Investment after Retirement Brings Good Returns

Retirement can mean a lot of things at once, a mixture of feelings and Olivia Greenwell 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 called 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.

Why You Should Buy Senior Citizen Travel Insurance

Traveling is an integral part of human life. Traversing through unexplored parts of the country has its own perks. Traveling with family, especially help you spend some quality time with them, which most of us are unable to do, thanks to our busy schedules.

We know traveling to a foreign land is an enriching experience, but we must be wary of the risks associated with it. So, consider all the pros before starting on a journey with senior citizens or you are a senior citizen and considering traveling alone or with friends or family. Senior citizens are at some major risks, so senior citizens need travel insurance while traveling when they travel to different geographical conditions, undergo a diet change, and suffer from low immunity levels of their bodies.

So, it is imperative you have travel insurance for senior citizen ​while going for overseas travel.

Medical Emergencies can affect anyone and anywhere and senior citizens, particularly are vulnerable in this regard, so it is important to understand the policy vis a vis the medical emergency concerned. In many western countries, medical expenses are hugely expensive also, some senior citizens have pre-existing disease conditions such as diabetes, high blood pressure, heart problems. So, it is very important to ensure that you check with your policy provider that such pre-existing ailments are covered and whether there is a chance of reimbursing. If there is a medical emergency due to the aforesaid mentioned ailments. Opt for a plan that covers the pre-existing medical conditions. 

If senior citizens are also traveling with you ensure to safeguard their passports, all the important documents and of course their personal belongings. Though most travel insurance covers things such as loss of passports and personal belongings, it always makes sense to play safe and not get entangled with such losses which also may affect your mind. Travel Insurance covers other things such as Repatriation of remains if there is death while traveling, personal liabilities, accidental coverage, loss of baggage or a delay in baggage arrival which is quite common these days. After all, more and more people are traveling than ever before.  

Travel Insurance for senior citizen ensures trip cancellation which occurs because of a number of reasons. Personal Accident occurs during the course of travel. Hijack Distress Allowance are provided in situations like Hijacking. Also, when you need emergency cash, you can also avail Emergency Cash Advance or Missed Flight Connection liabilities.

Like any other policy, there is a specific part of the budget travel insurance such as accidents resulting due to alcohol or drugs. Other mental health conditions such as depression, mental disorder, and anxiety are also not covered. Expenses arising out of the loss of valuables, securities, money, and tickets are left out of the policy. Likewise, certain specific treatment options such as Naturopathy treatment, ayurvedic /homeopathic therapies are not included.

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Details of Welfare Schemes for the Aged Persons in India

When you turn old you continuously have to cross many hurdles. If this is a challenging state there to be in, the Government of India has undertaken fresh initiatives to transform the lives of the senior citizens of our country. Launching several social senior citizens welfare scheme plans in India in India has been able to promote the well-being of the elderlies. 

Indian Government Welfare Schemes/Provisions for Senior Citizens of India

Central Sector Scheme of Integrated Programme for Older Persons (IPOP): The Ministry of Social Justice and Empowerment has introduced a scheme for senior citizens in 1992. This scheme supplies the basic needs of shelter, food, and medical care for senior citizens. They also encourage an active and productive lifestyle for the elderlies. The government’s chief objective is to aid State and UT governments, Panchayati Raj institutions, NGOs and similar organizations to create opportunities for senior citizens. 

A National Policy on Older Persons (NPOP): This is one of the most promising senior citizen's welfare schemes in India for the elderly. It was started in 1999 and supported the State governments to provide basic amenities to the elderlies and safeguard their rights and protect them from abuse and exploitation. 

The Pradhan Mantri Vaya Vandana Yojana: This is one of the recently introduced social welfare schemes in India that was mentioned in the Budget speech of 2018-19. It is a safe pension scheme for the elderly and is implemented by the Life Insurance Corporation (LIC). This welfare scheme offers guaranteed financial security to senior citizens. When one pays off an initial payment of a lump sum money, the government monthly income offers at the rate of 8% per annum. The person can acquire the money in several schemes monthly, quarterly, half-yearly or annually. 

Senior Citizen Saving Scheme: As the name suggests, this a reliable saving scheme for the people who are above 60 in India. This scheme gives an opportunity for old persons to make money. At the same time, it also allows them to save. Under this scheme, persons can save up to 15 lakhs and also earn a return at a rate of 8.6% per annum. This rate of return is comparatively higher than the rate of return either on fixed deposit or savings account. Also, it allows tax benefit under section 80C. 

Try the senior citizen pension scheme in India, as mentioned in this article and make your life an easy hassle-free ride!

