As you all might know getting an income at old age is very important to us.
There have been multiple financial products for the same with flexible income options.
Let us take a look.
Annuity plan.
An annuity plan is popular among high-income individuals who are looking for a stable(guaranteed) income source for the rest of their life.
The downside is that it cannot be modified or cancelled once the plan is bought.
Hence, no liquidity.
Whereas if you invest in Mutual Funds, through SWP(Systematic Withdrawal Plan) you can get regular returns and possibly better if markets are good.
Additionally, your investment can be withdrawn partially in case of emergency.
Another advantage of SWP is your income has tax benefits whereas on an annuity plan it is taxable.
The choice is yours!
