part of the world you are from or what is the rate of interest on your fixed deposit schemes but as far I am concerned I would consider FDR (Fixed Deposit Scheme) with no risk as the best scheme with monthly or quarterly return of interest.
Thanks for your replies. FDR has been discussed with me recently and I thought that it is a good point to start. No hassle, No pressure, that is what I mean. I am not so sure if this retirement planning scheme is the same though. Would there be any much difference between commercial banks and private financial company in terms of retirement planning?
If your husband is getting a pension then you can try to put in Fixed Deposit Schemes which is good as the period ends you will receive a lump amount of money which will be helpful for you to meet all your needs. I don't have much knowledge about the retirement plans but will surely check and tell you.
