Find some Best Investment Schemes for Senior Citizens in India

Senior citizens no longer depend on others to solve their financial problems.They now, from very early on start building a solid retirement portfolio.This ensures that they invest their capital funds judiciously.Investing in only one segment won’t give them the required returns.They have to put their fingers in varied pies to get exceptional returns.

 Of course, senior citizens face certain hiccups such as inflation, rising medical costs and the fact that senior citizens are living more than over, that means that retirees must ensure that they don’t outlive the retirement funds. Yes, one retires at 58-60 while they can live till 80 or 90. So, here are some best investment options for senior citizens that you must explore to get a regular stream of income.

The Perfect Investment Options for Senior Citizens –Explore and Invest

· Senior Citizens Savings Scheme- This investment is perfect for people who are 60 or who are over the age of 60. Voluntary retirees can also invest once they reach the age of 55. You can open a joint account with your spouse. The maximum limit is Rs. 15, 00,000 and it is irrespective of the number of accounts you have. The current rate of interest is 8.5%. The interest is paid quarterly.

· Senior Citizens Pension Plan or Varistha Pension Bima Yojana-This is an annuity plan where the payments are made periodically to the policyholder. It is suitable for anyone above the age of 60. The investment limit is Rs. 63,960 and the maximum amount can go up to Rs. 6, 39,610. The pension is taxable and monthly payouts are possible.  The returns are around 8%.

· Post Office Monthly Income Scheme (POMIS) - This is available for whoever is 10 years or older can invest. The minimum investment limit is Rs. 1500 and the maximum go up to Rs. 4, 50,000 in the case of a single account holder and double the amount- Rs. 9, 00,000 in the case of a joint account holder. The fixed monthly interest rate is 7.7%. Monthly payouts are also possible. When the amount reaches maturity it can be re-invested in POMIS.

· Bank and Company Deposits- This may turn out to be one of the oldest forms of investment options for senior citizens, it is still one of the more bankable forms of investment. One can invest money in the company deposits for greater interest returns. The rate of interest is much higher than the Bank FD interest rates. The age limit is 10 years or older for a solo account for a joint account it can be younger than 10 years. The investment limit ranges from Rs. 5000 to more than a crore depending on the bank or company. The Interest rate is 0.5% higher than normal fixed deposit rates for senior citizens. It is from 4%-8% for banks and for Company deposits it is 8%-8.90%.

· Mutual Funds-Senior citizens can invest some amount in Mutual Funds, especially the ones which have a lower risk. They can invest in debt funds, liquid funds and so on, that invest in various commercial paper, different bonds, and government securities and so on. They can give good returns and can beat inflation. Monthly income plans can provide regular income. But mutual funds are subject to certain market risks.

· Tax-free bonds - Tax-free bonds, (not available in the primary market) can prove to be an integral part of a retiree's portfolio. There are government-backed institutions that issue these bonds. Some of the institutions are as follows, National Highways Authority of India (NHAI) Indian Railway Finance Corporation Ltd (IRFC), Power Finance Corporation Ltd (PFC), Housing and Urban Development Corporation Ltd (HUDCO), Power Finance Corporation Ltd (PFC), NTPC Ltd and Indian Renewable Energy Development Agency, Rural Electrification Corporation Ltd (REC) and so on.

· Immediate Annuities – Senior citizens can try their hand at investing in immediate annuity schemes of life insurance companies. The annuity stands at around 5-6 percent per annum and it is completely taxable. However, the amount used to buy the annuity is not returned.

Senior citizens can also enjoy a good post-retirement life if they plan ahead and make well-thought-out financial investments.  So, go ahead and invest right and enjoy your sunset years in peace and harmony.

Senior Citizens Travel: The 5 Best Summer Destinations 2018 for Seniors Citizens

Once you retire you may feel a strange sense of emptiness but trust us this is the time to begin your life afresh. You can have the time of your life as now you are not bound by any schedule or responsibilities. The best way to spend your time is to go for travelling. A new place with its new cuisine and new life can give you something to do other than your regular humdrum life.

