World Senior Citizens Day 2019: Now, while life indeed begins at retirement, it is also true that you retire from work and not from life. This means that you still need a steady stream of income to meet your household and medical expenses and fulfil your retirement dreams without depending much on your children or lowering your standard of living.
Building a financial portfolio that maximizes returns and minimizes risks on your investments while generating a regular income and growing your money. It is always advisable for senior citizens to put around 80-85% of their investment in traditional financial instruments such as bank fixed deposit, Senior Citizen Savings Scheme, National Savings Certificate andMonthly Post Office Income Scheme which are considered highly safe and liquid.
Old age brings several ailments and illnesses. With increased life expectancy and the rising cost of medical care, you need to have some kind of financial backing. A health insurance plan is an ideal option to meet your medical bills.
You should completely stay away from debts in old age. Do not fall into the trap of availing bank loans, credit cards or any other scheme that requires you to borrow money. Debts will put a financial burden on you, resulting in stress.
You can reduce your medical bills considerably by exercising daily, staying active & eating a balanced diet. Go for a walk, do stretching exercises, meditate or do whatever physical activity your body permits.
The beauty of old age is that you can pursue dreams and passions that you couldn’t at a young age. Use your salt and pepper years to indulge in new experiences such as traveling, taking up adventure activities, cooking, painting, gardening or following any other hobbies that make you happy.
As they say, Age is just a number! - Happy Aging!