Finance and Senior Citizens

Finance

Finance, or say financial support for our beloved senior citizens is one of the most important topics just like their health.

Not even this even finance brings sometimes bitter experiences for life. There are so many cases which even today many of our elders fighting for their financial right and with their own blood.

One thing we always used to hear or everyone advices “SAVE for AFTER Retirement” and even government have old-age pension scheme but why?

Why Finance important factor for Senior Citizens?

1.Who says you get old after the 60s, the second inning starts and you have full right to enjoy life.

2. If you plan your finances for your second inning of life, you will not be dependent on your kids and other members.

3. You can help your loved ones at the time of need.

4. In the case of health emergency no need to wait for financial help.

5. Regular income always gives you peaceful days.

Financial Investments

1. Insurance Plans/Medicare

There are many Govt and Private sectors providing good financial insurance plans for senior citizens. It’s better to take good medical insurance as it covers illness and serious health issues.

Apart from this cost of drugs, medicines, diagnosis charges,
consultants fees and many things could be covered.

Every insurance policy has certain silent features like:

1.Before buying any medical plan no need for a pre-medical test.

2. Plans with free lock period.

3. They can avail health check-ups on a yearly basis.

4. Can avail cashless hospitalization services if admitted for over 24 hours.

2. Senior citizen savings scheme ( SCSS )

One of the best Saving scheme for people 60+. With this, they can avail with the highest safety a regular source of income and even it comes with tax-saving benefits.

Why you should invest in this?

1.It is a Government-sponsored investment scheme and so it’s reliable and safe.

2. It is transferrable as you can open it in authorized banks or post office. (Check authorized banks and how to open an account)

3. With tax benefits as up to Rs 1.5 lakh can be claimed under Section 80C of the Indian Tax Act, 1961.

4. Compared to Saving or FD account return rate is very good.

3. Pension Plan- Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Honorable Prime Minister announced this scheme for the benefit of senior citizens 60 years and above and aim to deliver 8% interest rate for 10 years. It is certainly going to add a regular flow of income for elderly people.

Feature of this Yojana:

1.Fixed-rate i.e 8% for 10 years.

2. Can apply and get the loan after 3 years of the policy term.

3. Your spouse can avail the amount in case of death in 10 years of time.

4. The premature exit is possible in case of critical illness of an individual or the spouse.

5.  Get the scheme either online or offline through Life Insurance Corporation of India (LIC)

Financial independence is very much needed for every individual. Hope all elders have that in life.

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Disclaimer – This article is an informative piece. Before investing in any financial issue kindly check with a financial advisor.


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Ruchi Verma

Certified parenting teen practitioner, multiple Award winner, mother of two active kids believes in sharing the right source of information to readers which could help them in every possible way!!

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21 Comments

  1. Those are for great options for saving. Financial Independence is really important.

  2. Awesome bookmarking it for my elders, great options to keep them secured.

  3. These are some of the great financial tips for senior citizens. My father in law ensures staying away from the insurance, but this post can make him understand the importance of financial security. Thank you

  4. Financial security even after retirement is a must for all. You have shared some excellent investment options for senior citizens which can give them financial independence and the ability to meet their expenses and live a life of dignity as well.

  5. Thanks for sharing the detailed information, financial security is really important for all and for senior citizen too. I am sharing this post so that people can understand it’s importance.

  6. Well said buddy who says one gets old at 60 and planning for our old age is best

  7. Finance management in old age can reduce one’s dependence on others to a great extent. Good suggestions, Ruchi.

  8. PMVVY has great facilities to help senior citizens.I like social security of this scheme

  9. A very useful post indeed. Financial freedom and security is a must for senior citizens. SCSS has been getting a lot of bad press lately. Required measures need to be taken to iron out the issues.

  10. Such a relevant post. Financial planning is imp, more so for old age when health is unpredictable and we need resources to keep ourself secured from all angles.

  11. Great list thanks for this informative article for I have forwarded the details to my mom.

  12. Even I and hubby talk about our future plans, financial savings for the second inning so that we can explore the world after fulfilling our responsibilities .saving is very important

  13. This is a very helpful post that all should know. Every citizen should be well informed and aware of the benefits they can avail as senior citizens, specially when it comes to health.

  14. Agreed with the financial security ideas in the senior citizens and the options available for their financial investment. Nice post. Thanks for sharing dear.

  15. separate plans for senior citizens with low interest rates and higher returns makes a lot of sense. Everyone needs financial security specially with so much of inflation everywhere

  16. Finance is absolutely important for everyone. Didn’t know about PMVVY. Thanks for sharing. Just forwarded it’s link to family groups.

  17. The pension plans sounds quite interesting and helpful for senior citizens. I will share this ahead in my family group. ?

  18. This is so useful to have insurance and manage finances well in future. Saving it for future.

  19. These are some great tips for financial investments. Financial security is so important specially for one’s old age.

  20. I wonder you know so many schemes about senior citizens that I have never heard of

  21. Earlier people were not aware of schemes. But in the last few years, I’m noticing that government schemes are reaching almost every person. Media can play a great role in this. And your post is really informative and useful.

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