Moneylife Events
Retirement planning for Senior Citizens for 20 years or more
Those who have planned their retirement well, call the period after 60, their golden years. What should you do to join this club? Moneylife Foundation conducted a session at Nerul, Navi Mumbai to explain safe and smart savings to take care of retirement years
 
For the first time in Navi Mumbai, Moneylife Foundation conducted a 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’. Moneylife Foundation has conducted many such seminars for senior citizens at its Knowledge Centre in Dadar. But after receiving several requests, 
 
Moneylife Foundation and SIES College, Nerul held a seminar on Saturday on smart investment in a very easy to understand format. 
 
The Seminar covered issues like how much to save in order to maintain a comfortable lifestyle for 25 to 30 years after retirement, as lifespans have increased. What is the ideal mix of assets in order to stop the erosion of savings due to inflation, without taking needless risk with your money?
 
During the first session, Ms Dalal explained that people needs to plan for their silver innings. Savings should be enough to cover their expenses for another 20-30 years; however, income from savings fluctuates with interest rates. She told the audience that people do not know about the difference between insurance and investment, therefore, they trust agents, who insist that they buy policies in the name of their children or grandchildren. She told the audience about various cases that have come to the Foundation involving forged signatures, fake ID proofs and fake witnesses.
 
She gave a few banking tips to the participants about how to keep their money safe. She shared a story about a 79-year old man Mangelal Sharma, who was cheated by IndusInd Bank, which Moneylife has written about. She ended by giving a brief introduction on estate planning such as Wills, Trust, gift, insurance and nomination and the issues surrounding them. Getting a Will right is crucial if disputes between heirs over legacy are to be avoided. “Nominations make things easier, but it’s important that people observe basic financial hygiene and keep updating their nominations,” says Ms Dalal.
 
She also explained why it is important to pay attention to medical care especially heart, knees or teeth during the old age.
 
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. In order to answer this, it is important to define your retirement, set target for savings and save towards it, said Mr Basu. Mr Basu suggests the use of the financial planning calculators available on the Moneylife Savers website—savers.moneylife.in/calculators.html, to help make the number-crunching easier. An ideal asset-mix would depend on the age and the number of dependents of the person.
 
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. Towards the end of the session, he focussed on reverse mortgage and how it can be used as a source of income in retirement.
 
The session was ended with an interactive session of Q&A with the audience for having their doubts cleared.
 

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COMMENTS

Suresh Sindhi

1 year ago

Thanks for conducting a very useful session. I urge you to kindly conduct similar sessions in a smaller cities like Solapur, Hubli, Baroda etc. that will help more awareness to the common investor about the financial products which are being sold in the market. I wish all the best for your initiative and a good work for the society.

MG Warrier

1 year ago

Retirement planning need to continue, post-retirement, with annual reviews and at 5-year interval with change in composition of assets(including investments) in view. Where possible, 'savings' should continue to insulate against inflation and unexpected expenses. 'Windfall gains' should be saved and ear-marked for meeting future shocks. All these might have been discussed at the seminar. Recap is for those who might not have attended the seminar.
i invite all those employees covered by Nationa Pension System to access Chapter 10.3 of VII Central Pay Commission Report and read it carefully. Though media and government had blacked out the negatives of NPS, Pay Commission has taken serious note of the mess in which NPS has landed.

Benny Stephan

1 year ago

I have learned a lot fromthe session. I have started reading Investment Planning book by Ankit Gala and Khushboo Gala.
Once this is done I am subscribing to your magazines.

Benny Stephan

1 year ago

Thank you for this great session and information. This will certainly help me to stay away fromn ponzi scams and will certainly contact money life for any further counselling.
Thank you once again!!!

Using Western BP guidelines may up stroke risk in Asian patients
European and North American blood pressure guidelines, issued last year, may actually increase the stroke risk if adapted for Asian patients, particularly the elderly, experts have warned.
 
High blood pressure is a key risk factor for stroke, but the link between the two is much stronger in Asians than it is in Europeans or North Americans, the authors wrote on an expert opinion published online in the journal Heart Asia.
 
"Although evidence-based and qualified guidelines have been recently released from Europe and North America, the unique features of Asian hypertensive patients raise concerns on the real clinical applicability of these guidelines to Asian populations," the authors noted.
 
The latest Western guidelines increased target blood pressure to 140/90 mmHg (millimeters of mercury - the units used to measure blood pressure) for patients at high risk of cardiovascular disease and renal failure, but this may be too high for Asian populations, warned Paolo Verdecchia from Hospital of Assisi in Italy, and colleagues.
 
Some Asian guidelines have recommended more stringent targets in these patients, they pointed out.
 
High blood pressure among Asian populations has unique features in terms of the response to drug treatment, risk of complications, and outcomes.
 
This leads to disproportionately high rates of death and ill health from stroke compared with Western populations, the authors pointed out.
 
The global number of people with poorly controlled high blood pressure has risen from 600 million in 1980 to almost 1 billion in 2008, and predicted to rise a further 60 percent to 1.56 billion by 2025.
 
The prevalence of high blood pressure in Asian countries has risen sharply in the past 30 years, and particularly over the past decade, as a result of increasing urbanisation and the adoption of a Western lifestyle, the researchers explained.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Pot belly now common among Indians on low incomes too
Traditionally thought to be a mark of prosperity, obesity is no longer confined to the rich in India. A new research has found that more than one in four middle-aged Indians on low and middling incomes now have an unhealthy midriff bulge.
 
The study published in the online journal BMJ Open showed that women are more likely to carry a spare tyre.
 
Fuelled, in part, by India's rapid economic growth in recent years, obesity has trickled down to all levels of society, the researchers said.
 
"Population based promotion of appropriate lifestyles, with special emphasis on women, is required to counteract prosperity driven obesity before it becomes too entrenched and expensive to uproot," the study said.
 
The study was authored by Sudipta Samal and Ambarish Dutta from Asian Institute of Public Health, Bhubaneswar, Odisha, and Pinaki Panigrahi from the University of Nebraska Medical Centre, Omaha, Nebraska, US.
 
The findings are based on a nationally representative survey of more than 7,000 people in 2010 from six Indian states: Rajasthan, Uttar Pradesh, West Bengal, Assam, Maharashtra, and Karnataka.
 
The survey, which included measurements of height, weight, waist circumference, and blood pressure, was part of the international Study on global Ageing and adult health , and involved only those aged 50 and above.
 
Most of the participants either had no paid job or lived on traditional subsistence or unskilled labour. 
 
Analysis of the data showed that in all, 14 percent of the sample were overweight, while more than one in three (35 percent) had a midriff bulge, defined as a waist circumference of more than 90 cm for men and more than 80 cm for women.
 
Women were particularly prone to central adiposity, with more than two thirds of those among the most affluent and almost half of those on low to middling incomes carrying an unhealthy spare tyre.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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