Monthly income for Widowed lady

[Ranger]

I had a Q regarding my mother-in-law's situation. She is 57yrs old & currently widowed & staying at her own house. Her monthly expenses is around 10-15k. I occasionally pay for any medical tests/treatments. She owned a shop, which was rented out & she used to get around 3k rent. She has decide to sell it & she'll be getting 22lacs for it, the buyer has agreed only to pay 10lacs in white & 12lacs in black.

My wife & I would like her to get a stable monthly income of at-least 15K.

How should we use the below options?
1. Bank FDs
2. Balanced MFs
3. Annuities
4. Portion invested in 100% Equity fund

 

[ram2010]

I had a Q regarding my mother-in-law's situation. She is 57yrs old & currently widowed & staying at her own house. Her monthly expenses is around 10-15k. I occasionally pay for any medical tests/treatments. She owned a shop, which was rented out & she used to get around 3k rent. She has decide to sell it & she'll be getting 22lacs for it, the buyer has agreed only to pay 10lacs in white & 12lacs in black.

My wife & I would like her to get a stable monthly income of at-least 15K.

How should we use the below options?
1. Bank FDs
2. Balanced MFs
3. Annuities
4. Portion invested in 100% Equity fund

deposit 15 lakhs in FDs ,remaining money- balanced MFs(with proper knowledge)

 

[umeshmandal]

I had a Q regarding my mother-in-law's situation. She is 57yrs old & currently widowed & staying at her own house. Her monthly expenses is around 10-15k. I occasionally pay for any medical tests/treatments. She owned a shop, which was rented out & she used to get around 3k rent. She has decide to sell it & she'll be getting 22lacs for it, the buyer has agreed only to pay 10lacs in white & 12lacs in black.

My wife & I would like her to get a stable monthly income of at-least 15K.

How should we use the below options?
1. Bank FDs
2. Balanced MFs
3. Annuities
4. Portion invested in 100% Equity fund

Make a book entry of Gift of Rs.12L from your wife to your Mother if your wife's IT file permits it and deposite the entire amount of 22L in LIC's Varishta Pension Bima Yojana !

 

[test123]

i agree with Ram bhai :xD

deposit 15 lakhs in FDs ,remaining money- balanced MFs(with proper knowledge)

 

[sumitalwar]

Go for bank fd of nationalized bank with quarterly interest payment .

Make fd in at least 2 nationalized banks.

Give form on non deduction of tds in advance to the banks . at the time of making fd and then every year on 1 April .

 

[Jones5]

I had a Q regarding my mother-in-law's situation. She is 57yrs old & currently widowed & staying at her own house. Her monthly expenses is around 10-15k. I occasionally pay for any medical tests/treatments. She owned a shop, which was rented out & she used to get around 3k rent. She has decide to sell it & she'll be getting 22lacs for it, the buyer has agreed only to pay 10lacs in white & 12lacs in black.

My wife & I would like her to get a stable monthly income of at-least 15K.

How should we use the below options?
1. Bank FDs
2. Balanced MFs
3. Annuities
4. Portion invested in 100% Equity fund

invest 50 % in a basket of blue chips and mid cap stocks , markets have corrected enough to find some quality stocks relatively cheaper, and considering the fact that we are in a bull market , u can expect a decent return over the next 5 years.

use the remaining amt for trading purpose, but only after proper backtesting a trading strategy.

 

[jagankris]

I had a Q regarding my mother-in-law's situation. She is 57yrs old & currently widowed & staying at her own house. Her monthly expenses is around 10-15k. I occasionally pay for any medical tests/treatments. She owned a shop, which was rented out & she used to get around 3k rent. She has decide to sell it & she'll be getting 22lacs for it, the buyer has agreed only to pay 10lacs in white & 12lacs in black.

My wife & I would like her to get a stable monthly income of at-least 15K.

How should we use the below options?
1. Bank FDs
2. Balanced MFs
3. Annuities
4. Portion invested in 100% Equity fund

If you have prior experience of making money in MF's then think about it.
Else FD is the risk free choice.

 

[niftytaurus]

I had a Q regarding my mother-in-law's situation. She is 57yrs old & currently widowed & staying at her own house. Her monthly expenses is around 10-15k. I occasionally pay for any medical tests/treatments. She owned a shop, which was rented out & she used to get around 3k rent. She has decide to sell it & she'll be getting 22lacs for it, the buyer has agreed only to pay 10lacs in white & 12lacs in black.

My wife & I would like her to get a stable monthly income of at-least 15K.

How should we use the below options?
1. Bank FDs
2. Balanced MFs
3. Annuities
4. Portion invested in 100% Equity fund

Hi Ranger
According to her age & condition..option2,3 & 4 is not viable to her..as in those options, money will grow only after a substantial period of time & Its a risky instrument depends on market condition..its only for long term goals..so dont think about it, as you told that this 22 lacs is her only capital & when her livelihood depends on that.so you cant take risk
so please deposit that money in 4-5 different NATIONALISED BANKS (ONLY)..No private banks & a big NO to Coperative society banks.even IF they are giving more rate of interest..here security is important..

.only Nationalised banks..some of them are State bank of india,Punjab national bank, bank of baroda,canara banks etc..Put money in 3-4 banks..not all money in 1 bank..you can quaterly/ monthly intrest scheme..amount of intrest will automaticaly deposit in her saving account..Fixed deposit atleast for 3 years..as IF RBI reduce intrest rates,she will get same present rateof intrest for next 3 years.at present rate of 8%, she will be getting aprox 15k per month for household expenses..

you can do 1 more thing from your own expenses..check some good medical insurance plan for her..God Forbid, if she become ill, medical insurance can take care of her medical expenses..otherwise, at that time she will have to take out money from her FD capital, which affects her future income from Intrest income..
Hope it helps..feel free to ask any query
thanks

 

[Catch22]

Go for bank fd of nationalized bank with quarterly interest payment .
Make fd in at least 2 nationalized banks.
Give form on non deduction of tds in advance to the banks . at the time of making fd and then every year on 1 April .

If you have prior experience of making money in MF's then think about it.
Else FD is the risk free choice.

Hi Ranger
.No private banks & a big NO to Coperative society banks.even IF they are giving more rate of interest..here security is important..

.only Nationalised banks..some of them are State bank of india,Punjab national bank, bank of baroda,canara banks etc..Put money in 3-4 banks..not all money in 1 bank..you can quaterly/ monthly intrest scheme..amount of intrest will automaticaly deposit in her saving account..Fixed deposit atleast for 3 years..as IF RBI reduce intrest rates,she will get same present rateof intrest for next 3 years.at present rate of 8%, she will be getting aprox 15k per month for household expenses..

you can do 1 more thing from your own expenses..check some good medical insurance plan for her..God Forbid, if she become ill, medical insurance can take care of her medical expenses..otherwise, at that time she will have to take out money from her FD capital, which affects her future income from Intrest income..
Hope it helps..feel free to ask any query
thanks

Very good advises :thumb:

 

[Somatung]

What about if she gets married again and find a man who supports here? Many widows do this and so this is no joke.