Today, the world is celebrating World Senior Citizens Day 2024, which is observed every year on August 21. This day aims to raise awareness of the issues being faced by older adults like health deterioration and elder abuse. It is also celebrated to acknowledge their contributions towards society.
The senior citizens deserve a happy and tension-free life. Everyone dreams of having a happy post-retirement life and this is possible with some wise investment and saving decisions. Many senior citizens’ schemes can ensure a regular income after retirement from an accumulated corpus. Elderly people prefer a conservative approach to protect their hard-earned money.
Here are five investment opportunity ideas for senior citizens to keep generating consistent monthly income throughout retirement.
Senior Citizens Saving Scheme is a government-backed savings scheme for people over the age of 60 years. It is a great way for senior citizens to earn huge returns without taking any risks. It aims to provide a higher interest rate than bank fixed deposits (FDs). The lock-in period for the scheme is five years, however, individuals can take their money out after the first year by paying a penalty. It’s a very interesting scheme for senior citizens who aim to earn high returns post-retirement.
Mutual Funds are some of the best ways to earn high returns. Those who want to invest a portion of their investment can earn high returns by investing in debt-oriented mutual funds or hybrid mutual funds. These investment options offer higher returns and opportunities for capital appreciation.
Post Office Monthly Income Scheme (POMIS) is an amazing scheme to save money with a five-year investment period. The maximum investment amount is Rs 9 lakh for an individual account and Rs 15 lakh for a joint account. The interest shall be paid every month from the opening day to the date the investment matures. Keep in mind that the investment in POMIS does not qualify for any tax benefit and the interest earned is fully taxable.
Fixed Deposit schemes or FDs are one of the most leveraging schemes for those who have low-risk appetites. Banks and other Non-Banking Financial Companies are some popular options as these are simple, reliable and offer good returns. Fixed Deposit investment options are safe but the deposit amount becomes inaccessible from a fixed duration.
Gold funds are one of the most trusted investment options irrespective of the investor’s age. In this evolving world, senior citizens can opt for digital gold, gold ETFs and also in gold funds as well.
First Published: Aug 21 2024 | 2:25 PM IST
