Retirement Gift suggestions
My father is set to retire in dec 2026 from a govt organization. So, he is going to have atleast 50L lumpsum as his own savings. I don't want him or my mother to be compromising on their current lifestyle or be dependent on my me or my brother financially because that's one thing they never did and their self respect is too much to seek help from us.
So, I want to gift him something which can bail him out (or my mother) in the future if necessary.
The budget I am currently considering is 1.5L.
Have been considering FD with my mother as the nominee. But unsure which bank to go with and don't think the interest is a lot. Also, I would prefer that they get monthly payouts.
I have been also told to go for personal health insurance for the two of them. Wondering what the premiums are going to look like. Or if it is easier to top up existing policies. But currently, I can only provide them with the group insurance health policy provided by my employer. In short - I am clueless about how to go about it. He is a cancer survivor too.
This was another suggestion - "Get a comprehensive retirement plan made. Will give you all peace of mind. Knowing the full picture will help you choose the right instrument based on the needs." But who do I need to approach to get a comprehensive retirement plan made?
Was also advised on taking gold coins/bars but gold is all pricey rn. He might need a brand new two wheeler but I feel that is just an imminent need and he can make do even without it. Considering his health, I would rather look to pool more money.
Can you folks suggest any other good ideas? Or help me with more information evaluating these options?
Thanks in advance.