How to Make Money after Retirement

Retirement brings about new changes in your life and adds a tinge of uncertainty in your lives. Your salary stops being credited to your account. But, it should not be a writing on the wall. Yes, if you choose to be proactive  you can find a number of ways to earn some money. There are so many creative ways to earn some extra buck! You will be surprised at the sheer varieties of jobs for senior citizens  available for you to explore. Here are some creative part time jobs for senior citizens or some novel ways to earn extra money after retirement.

Top Creative Ways to Earn Money after Retirement

Check out these innovative ways to earn some quick money.

·       Rent your space- How about renting your space? If you have a large house and you are not able to utilize the entire area, consider renting out one storey or a few rooms. You can do that for just a few days or for a month, whichever suits your purpose. 

·        Try creative-writing- Creative-writing is a great way to put to test your skills and earn good money out of it. If you have a way with words, then creative-writing may just what you need to do to make money. There are many topics for you to choose and the money is pretty good! So, you should try it pronto!

·       Give virtual lessons- Online learning and tutoring are big now if you were fond of tutoring, there is no reason why you should not try it again. You can tutor on the subject of your choice, in which you have knowledge. It is also not really necessary to have a degree in it, just this, you should know the subject what you are teaching.

·       Try pet-sitting- If you have a thing for pets well, this is what you can do, try pet sitting. You can keep a crèche for animals and look after them. Also, their unconditional love can keep you in good spirits too, besides bringing in good money.

·        Be a yoga instructor- If fitness is what you have always loved this is something you can easily do. Think you are too old for it? Well, think again some of the yoga instructors I have the good fortune of meeting are well past 60 and they are still doing a great job of it. 

·       Start an online business- You may think that your entrepreneurship skills are not that great. But you never know you are good at it, till you have tried right? You can dabble in the beauty business, try your hand at designing, start organic farming, or catering. There some great new things for you to try and you can start small and gradually move up from there.

These are just a few of the senior citizen jobs which youcan try if you have the will and the perseverance you can easily succeed even at 60! Just give it a try!

Best Travel Destinations for Travellers Aged Over 60

Retirement means 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 traveling. 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 travel tips for seniors to select the right place for you to travel.

·        Take a cruise- A cruise is a wonderful idea for senior travelers. 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 are the cruise trips to Andaman and Nicobar Islands or the Brahmaputra’s. Choose the 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 a 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 Munnar in Kerala or Shimla, Kulu, 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 travelers 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. These are one of the best travel tips for senior citizens.

So, what are you waiting? For it is time you packed your baggage and set on a journey of a lifetime! What can we say but Bon Voyage!

5 Travel Tips for Senior Citizens

To most of us, retirement means staying at home and not being brave or adventurous enough to travel to different places. But times are indeed changing and with improved medical care and more facilities for the seniors making traveling easy, senior citizens are breaking the stereotypes and attempting to explore the world!

 While traveling is indeed a great way for the seniors to enjoy their retired life. Proper planning is indeed essential to ensure that things move smoothly. Here are the five travel tips for seniors to make the most of their travel time. Find out all about some safe travel tips for seniors and elderly citizens

1. Research more to avoid mishaps: Meticulous planning is one way of avoiding problems in your trip.  Planning well includes more information on the hotel, altitude, the area, the mode of travel, the places to visit, the weather, and so on.  Also, it is important to notify the hotel or the resort of your special requirements such as a wheelchair, product allergies, food allergies or any specific medical problem you may have, it is best to share the same with the management to ensure you remain fit and healthy throughout your stay and not fall sick. It also helps if you avail senior citizens travel insurance for unforeseen emergencies.

  

2. Keep Proper Documentation handy: If you are traveling to far off places, it is imperative 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 mishap or emergency.

3. Pack all Medications: Replenish your stock of the medicines for the entire vacation. Pack extra medicines, if you decide to stay extra. Get a thorough medical check-up done before you embark on your traveling journey to ensure that you are fit and fine to take up the travel.

4. Pack light: When you are traveling it is better that you stick to essentials and not go overboard in packing extra. Keep the medicines in your handbag so that you can get easy access during the journey. Pack well keeping in mind the current weather of the place you will be visiting. 

5. Stay safe: Remember to keep family members in the loop if you have planned for a solo trip. Keep the emergency numbers handy. It is always better that you tie up with travel groups. Don’t pack up too many expensive items like watches, gold and so on.  Have more than one accesses to money.

6. Eat light: Do not go overboard on food, try to eat light. Avoid eating food like junk or sweets and stick to your regular eating plan as much as you can. This will help avoid any stomach upsets or infection or allergies. Also, keep clean bottled water handy to stay hydrated.

7. Have fun: Lastly stop worrying too much, just try and have a good time. Bond with other fellow travelers and make beautiful memories, and try not to overtire yourself. So, ensure your itinerary is light and fun.

Follow the above travel tips for seniors to make your journey interesting, fun and safe! Bon, voyage!