How to use systematic withdrawal plan to get retirement income from mutual funds
PAPER WORK
Using SWP for retirement income
Retirement ushers in the luxury of time that enables you to follow your passions and relax. If you have a lump sum at retirement, a systematic withdrawal plan (SWP) can be an excellent tool to provide consistent income.
Calculate monthly expenses
First, assess your financial needs and goals. Calculate your monthly expenses, factoring in essentials like healthcare and lifestyle needs, as well as inflation and emergencies. This will help you determine the monthly income needed from your investments.
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Select appropriate scheme
Explore various investment opportunities that match your risk appetite and income needs.
Debt funds: These funds offer steady returns with lower risk by investing in fixed-income securities.
Equity funds: While riskier, these provide higher returns, making them suitable for long-term growth.
Hybrid funds: These combine debt and equity to balance risk and returns.
Systematic withdrawal plan
An SWP allows you to withdraw a fixed amount from your mutual fund investments at regular intervals, ensuring a steady income. To start an SWP, determine the withdrawal amount. Ensure it meets your expenses without depleting your investment too quickly.
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