#investmentoptionsforseniorcitizens

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What are the Investment options for pensioners and senior citizens?

Retirement is a crucial stage of life that everyone goes through. And when it comes to planning for your retirement, it looks like a continuous and lifelong process that evolves over time. Whether you are salaried or an entrepreneur, everyone expects to secure their lives after retirement. And, while it is important to plan at every stage of life to secure your life post-retirement, it is also normal to look out for investment options post-retirement. After retirement, income stops but expenses don’t. Considering the inflation rate and high standard of living of the decade, a regular monthly pension is no longer sufficient. We have got a few investment options for senior citizens and pensioners that may help you reduce your stress. Take a look.

Senior Citizen Savings Scheme (SCSS)

A Senior Citizens’ Saving Scheme (SCSS) is a government-backed retirement initiative Indian Senior citizens can invest a lump sum amount in the scheme, individually or jointly, and draw regular income along with tax benefits. If the bank allows, one can open the SCSS online account through internet banking or mobile banking app.

Senior Citizen Fixed Deposits Senior Citizen Fixed Deposits (FDs) offer special interest rates to individuals who are over the age of 60. These FDs have a wide range of benefits attached to them. It creates a safe space for the money to grow at a steady pace. It can also help in saving tax if it is a 5-year tax saver FD.

Pradhan Mantri Vaya Vandana Yojana It is a scheme operated by Life Insurance Corporation (LIC). It is a low-risk investment pension plan for people only over 60 years of age. With a tenure of 10 years, it offers an interest rate of 7.4% for the ongoing financial year. Post Office Monthly Income Scheme (POMIS) POMIS is a government of India-backed small savings scheme that allows the investor (s) to set aside (save) a specific amount every month. This scheme has a tenure of 5 years and once invested the interest rates continue to remain constant till maturity.