How should you allocate your retirement funds for old age?
My father will retire in six months. He has accumulated a body of nearly ₹5 crore and wants to invest in instruments that are not risky so that he can live off the accrued interest. He has, among other investments, set up ₹15 lakh in SCSS (savings scheme for senior citizens). Its mutual fund (MF) allocations include ₹2 crore in short-term funds, ₹1 crore floating rate fund, ₹50 lakh in balanced benefit funds, ₹25 lakh in overseas MFs, and ₹25 lakh each in conservative hybrid funds and liquid funds.