Details about Retirement plans
As parents, they always stand by for us and support us. Children are everything to the parents and they do not hesitate to go that extra length to spend their earnings and savings for the betterment of their children and to help fulfill their dreams. However, just like the parents try to fulfill their responsibilities towards children, it is the duty of the children to take care of the parents and find out retirement plans for them, so that they live with dignity for the rest of their life post retirement. They should present this retirement plan to their mom on the special day of mothers day. Now that festive season is round the corner, why not be a good kid and give mothers day gift for mothers? Honestly, it will be a real pleasure to see that smile on their face. After all, the family is all about sharing and caring.
It is pointless digging a well when you are thirsty. Save from the very beginning so that you do not have to worry at the last minute. It is advisable to take advice from a financial planner because they know beat and guide you to various schemes that not only help you save but gain tax benefits too. It is true that many people do not like to discuss their finances with others. But gone are those days. Presently, it is the need of the hour as the inflation rises and the funds are limited. So it is essential to strike a balance between income and expenses with proper financial planning.
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HEALTH IS WEALTH:
As they grow old, their body begins to show signs of aging and old age related health problems crop up unexpectedly. It is always better to be prepared for the emergencies and have sufficient funds to take care of hospitalization if needed, as well as medication. There are many good health insurance policies that cater to the needs of individuals in time of crisis. Invest in one right away. Before that, do not forget to compare notes with different health insurance providers and see what is best for your parents future needs.
PLAN THEIR RETIREMENT:
After supporting their children all their life, many parents do not like to be a burden on them post retirement and prefer living a dignified and financially independent retired life. Help your parents to invest in pension schemes or money back schemes where they have the regular monthly income to help sustain their personal expenses. Apart from tax benefits, they will get regular income and will not feel obligated to their kids.
When helping your parents to invest their savings for the future, talk to them about their earlier saving plans. Guide them to invest in different schemes so that there is always gain from some source or the other and you do not have to depend on a single source to see you through retirement. Markets always fluctuate and so does inflation. If you have many options in the field then the market scenario will not affect your savings and their returns.
It is better to strike a balance between investments in
Government schemes like-
- Postal savings
- National Saving Certificates (NSC)
- Senior Citizens’ Savings Scheme
Private sector schemes like-
- Mutual bonds
- ULIP etc.
Mutual funds and other private investments are subject to market risks and it is advisable to invest in them after proper guidance from a financial advisor.
HELP PARENTS AGE GRACEFULLY WITH DIGNITY:
Just like parents take pride in seeing their children grow and prosper in life, the children, too, get satisfaction to see their parents settled comfortably in the twilight years. The present generation is more market savvy and information technology keeps them updated with all latest developments in the market. It is in the best interest of all to make use of information available on the net about different investment schemes and after consulting with the parents, plan their retirement plans in a way that will be mutually beneficial for all in the long run.