Retirement can mean a lot of things at once, a mixture of feelings
and Olivia Green well sums it up beautifully in So You've Retired: A
Practical Guide for Your Happy Retirement, "As you embark on the
exciting journey into retirement, you will experience a transition that
will be both thrilling and terrifying." Yes, venturing into the unknown
world called retirement, you almost have to start from scratch again,
albeit this time with limited resources and it is up to you whether you
can handle the rising inflation and the dwindling funds with a certain
degree of level-headedness.
So, everything boils down to that one thing, planning, planning your financial resources and searching for the best investment plan for senior citizens in India in
a way that although does not allow you to be a veritable spendthrift it
definitely helps you live your life comfortably, without having to
unduly worry about the future.
Planning is good, but planning at the right time is even better and
the ideal time to plan is as early as your 30’s and that’s not too
early, do not think that there is still a long way off till you retire,
the years breeze past at lightning speed and before long you will be
left bidding goodbye to your colleagues and work with a heavy heart.
Save
you must and in the right avenues when you can. Since when you are
young you can tap into your risk-taking prowess fearlessly, but later
you cannot do so, as you have this fear of losing your precious capital,
gnawing your heart. Yes, investment is not anybody’s ball game, as you
have to master the rare combination of tact, risk-taking ability, a
certain degree of craftiness and just large doses of prudence and
wariness.
So, let’s find out which are the options you should explore to invest
your lump sum money on your retirement. These investments will ensure
that you have a substantial income every month adding to your original
capital. Let's discuss and find out one of the best investment plans for
senior citizens in India and how it can ensure the risk-free flow of
income to meet your everyday expenses after your retirement.
·Senior citizen savings scheme:
You
have to reach 60 before you can open an account at the senior citizen
savings scheme, you can open a saving account at the post office, State
Bank of India or a few branches of notified banks. The maximum limit of
investment in this scheme is 15 lakhs, individually and with your spouse
up to 30 lakhs (provided both of you are past 60). It can fetch a
monthly interest income is Rs 23,250. People who have retired
voluntarily is eligible for this scheme, the age criteria for the same
is 55 years. Interest paid at 9.30 % per annum.
·Post office monthly income plan:
You can invest up to Rs 4.5 lakh individually, 9 lakhs in a joint
account at 8.40% p.a. Like the SCSS there is no age restriction here,
the only catch is a lock-in period of 5 years. You can further improve
your monthly income with this one as it can add as much as Rs. 6300 per
month. The interest is not taxable.
With the above two, you can generate a monthly income of Rs 29, 550
with a substantial investment of Rs 29,550. Now if you still have a
little more money left for exploring more investment options for retired persons in India, don’t worry we will help you out.
·Fixed Deposits
Earlier
fixed deposits were considered to be the sole savior for retirees and
yes, you can still invest a small amount in fixed deposits (FD) in a
number of banks. The banks give cash interest each month. So why are not
more retirees opting for fixed deposits, after all, what can be safer
than investing your money in FD’s? Well, for starters the interest rate
is the chief deterrent, which is around 8% p.a for a period of three
years. Considering the other schemes available now, it doesn’t quite
measure up, right? The banks do give an extra 0.50% interest to
retirees, though. The upside to investing in fixed deposits is, it gives
you a certain flexibility, as you can break the FD and withdraw the
money when you require it urgently, at an interest penalty of 1%.
You
can open a number of FDs of diversified amounts so you can prematurely
withdraw the one which fulfills your requirement, rather than breaking a
big FD and paying penalty for it.
·Mutual Funds
If you are
still up for more investment try the liquid mutual funds which promise
substantial returns and with high returns compared to a bank FD.
Balanced or hybrid funds are in fact great for your portfolio, the
Balance Advantage Fund, in particular, is made up of 70% equity and 30%
Government securities. Dynamic asset allocation funds are a brand new
category to invest in with a plethora of schemes from various banks and
companies. These schemes provide steady returns to non-risk taking
investors and shield them from any downside risk. All MF’s have monthly
dividend fund for senior citizens and it is absolutely tax-free. The net
asset value of the scheme of MF’S increases after every dividend
pay-out.
