With retirement comes your greatest fear – financial dependency on others. You may have saved years and years in pension plans and other avenues that would you a paltry sum to see to all your needs, but is that really enough? While saving up for your old age is a prudent and much needed decision to make and implement, thinking of other options can certainly be a good choice as well.
If you have set your retirement goals already, you would know how off the track you are in considering the pension amount to cover up the costs. Whether you are planning to take a world tour or retiring in your very own villa at a pleasant location, having a backup in terms of finance can save you a great deal of embarrassment in your old age. It would certainly be better than relying on someone else to see your financial needs.
Here are some investment options that you can consider after retirement to live your dreams even in old age:
Senior Citizens Savings Scheme (SCSS) was started by the government especially for the elderly. Every citizen above the age of 60 is eligible to invest in this scheme along with a few above 55 years of age who are subject to certain conditions. Since the scheme is specifically meant for senior citizens, making an investment here could certainly be quite profitable owing to the fact that their needs would be taken care of.
Providing higher rate of interest as compared to other savings option, fixed deposits work as the best avenue in which to invest in for people of any age. You can keep your funds safe wherein it would increase a great deal until the maturity period when you receive it back. You can live your dreams, no matter how old you are, with the investment you make.
For those who have an appetite for risks may find investing in Monthly Income Plans (MIPs) as the best option due to the high returns they can receive. These mutual funds are market linked investment options that have a certain percent of assets in equities. As mutual fund investments are risky yet highly yielding options to invest in, this option could very well be a great investment avenue for people after retirement.
The Fund Choice offered by Aegon Life in the iMax plan for pensioners helps them invest with an assurance of yielding high returns.