Moneylife Events
Seniors Learn To Be Safe & Smart with Their Money
Specially designed seminar on retirement planning and investment for senior citizens
 
After several requests from its members in the Mumbai suburbs, Moneylife Foundation conducted a seminar on retirement planning and investing, for the first time in Navi Mumbai. Moneylife Foundation has conducted many such seminars for senior citizens at its Knowledge Centre in Dadar. This special seminar was held at SIES College, Nerul. At the programme—specially designed for retirees—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 of Moneylife and founder trustee of Moneylife Foundation, discussed ‘Smart Investing’. 
 
The concepts were explained in an easy-to-understand format and dealt with issues like how much to save to maintain a comfortable lifestyle for 25 to 30 years after retirement and the ideal mix of assets to stop the erosion of savings due to inflation.
 
During the first session, Ms Dalal explained that people need to plan in such a way that their savings will be enough to cover their expenses for 25-30 years after retirement. They should be wary of trusting agents with their money, especially those who insist that they buy insurance policies in the name of their children or grandchildren. She gave a few real-life examples where senior citizens were cheated and their money invested in products that generate low returns at high costs, while the agent or distributor pockets the high commissions. She ended by giving a brief introduction on estate planning such as making a Will, setting up a Trust, gifting to relatives, insurance and nomination and the issues involving each of these.
 
In the second session, Mr Basu focused on how and in what kind of assets retirees should invest to beat inflation and ensure regular income in retirement years. There is no dearth of financial products; many that are directed at senior citizens are toxic products. Seniors may find it difficult to comprehend the financial risks involved. In fact, there are only a few products that retirees need, to generate inflation-beating income.
 
For retirees, it is important to choose safe assets; bank fixed deposits are among the best suited. But one can also pick from other options such as corporate bonds and short-term debt schemes of mutual funds. For those in the 20%, and especially 30%, tax bracket, an excellent option is listed tax-free bonds from government companies. An ideal asset-mix would depend on the age and the number of dependents of the person.
 
However, investing all the money in fixed-income products for the very long term may turn out to be imprudent, because these do not beat inflation. Retirees may like to invest some amount of money in equity mutual funds or stocks, especially at the earlier stage of their retirement. Mr Basu also explained the pluses and minuses of reverse mortgage. 

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Toshiba shareholders sue ex-executives over accounting scandal
Around 50 small shareholders of Japanese tech giant Toshiba on Monday sued the company's former executives over damages from the fall in share prices owing to illegal accounting practices.
 
They sued the company's three former presidents and two former chief financial officers for a total of $2.43 million at a Tokyo district court, EFE news reported.
 
The shareholders claimed they would not have bought Toshiba shares if they had known about the fraudulent accounting practices the company indulged in for nearly seven years.
 
"If the damage to shareholders is not repaired in a case like this, confidence in the Japanese securities market will be lost," their lawyer Takahisa Sano said.
 
According to an investigation by an independent panel, ordered by the Japanese government, between 2008 and 2013, Toshiba engaged in "systematic" manipulation of its accounts, overstating its operating profits by around $1.22 billion.
 
Since news about the accounting scandal broke out in May, the company's shares have dipped by around 40 percent.
 
The shareholders' lawyers will file similar suits against the company's former management in courts in Osaka and Fukuoka, among other cities, and expect the total number of plaintiffs to reach around 1,000 people.
 
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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Include acid attack victims in disability list, SC tells states
The Supreme Court on Monday directed the state governments and union territories administrations to include the names of the acid attack victims in the list of disabled people.
 
"We additionally direct all the states and union territories to consider the plight of such victims and take appropriate steps with regard to inclusion of their names under the disability list," said a bench of Justice M.Y.Eqbal and Justice C. Nagappan in their judgment.
 
The direction came as it said that the Rs.3 lakh compensation to the acid attack victims by the state governments as ordered by it 2013 was the minimum amount as actual compensation would vary from case to case depending on the nature and severity of the injury.
 
"The guidelines issued by (July 18, 2013) orders (of apex court) in the (victim) Laxmi's case are proper, except with respect to the compensation amount," it said.
 
"Keeping in view the impact of acid attack on the victim on his social, economical and personal life, we need to enhance the amount of compensation. We cannot be oblivious of the fact that the victim of acid attack requires permanent treatment for the damaged skin," said Justice Eqbal speaking for the bench.
 
The court said this while directing the Bihar government to give enhanced compensation amount to Rs.10 lakh and Rs.3 lakh respectively to two Dalit sisters who suffered an acid attack for rejecting sexual advances by the local boys. 
 
The sisters were attacked around midnight of October 21, 2012 by four assailants who threw acid on their face and bodies while they were sleeping on their house's rooftop.
 
Noting that the amount of Rs.3 lakh would be of no help to the acid attack victim, the judgment said: "We are conscious of the fact that enhancement of the compensation amount will be an additional burden on the state. But prevention of such a crime is the responsibility of the state and the liability to pay the enhanced compensation will be of the state."
 
It said that the enhanced compensation would help in the victim's rehabilitation and make the state government implement the apex court guidelines in true spirit so that crime of acid attack could be prevented in the future.
 
Pointing out that Rs.3 lakh compensation was minimum, the court said: "The state has the discretion to provide more compensation to the victim in the case of acid attack as per Laxmi's case guidelines. It is also to be noticed that this court has not put any condition in Laxmi's case as to the degree of injuries which a victim has suffered due to acid attack."
 
Noting that despite the direction of the court, only 17 states and seven union territories have notified the Victim Compensation Scheme, the court said that out of this, seven states and four union territories have not initiated it.
 
Even in those states where the scheme has been implemented, a meagre compensation ranging between Rs.25,000 to Rs.2 lakh is provided for medical care, while many states have not provided any compensation for rehabilitation at all.
 
In the present case, the court said that of the total compensation amount of Rs. 13 lakh, a sum of Rs.5 lakh shall be paid within a period of one month and the remaining sum of Rs.8 lakh shall be paid within a period of three months from the date of its order.
 
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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