So, try the above-listed investment options for
senior citizens and find out which ones fulfill your needs to the t.
Smart investment plans hold the key to your future, so make sure you
invest right!
Sixty Plus is an organization who helps you explore the right
investment plans and find the one which caters to your individualized
requirement. The organization keeps you abreast of the latest updates
and happenings in the market and provides you with a sound financial
plan.
Mount Kailash is the holy abode of Lord
Shiva and it stands tall as high as at 22,000 feet. This is one of the
places that feature high on the bucket list of most senior citizens.
Mount Kailash is an integral part of the Transhimalaya in Tibet. This is
not an easy journey to make thanks to exceptionally rough terrain and
high altitude, not to forget ensconced amidst the remote surroundings of
Tibet. Many desire to make the trip to this holy and much-reverred
land, however very few are able to make the journey of Kailash Mansarovar Yatra every year.
The Kailash Mansarovar Yatra
The yatra comprises of two things: doing
a circle around the steep Mount Kailash and then enjoying a holy dip in
the Mansarovar Lake. Manasarovar Lake is not merely a tourist
destination for senior citizens or for people but it also helps pilgrims
wash away their sins and achieve salvation in the process.
Manasarovar does not only attract the
senior citizens only but it attracts pilgrims from an as varied an age
group as 18 to 70. There are options galore the yatra can be done on
foot or you can also use luxury buses, 4500 CC Land Cruisers, take the
aerial route with helicopters.
The booking is usually done via the
Ministry of External Affairs (yes, you have to undergo a selection
process for it). There is another way to conduct the tour via a private
tour operator in either Nepal or Tibet. You will have to begin the
journey by undergoing a medical check-up (in Delhi).
Routes as Declared by the Ministry of External Affairs for 2017
The journey to Kailash Manas Sarovar is a
chequered one, including trekking through routes such as Lipulekh Pass
in Uttarakhand and the expenditure amounts to Rs.1.6 lakh per person. It
conducts around 18 batches consisting of 60 pilgrims each.
The duration of the yatra is almost a
month, 24 days to be exact and that includes a 3-day preparatory
schedule in Delhi. This route includes passing through some important
pilgrimage sites such as Narayan Ashram and Patal Bhuvaneshwar. Besides
these places, pilgrims can visit places such as the Chialekh Valley or
the ‘Om Parvat.’ This place offers a unique experience for the pilgrims
as the shape of the snow formation resembles that of an “Om,” on this
mountain.
The route is arduous but senior citizens
can take heart from the fact that they can chart the course of their
journey through Nathu La Pass (Sikkim) as it is motorable. When you
reach Gangtok, the route conjures up some pristine, beautiful places
such as the Hangu lake, and cross the vast landscape of the Tibetan
plateau.
The expenditure per person amounts to Rs.2
lakh and the duration extends to 21 days and the mandatory 3 days stay
at Delhi for extra preparations. Private tours and pilgrimages also
offer wonderful options for this amazing trip.
Circle through the Kailash
Once you trek through the strenuous Mount
Kailash, pilgrims then walk around the peak of the mountain. This
circling clockwise or an anti-clockwise direction is better known
as parikrama. For senior citizens, if the journey turns to be too
difficult to carry out on foot, they can hire a yak or pony.
Key Mythological Significance
The Hindus, Buddhists, Jains, and Bon
regard Mount Kailash as a sacred place. According to the Hindu belief,
Lord Shiva, along with his wife Parvati, lives at the peak of Mount
Kailash meditating in a higher state of consciousness. The Jains regard
the Kailash Mountain holy as the first Jain Tirthankara attained Nirvana
over here.
The Buddhists believe that the Buddha resided in the Kailasa. The Bons believed that the place depicts spiritual power.
Lake Mansarovar – The Picturesque Freshwater Lake
At a height of 4500 meters, it is the
highest freshwater lake in the world and is located in the foothills of
the Mount Kailash. It is one of the chief attractions as it is one of
the holiest lakes in Asia. It is breathtakingly beautiful and changes
colors, the center part takes the hue of emerald green while it is blue
near the shores. It is quite a sight for sore eyes in the moonlight.
