Tips for Senior Citizens to Reach Financial and Emotional Independence

Senior Citizen Day 2019: After spending decades of your life fulfilling personal and professional commitments, you look forward to living your golden years stress-free and to the fullest. 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.

Here are some tips that can help senior citizens achieve their financial and emotional freedom:

Invest Wisely

After the retirement, your risk appetite goes considerably down because your monthly salary discontinues. Hence, you should build a financial portfolio that maximizes returns and minimizes risks on your investments while generating a regular income and growing your money. You can invest the balance 15-20% in low-risk mutual funds and/or tax-free bonds to fetch better returns than traditional instruments.

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Consider Buying Health Insurance

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. However, the health insurance premium for senior citizens can range anywhere between Rs 20,000 to Rs 30,000 every year.

Avoid Taking Debts

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. Instead, try to cut down your living costs and unnecessary expenses.

Stay Healthy and Active

You can reduce your medical bills considerably by exercising daily, staying active and eating a balanced diet. Go for a walk, do stretching exercises, meditate or do whatever physical activity your body permits.

Explore and Experience

The beauty of old age is that you can pursue dreams and passions that you couldn’t at a young age.

As they say, age is just a number! Look at your golden years as the period that is carefree, fulfilling and rewarding in every sense.