The Best Travel Destinations to Explore for the Elderly

It has been a fulfilling life for you but you have never had the chance to explore the world as you have longed to do. So, now that you have all the time in the world a new place is just what you need to rejuvenate you in the best way possible. Consider these following options to select the right place for you to travel, in fact, these are perfect travel tips for seniors.

· Take a cruise- A cruise is a wonderful idea for senior travellers. There is a number of activities on board which can keep you busy and you can travel and relax all at the same time. You can travel to a number of places not only in India but also abroad. You can try the Singapore cruise or the Caribbean and Bahamas. Closer home there is the cruise trips to Andaman and Nicobar Islands or the Brahmaputra’s. Choose what suits your purpose and also your budget.

· Travel to hill stations- A cruise may not sound all that appealing to some people who may be put off by the idea of sea-sickness. Going with a tour operator of the similar age group to hill stations can open up a whole new avenue for you. There are some popular hill stations which you can, of course, try but there are some other off the track hill stations such as Jammu and Kashmir, Munnar in Kerala or Shimla, Kullu, Manali with its undulating hills and scenic views can be just what you need to refresh and rejuvenate yourself.

· Travel to Pilgrimage towns- The name Varanasi conjures up a million images all at once. Beautiful ghats thronged by different kinds of people, Varanasi can tease your senses in a number of ways. The mysterious, lanes and bylanes of Varanasi has a saga of its own. Not to forget the number of temples like Durga temple, Vishwanath temple, Sankat Mochan temple, Tulsi Manas temple which are lovely places to visit to feed your inner sense of calm. Take a boat ride in the early morning to soak in the very essence of Varanasi or attend the Ganga Aarti in the evening. Varanasi can offer a lot to the eclectic traveler.

Haridwar is another such getaway which can entice you with its scenic beauty along with its beautiful climate. A dip in the holy Ganges or a visit to Harki Pauri Ghat to see the evening arati, each has a charm of its own. The gastronomical delights of Haridwar are for those travellers who take their food seriously. There is a lot to offer, most of which is vegetarian but delectable and sumptuous.

· Historical places- There are some historical places like Hampi, Hospet, and Pushkar in Rajasthan which can give you a sneak peek into the invigorating past. The majestic architectural splendor can hook you with its bewitching beauty and offer you grandeur amalgamated with its inherent charm. There are some great hotels to stay both luxurious and budget catering to your innate taste. Book in advance and plan a great trip for yourself.

· Seaside destinations – Whenever we think of seaside destinations in India, we think of Goa! But wait a minute isn’t Goa a haven for youngsters only? We will say an emphatic no to that! Goa isn’t only perfect for the youngsters but also fit for the young at heart.  Goa isn’t only about the beaches, there is so much more to it.  The beautiful churches, quaint cafes, cultural events, boat rides, and that old world irresistible Portuguese charm. And if you love the peace and quiet, you can avoid the crowded beaches and loud restaurants and settle for isolated beaches such as Cavelossium, Varca, Agonda, & Morbor and so on.

But there are so many pristine beaches in India that the elderly can enjoy, white sandy beaches and azure blue seas reminds us of Radhanagar Beach, Havelock Island, Andaman and Nicobar Islands. If you have a penchant for yummy food, palm-fringed beaches, and ancient temples, then Puri in Odisha is just what you are looking for. Then there is Ramakrishna Beach, Visakhapatnam- Andhra Pradesh, here you can enjoy quiet sunrises and sunsets sitting on the golden beaches and that’s not all, you can also enjoy sea bathing and long beach walks.

So, what are you waiting for? For it is time you packed your baggage and set on a journey of a lifetime! These travel tips for senior citizens will help you look for the right destination this summer. What can we say but Bon Voyage!