Visit the Other Attractions of Lake Manasarovar
The other must-visit attractions of the
trip are Tirthapuri– it is a place where pilgrims bathe in the spring
pools. Other significant places include Gauri Kund, Yam Dwar, and
Asthapad and so on.
Retirement does not have to be the end of your life.In fact going by a popular advertisement shown on TV, life begins again at 60! Of course! The dynamics change, you may not have to be caught in the frenetic pace of life, the pace slackens but the journey is as invigorating as always, if not more
When kids live home to pursue their goals, you may feel listless and may even suffer from an empty nest syndrome. But then you have to need a purpose and direction in life if you do that you can have a great many things to look forward to.
Top Things to do To Bring Back the Purpose in Life A few things to look forward to, for the older individuals which will help give them a sense of determination and meaning to their lives. Stay fit and healthy- We know that the older you get, the chances increase of you capitulating to sickness and diseases but you can turn things around. Join a gym or just make efforts to stay active! It makes you fitter, stronger and more flexible and the endorphins, read happy hormones does the rest!
Maintain a hobby- Remember the time, when you were kids and grown-ups kept asking you what are your hobbies? Well, looks like hobbies are still great ways to keep you interested in life. Take your pick from crocheting, dancing, gardening, golf, the list is endless! Learn something new- You have “miles to go before you sleep.” This oft repeated line by Robert Frost holds true for you as well! Learn something which you always wanted to but never had the time to take up, something like dancing, or learning a new language or just spend the rest of your time travelling. You perhaps spent hours drooling over glossy magazines wondering when you will have the time to visit those exotic places. Well, now you have the time, so why not spend time travelling!
Volunteer- There are so many places in your city looking for volunteers, say a local food pantry or hospital or library who could do with your help! There is a great sense of inner joy and peace in helping others. Do not deprive yourself of these small but important pleasures. Start playing some kind of games- Join a games community, you can meet up regularly with them and join them for a game of billiards, poker or anything. The company counts and you get to include loads of good conversations, spending quality time with like-minded people.
Don’t worry -if you take time to get back into your old rhythm. Actually why should you try to be your old self! You are older, wiser and definitely more interesting as a person! Embrace this new you and live life king size.
Don’t worry if you take time to get back into your old rhythm. Actually why should you try to be your old self! You are older, wiser and definitely more interesting as a person! Embrace this new you and live life king size.
Senior nationals never again rely upon others to settle their money related problems.They now, from at an early stage begin assembling a strong retirement portfolio.This guarantees that they put their capital assets judiciously.Investing in just a single section won’t give them the required returns.They need to put their fingers in shifted pies to get remarkable returns.
Obviously, senior subjects confront certain hiccups, for example, swelling, rising restorative expenses and the way that senior natives are living more than over, that implies that retirees must guarantee that they don’t outlast the retirement reserves. Indeed, one resigns at 58-60 while they can live till 80 or 90. In this way, here are some best speculation choices for senior subjects that you should investigate to get a customary stream of pay.
The Perfect Investment Options for Senior Citizens – Explore and Invest
· Senior Citizens Savings Scheme-This venture is ideal for individuals who are 60 or who are beyond 60 years old. Deliberate retirees can likewise contribute once they achieve the age of 55. You can open a shared service with your life partner. As far as possible is Rs. 15, 00,000 and it is regardless of the quantity of records you have. The present rate of intrigue is 8.5%. The intrigue is paid quarterly.
· Senior Citizens Pension Plan or Varistha Pension Bima Yojana-This is an annuity arrange for where the installments are made intermittently to the policyholder. It is appropriate for anybody over the age of 60. As far as possible is Rs. 63,960 and the most extreme sum can go up to Rs. 6, 39,610. The benefits is assessable and regularly scheduled payouts are conceivable. The profits are around 8%.
