Moneylife Events
Another ‘Safe & Smart’ seminar for senior citizens
Following many requests, Moneylife Foundation conducted another session on “How to invest your money post-retirement”
 
Moneylife Foundation conducted another seminar on retirement planning and investing, where Sucheta Dalal, managing editor of Moneylife and founder trustee of Moneylife Foundation, spoke about ‘Safe Investing and how not to lose money' and Debashis Basu, editor and founder trustee of Moneylife Foundation, discussed about 'Smart Investing’.
 
First session was taken by Sucheta Dalal. She explained that they have to plan to care for their heart, knees or teeth in their old age. Savings should be enough to cover their expenses for another 20-30 years; however, income from savings fluctuates with interest rates. Senior citizens need to be prepared for medicare, insurance and cost-of-living. She made the audience aware about the five principles of safe and smart investments–
 
1. Avoid losses
2. Avoid Financial and emotional traps
3. Make safe and sensible investments
4. Strive for Financial independence
5. Plan for your loved ones.
 
In the second session, Mr Basu explained that retirement planning can be complicated. There are hundreds of financial products available. However, to plan with them is tough because of one critical unknown – how long is the money needed. Mr Basu made people aware of the pros and cons of different financial products such as immediate annuities, Senior Citizens Savings Scheme (SCSS) and MIP schemes, but emphasised that none of these are great choices. In the post-retirement period, it is important to choose safe assets, for which bank fixed deposits are among the best but one can also pick from other options such as corporate bonds, short-term debt schemes of mutual funds and fixed deposits. For those in 20% and especially 30% tax bracket, an excellent option is listed tax-free bonds from government companies. However, investing all the money in fixed income products for the very long term may turn out to be imprudent because they do not beat inflation. Retirees may like to invest some amount of money in equity mutual funds, especially at the earlier stage of their retirement. 
 
A more detailed report of the earlier seminar is available here: How to protect and grow your nest-egg post-retirement
 
 
 
 

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327 hilly areas in Mumbai are classified as dangerous, reveals RTI
There are 22,483 hutments in 327 hilly areas in Mumbai's 25 assembly constituencies that are located precariously and are vulnerable to landslides, especially during monsoon, reveals an RTI
 
About 327 hilly areas in Mumbai spread across 25 constituencies, accommodating over one lakh people, have been identified as dangerous and are vulnerable to landslides, reveals a reply received under the Right to Information (RTI) Act.
 
According to the reply received by Anil Galgali, who filed the RTI, the authorities have recommended to shift 9,657 huts on priority basis out of the 22,483 huts from these areas, while proposing to protect remaining huts by constructing retaining walls around the hills.
 
RTI activist Galgali has alerted the government about these 327 hilly areas that are vulnerable to landslides, especially during monsoon. The most dangerous assembly constituencies were Goregaon where 3,058 hutments are found dangerous and after that Chandivali recorded 2,684 hutments on the danger level. In 2000, about 78 people lost there life after a landslide in Ghatkopar West Azad Nagar. Similarly during 2005, around 73 people lost their lives in Sakinaka Khadi landslide.
 
Galgali, in an email sent to Maharashtra Chief Minister Devendra Fadnavis, Chief Secretary Swadhin Kshatriya and BMC Commissioner Ajoy Mehta, said, through his RTI queries about resettlement, he found out that in 25 assembly constituencies across Mumbai, there are 22,483 hutments in 327 hilly areas, which are located precariously and need to be shifted urgently.
 
"Instead of spending crores of rupees to construct retaining hills, I think that the Maharashtra government should shift these slum dwellers to 15,000 vacant Mumbai Metropolitan Region Development Authority (MMRDA) and BMC tenements across the city," Galgali said in his letter.
 
According to Galgali, it was revealed through an RTI query, that almost 260 people lost their lives, while more than 270 people were injured in landslides between 1992 and 2013.
 
"Deaths of those residing in hilly areas could have been prevented, had their hutments been shifted, as it was recommended by the Mumbai Slum Improvement Board which had carried out a comprehensive survey in 2010," 
 
"Acting on the Board's report, on 19 September 2011, the then Maharashtra Chief Minister Prithviraj Chavan had ordered preparation of an action plan. However, 45 months have passed since then but the Urban Development Department is yet to implement it, neither had it prepared any Action Taking Plan (ATP) as Chief Minister Chavan had ordered," Galgali concluded.
 

 

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Railways to form company jointly owned by centre, states
Railway Minister Suresh Prabhu said on Saturday his department has signed initial agreements with 20 states to jointly develop a company aimed at boosting railway infrastructure.
 
"We have signed MoUs with 20 states. Under the agreement, there will be a company jointly owned by the centre and the states. It will develop infrastructure and look into issues which the states think are important," he told media persons on the sidelines of an official function here.
 
Prabhu said the move is in sync with the centre's policy to empower the states.
 
He said the railways will collaborate with West Bengal for development of infrastructure in the state. 
 
The railway minister said he will meet Chief Minister Mamata Banerjee on the issue after she returns from Bangladesh.
 
"I have spoken to her this morning and will meet her once she returns from Bangladesh," he said.
 
The issue of the stalled metro project in Kolkata is also likely to be discussed in the upcoming meeting.

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