Let us understand the best way to have liquidity with minimalistic risk and decent returns. In this article, we will discuss three financial products which senior citizens can use as investment avenues. The biggest challenge that we can contemplate is not to have access to funds when there is a dire need, and in anticipation of this we generally keep a huge amount in our saving account and miss out on capital appreciation. How much money should be kept in saving accounts is a function of your financial requirement over the next 6-8 months.
If you need around ₹30,000 a month then a standard calculation suggests that you should have around ₹2.7 lakhs in a saving account. You can also choose to have a contingency fund for medical needs depending on the kind of insurance cover that you have and your health condition. If you have a full cover insurance plan then you need not worry about the medical expenditure and would require minimalistic liquid funds to take care of such emergencies. However, if your medical insurance cover is not adequate, then it is best not to take chances and have adequate liquidity which can cover your treatment expenses.
After setting aside money for contingency fund and medical funds, we need to plan for the best investment options which provide liquidity and assured returns. In this article, we will not discuss financial instruments offered by the Indian Post office in detail as they are known to many. When we need funds at a short notice, it is very challenging if we have invested in an illiquid financial instrument. A good balance of short-term and long-term instruments in your portfolio based on assessment of your risk profile is the key to effective financial planning.
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Denne historien er fra April 2021-utgaven av Dignity Dialogue.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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I Hope I Never Lose My Voice
Asha Bhosle, the evergreen playback singer who has some of the greatest film hits to her credit, celebrated her 88th birthday in September 2020. But age has never been a determining factor. She continues to do what she loves the most – singing.
Reverse Mortgage: A Boon for Seniors
The thought of being financially independent, not running short of funds in case of medical emergencies and not being a burden on their children accords a lot of mental peace and a restored sense of dignity to the elderly. Dr. Sampath Iyer explains how reverse mortgage makes this possible.
Get Rid of that Bronchial Cough
Symptoms of acute bronchitis usually resolve within one or two weeks with home treatment. You should start to feel noticeably better after a few days. Meanwhile, drink plenty of water and warm liquids and eat healthy foods. The article highlights some of the home remedies that work.
Build Bridges, Not Walls
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Balancing Spirituality and Indulgence
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Self-Control: The Need of the Hour
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Wills are an important part of the financial planning process. A will is a legal declaration that spells out a person’s wishes and intentions in matters of care of dependents or inheritance of property after his or her own death. Here is an article on the different types of wills.
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Given the current pandemic there is so much information being shared about what makes for a healthy diet that it can become overwhelming. However, there are just a few simple pointers that you must keep in mind.
Understanding the Corona Virus Vaccine
Getting vaccinated is the best way to protect oneself and others from severe illness or death, especially in the case of the coronavirus. This is in addition to other recommended precautions such as wearing mask, keeping social distance and maintaining a high level of hygiene. K R K Moorthy explains how the vaccine works and the possible side effects.