· Post Office Monthly Income Scheme (POMIS) - This is accessible for whoever is 10 years or more established can contribute. The base venture constrain is Rs. 1500 and the most extreme go up to Rs. 4, 50,000 on account of a solitary record holder and twofold the sum Rs. 9, 00,000 on account of a shared service holder. The settled month to month financing cost is 7.7%. Regularly scheduled payouts are additionally conceivable. At the point when the sum achieves development it can be re-put resources into POMIS.
· Bank and Company Deposits-This may end up being one of the most established types of venture alternatives for senior natives, it is as yet one of the more bankable types of speculation. One can put cash in the organization stores for more noteworthy premium returns. The rate of premium is considerably higher than the Bank FD loan fees. As far as possible is 10 years or more seasoned for a performance represent a shared service it can be more youthful than 10 years. As far as possible ranges from Rs. 5000 to in excess of a crore relying upon the bank or organization. The Interest rate is 0.5% higher than ordinary settled store rates for senior nationals. It is from 4%-8% for banks and for Company stores it is 8%-8.90%.
· Mutual Funds-Senior subjects can put some sum in Mutual Funds, particularly the ones which have a lower hazard. They can put resources into obligation stores, fluid supports et cetera, that put resources into different business paper, diverse bonds, and government securities et cetera. They can give great returns and can beat expansion. Month to month pay designs can give standard wage. Be that as it may, shared assets are liable to certain market dangers.
· sans tax securities - sans tax securities, (not accessible in the essential market) can turn out to be a basic piece of a retiree’s portfolio. There are government-sponsored foundations that issue these bonds. A portion of the foundations are as per the following, 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) et cetera.
· Immediate Annuities – Senior residents can attempt their hand at putting resources into prompt annuity plans of disaster protection organizations. The annuity remains at around 5-6 percent for each annum and it is totally assessable. In any case, the sum used to purchase the annuity isn’t returned.
Senior natives can likewise appreciate a decent post-retirement life on the off chance that they prepare and make well-thoroughly considered budgetary speculations. Along these lines, simply ahead and contribute right and make the most of your dusk a very long time in peace and agreement.See more info: financial plan for senior citizens
To most of us, retirement means staying put at home and not being
adventurous enough to travel to different places. But times are indeed
changing and with prompt and improved medical care and more facilities
for the seniors making travelling super easy, senior citizens are
breaking the stereotypes and attempting to explore the world!
While traveling is indeed a wonderful way for the seniors to enjoy
their retired life. Meticulous planning is indeed important to ensure
that things move smoothly. Here are the five travel tips for seniors to make the most of their travel time, that too on a budget.
Research more about travel destination and other travelling nitty-gritty:
Planning out ahead is almost half the job done. The long list of
things to research for includes more information about the hotel, the
area, the mode of travel, the weather, the places to visit, altitude and
so on. Planning ahead ensures you get the best of the trip and avoid
any untoward mishaps or other troubles. Also, if you need any travel
specifications such as a wheel chair, product allergies, food allergies
or specific medical facilities, do remember to share it with the
management where you are supposed to stay.
Keep Proper Documentation handy:
If you are travelling to far off places, it is mandatory to keep all
the important files of medical reports and prescriptions, besides of
course the passports, visas and other identification documents handy.
Remember it is always better to opt for travel insurance, to protect
yourself from any sudden mishap or emergency.
Pack all your Medications:
Replenish your stock of the medicines for the entire vacation. Pack
extra medicines, at the prospect of staying extra. Get a complete
medical check-up done before you embark on your journey to ensure that
you are fit and fine to take up the rigors of the travel.
Pack light:
When you are travelling it is better to keep it light that is, you
stick to essentials and not go overboard in packing more than you can
handle. Keep the medicines in your handbag or someplace where you can
get easy access during the journey. Pack well and adequately keeping in
mind the current weather of the place you will be visiting.
Stay safe:
Do keep family members in the loop if you have planned for a solo
trip. Keep the emergency numbers close by. It is always better to
collaborate with travel groups, not only for the company but also it
helps when you have budgetary constraints. Pack smart and leave out
expensive items such as watches, gold and so on. Have plenty of
accesses to money, and avoid carrying too much of cash with you.
