Retirement is a beautiful time. By the time you retire, all your big expenses are taken care of. From saving for retirement corpus, paying for your kids higher education and marriage to building an emergency corpus.

You finally get to live and fulfill all your dreams – even if it is to Netflix and chill. The flip of the coin is that you still need to pay for retirement expenses, have a health care corpus in place and your payout for your travel and recreation plans. The bills never stop coming, do they?

If you’re looking to invest your savings wisely with optimal capital protection, we’ve narrowed a few investment options best suited for retirees.

1.Senior Citizens Savings Scheme (SCSS)
SCSS allows investors to put in up to 15lakhs rupees. The lock in period for the investment is 5 years that can be further extended. The interest rate is subsidized by the government and in the current year is at 7.4% per annum. The interest income earned is taxable as per individual tax liability. Partial withdrawal is allowed at a charge. Since this is a government secured option, its safety proposition makes it a highly lucrative investment option among senior citizens.

2. Post Office Monthly Scheme
Post office schemes have an investment cap limit. An individual can only invest up to 4.5 lakhs and 9 lakhs if it’s a joint account from one household. The investment is interest based and the government yearly formalizes the rate earned. The interest is paid on a monthly basis, which makes it a highly covetable option for senior citizens.

3. Fixed Deposits
A popular and highly relied option you will find in most households is a fixed deposit. Government banks as well as private banks offer these. The investor earns interest on the invested amount for a predefined time horizon. This could be anywhere from 7 days to X number of years you wish to invest. Higher the time span, the better the interest rate. Senior citizens also benefit from a slightly higher interest rate.

4. Monthly Income Plans
Mutual fund companies offer monthly income plans. Self evident from the name, these plans remit gains on a monthly basis. Any amounts invested in these funds are further entrusted into hybrid funds with the majority portion invested in debt mutual funds and a small portion into equity linked funds.

5. Systematic Withdrawal Plans

If you wish to continue living off a monthly payout, systematic withdrawal plans offered by mutual fund companies are a great investment option. The amount is further invested by the company in equity and larger corpus in debt based funds. Tax is levied only on capital gains, which makes it a lucrative and moderate risk option for senior citizens.

6. Tax Free Bonds

Tax-free Bonds are a ten-year tenured investment that yields tax-free interest income. Infrastructure companies issue these bonds to raise capital. The interest rates are determined by the government and are tax-free. Once invested, the amount cannot be partially or fully withdrawn before the maturity date.

7. Immediate Annuity Schemes

These schemes are the perfect return gift from you to you, every year. These annuity schemes, as the name suggests, provide a yearly percentile payout on the invested corpus. A great scheme if you wish to invest a lump sum amount to last you for a particular time horizon and get a payout in a systematic way.

8. Pradhan Mantri Vaya Vandana Yojna
The Pradhan Mantri Vaya Vandana Yojna (PMVVY) is a scheme specially designed for senior citizens. A Government secured pension scheme that will pay you a yearly interest whilst keeping your capital protected. You can invest upto 15 Lakh rupees. The lock in period is of ten years and interest is paid on monthly, quarterly, semi-annually or annually as per your preference. Partial withdrawal in case of need is allowed.