Here’s how to celebrate financial freedom on your 70th birthday

Here’s how to celebrate financial freedom on your 70th birthday

Feb 7, 2018, 5:45:19 PM Business

Want to celebrate financial freedom on your 70th birthday? There are some senior citizen investment options you can invest in and reap the rewards. An average Indian adult concerns all life about studies, career, life, family, finance, children’s education and career and beyond.

Hence, don’t you think at least your retirement should be stress-free?

Yes, it won’t go away fully because stress related to health, family and emotional stress will be always there.

However, you can take care of your financial stress if planned well in advance. Retirement is a life stage where, like children, you are dependent on others. Yes, your advantage is that you did not have the needed training, during retirement you do.

Thus, other than just acquiring financial freedom, you will need to invest in your health and yourself so that you continue to enjoy your life’s golden phase.

A lack of retirement planning is also there because many senior citizens don’t know how to proceed. So, here are some tips that would assist to build a healthy retirement corpus.   

Invest in senior citizen fixed deposit schemes

Being a senior citizen also pays up! Yes, it is the time to lap up and enjoy the subsidies and extra discounts and much more than you can get on some utilities. A senior citizen fixed deposit scheme also lets you earn more than a general citizen.

You can grab 8.10% interest rate on senior citizen FD on a minimum investment of Rs.25,000 with a leading online lender. Hence, investing in a senior citizen fixed deposit plan is a decent senior citizen investment option that you can try.

A senior citizen fixed deposit plan gives you plenty of benefits such as:

  • You get a fixed returns on your investments – You can use an FD calculator to know how much you will get on maturity of the plan
  • Get higher interest rates – Compared to others; leading lenders provide you with higher interest rate on senior citizen FD 
  • Good degree of liquidity – the senior citizen FD protects you against liquidity or cash crunches; you can break them whenever you need money
  • Tax concessions – Under section 80C of the Income Tax Act, you are allowed to save up to Rs.3 lakh in tax if your age is 60 or more.

Invest in life insurance

Another investment that you should make is a life insurance plan. Why? Although you don’t have many responsibilities on your shoulders while you have retired, still the responsibility of your wife/spouse is yours.

To create a corpus for your better-half, you can invest in a life insurance plan. This senior citizen investment option will help you ensure that your spouse is economically independent even in your absence.

Consult your investment consultant to get more details into this.

Don’t give the health insurance a miss

As you age so will your health or medical ailments. So, what will you do when you don’t have enough cash to cover your frequent hospital visits? Yes, without a proper health insurance plan and with medical inflation rising further, you will be in for a fix for sure.

Hence, the solution is availing a health insurance plan for yourself and your spouse. These health insurance options will provide you with a cashless treatment at leading chains of the hospital, helping you save your face and tons of money.

You can also invest in real estate

Real estate investments are like Gold. The more time you keep the investment going on, the more it will give you in returns. Why? The prices of property are always on a high. But, you can say who will purchase it if you decide to sell since there is a mushrooming of buildings?

Invest in a property located in the posh area of your city where people are dreaming to reside and willing to pay you any price if you intend to sell.

What’s more, even renting out your property is not at all a bad idea to let the flow of cash going on as per your wish.

The Bottom Line

Senior citizen investment options are many, and you should pick one as per your affordability. Invest in one today and reap the rewards as per your wish. All the best!  

Published by Tranding Stories

Comments (1)

Apr 2, 2020, 12:33:11 PM

I have read your blog & its an amazing information who are willing to get the Instant loans. I suggest everyone if you are going to apply for the Business loan must read this before.

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