Eat light:
Do not go overboard on exotic food, try to eat light and healthy.
Take care to avoid food like junk or sweets and try and stick to your
regular eating plan as much as possible. This will help avoid any sudden
stomach upsets or infection or allergies. Also, when it comes to
hydration stick to clean bottled water and keep yourself hydrated.
Share Your Travel Documents
You do not only keep your travel documents handy, but you also keep a
backup copy of your itinerary and send it over to all those you are
visiting. This helps them to know the time of your arrival and also can
make necessary arrangements if by chance your flight gets delayed.
That’s not all you also need to leave a copy with a family member or
friend back home. Ensure to keep your travel insurance, your visas, your
passport ID page, medical information and emergency contacts, with you.
When to call your travel insurance company? You can do so when your
flight is cancelled, your passport is stolen, or your prescriptions get
lost.
Know what is in Store for you in Your Trip
Get to know everything about your travel and that includes the flight
departure and arrival times, immigration information, terminal maps and
so on to avoid any sudden unpleasant surprises. You may also need to
complete all the immigration forms or customs forms during the flight.
Do not hesitate to ask the flight attendant for aid before you land so
that your forms are ready. Also, understand and evaluate the destination
country’s customs rules and regulations to stop yourself from bringing
items that are on the not-allowed list.
Have fun:
Lastly stop worrying too much, just try and have a good time. Bond
with other fellow travellers and make beautiful memories, and try not to
over tire yourself. So, ensure your itinerary is light and fun.
Follow the above tips for senior citizens to make your journey interesting, fun and safe! Bon, voyage!
Retirement does not mean giving up doing your favorite
things. It merely means using your time effectively doing all the things you
could not before thanks to a packed schedule. Yes, now you have all the time in
the world to pursue interests which you haven’t been able to pursue yet. Things
such as senior travel, join book reading clubs and doing various jobs for senior citizens can keep you
invested in life.
Best Things to Keep
Retirees Invested
1.Senior Travel – If you have recently
retired, this is the time to check out various places. This will not only help
you check out new places but know more about a new place, it’s people, cuisine
and so on. You can go off to the mountains, check out historical places, or
relax on a beach, choose whichever caters to your preferences. A holiday helps
rejuvenate your, mind, body and soul. Take this much-awaited holiday and spend
quality time with your friends and families.
2.Joining a book club- Books fire up your
imagination in more ways than one. It gives you company in those solitary
evenings when others are too busy to give you company. Yes, books can inviteyou to a whole new world altogether. There are different types of books you can
read, such as fiction and non-fiction. Curl up on your favorite sofa with a
book in one hand a steaming cup of java in the other. In the eyes of a book
lover, there can be nothing as blissful as this.
3.Gardening – The closer you are to
nature, the more relaxed you are, as it will help you stay amidst nature.
Nature has a healing comforting touch that can substitute the most
technologically advanced gadgets and gizmos. The sight of pretty flowers or
newly sprouted veggies in your patch of green can give you unmitigated
happiness. Try it, it will add a whole new meaning to your life.
4.Jobs for senior citizens – You can
explore different job opportunities after retirement. It may not be a full-time
job as before but it can help challenge your creative instincts and stimulate
your intellectual capacity. There are a number of job opportunities nowadays,
You can try volunteering, consultations, tutoring, content writing, explore
business opportunities and so on. In fact, there is no reason why you shouldcool your heels after retirement,you
will be surprised to find out there are so many things to try and indulge in.
Consider some of the options listed here and make your
retirement years, fun, interesting and rewarding. Best of luck for an
invigorating journey ahead.
Working
non-stop for so many years as you have been working can make you wish for some
time for yourself and you know that when you have time on your hands after your
retirement, you wish you could work again. Yes, you miss work and you wish to
keep working to keep your mind and body engaged and keep our creative juices
flowing. Not like before but maybe you can engage in a work that calls for more
flexibility, few hours and less stress too. Engage in work in which you can
pursue your interests is a fun way to continue working. So if you are
interested to keep on working, it’s time you start again with thesejobs for older people.
