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.
