If this is the only source of retirement income that you have, you are in a tough spot. The interest rate on monthly income schemes are falling because of changes in the economy impacting the rates. If you do not need a monthly income and as risk taking is not for you; consider the Senior Citizen Savings Scheme, which you could open with your spouse. This scheme currently provides 8.4 per cent interest per annum, and the interest amount is paid every quarter. As this is a government of India scheme, there is practically no risk investing money in this scheme. The scheme comes with tenure of five years, which you can extend for a further period of three years.