Earning a monthly income after retirement is not easy. However, if you invest wisely during your working years it might be possible. If you start investing your money in the right scheme, you will be able to earn a steady monthly income even after retiring.
The Senior Citizen Savings Scheme (SCSS) under the Post Office which is a Small Savings Scheme by the central government that offers a solution to your retirement planning.
Under this scheme, you will be able to get up to Rs 20,000 every month if you invest a lump-sum amount, provided you are a senior citizen. Under this scheme, you will be able to earn an interest of 8.2 percent. The SCSS scheme has a maturity period of 5 years.
Any Indian citizen above 60 years of age can deposit any lump sum in this scheme. It may be noted that the maximum investment in this scheme is Rs 30 lakh, which was earlier Rs 15 lakh.
If you invest Rs 30 lakh under the Senior Citizen Savings Scheme, you will get an interest of around Rs 2,46,000 every year. Now if we calculate this amount on a monthly basis, you will receive Rs. 20,500 per month.
Under this scheme, those who retire voluntarily, and are between the age of 55 to 60 years, can also open this account. Those who want to join this scheme can visit the nearest post office and open an account. Citizens earning income under this scheme will have to pay taxes as well.
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