Senior Citizens' Financial Investment - Problems and Solutions
SENIOR CITIZENS' FINANCIAL INVESTMENT - PROBLEMS AND SOLUTIONS [A] Introduction: I have been approached by many senior citizens or retirees, who want advice on their retirement investment. While I am not qualified (nor do I want to be one in future) to offer exact solutions to their financial planning related issues, as each one must be having a unique level risk tolerance and reward expectation. But still, here is a compilation of the schemes, that are generally preferred by the senior citizens in India. Please keep in mind that the article avoids using technical jargons and has been written using the lucid language, that a common man (CM) or aam aadmi or person (AAP) can understand!!! [B] Discussion: Let us discuss each scheme in detail, with pros and cons: 1. Senior Citizen Savings Scheme (SCSS): Salient Features: - Very safe. Backed up by the Central Government. - Age to Enter: 60 Years or Above - Hindu Undivided Family (HUFs) and Non-Resident Indians (NRIs) are not allowed