Senior
Employment Strategies – Jobs for Older People
There
are myriadjob opportunities for senior people for you to try, here is how you can try a number of things to keep
your retired life interesting and engaging.
·Work as a consultant-Retired people who have had great experience
and had trained in certain aspects can certainly use their expertise in areas
like consulting. If you have experience in certain aspects such as litigation,
programming, finance and website development you will be much
sought-after.
·Work part-time- Full-time jobs are often extremely taxing, so it
is better you seek part-time jobs which will be rewarding and yet it won’t
burden you. You can work in pet care centers, child care centers, libraries,
call center jobs, retail positions, and student mentoring and so on.
·Work for your former employer- If you loved the job you did
previously you can consider the option of having a second go at your former job
with a lot more flexibility. If you were really valuable to your former
employer he or she be excited to have you back as an employee once again. Starting
all over again with fresh zeal, how interesting and cool is that.
·Start a retail business- If you have always wanted to try your
hand at business, now is the time to go for it. If you have a large collection
of anything, you can start selling it online. Anything that catches your fancy,
selling organic foodstuff or anything to do with fashion is lucrative stuff.
·Work as a volunteer- There are many retirees who want to do their
bit for the society for example, they can work for animal centers, at old age homes, orphanage, and so on. This
kind of work will help them stay busy and any good deed has the power to make
you feel good from inside. It is true this kind of organizations need
trustworthy volunteers from all walks of life!
So, you
see when one part of your journey meets a dead end, another part of your journey
begins. Invest your mind and body in the kind of work you want to do and don’t
forget to enjoy the experience while you do so.
A healthy person is someone who is physically and mentally
fit and that is only achievable with the right health care.Try thesehealthy tips for seniorsto keep fit and healthy even when you are on the
wrong side of 60.
Best Healthy Eating
Tips for seniors
Eating Healthy: Eat well and mindfully and this is the best
way to stay true to a healthy lifestyle. A balanced wholesome diet can combat
any health issue such as metabolism, digestive system, and makes. Eating foods
such as veggies, fruits, and nuts can cater to your nutrient requirements.
Exercise: t is important to stay active; it is
beneficial for everyone including the sexagenarians and beyond. Working out
helps maintain a balance in your physical, mental and emotional health. A
simple form of any exercise can reduce your chance of combating heart disease
and another chronic disease. It can also lower the risk of depression, improve
the memory, boosts the immune system, and keeps you energetic. You can also try yoga for seniors for both physical
and mental fitness. Other forms of exercise that one can do are swimming, brisk
walking, dancing and so on.
Meditation: Meditation has many health benefits for
people of all ages. It helps you achieve a calm state of mind and body,
simultaneously. You can try several techniques of meditation. Do it in the
presence of calming music or out in nature, close your eyes and just soak it
all in. Meditation is a powerful tool to reduce stress provides clarity of thought
and emotions and enhances the blood circulation and digestive system.
Quit Rid of the Vices: This is a crucial step for all
seniors. As you grow older you must be more conscious of your choices, avoid
bad habits such as drinking and smoking. Smoking and drinking leads to tons of
health issues such as cancer and strokes and accelerates aging.
Keeping Brain Active: Staying mentally active and keeping your
brain stimulated is one of the biggest healthy lifestyle practices that seniors
can do. It is important not to ignore the brain. Regular reading and writing
practices and playing games such as crosswords and Sudoku and trying out new
hobbies are the primary requirements for a sound and healthy brain. This will
keep at bay health and mental conditions such as dementia and Alzheimer’s disease.
Also, it can also improve ability and memory.
Get Good Sleep: Insomnia and restlessness are some of the
problems that older adults face. Waking up frequently at night or sleeplessness
can trouble many elderlies. Everyone deserves deep and relaxing sleep to renew
energy to stay healthy and age well. Elderlies can try different stuff such as
exercising daily, reducing caffeine intake, make your bedroom dark and comfortable,
lowering your screen time in the latter half of the day, trying relaxation
techniques such as meditation can help you doze off to restful sleep.
