Retirement years: Safe & smart saving to take care of your silver innings

Moneylife Digital Team 24 November 2015

Moneylife Foundation is conducting ‘Safe and Smart Savings to take care of your retirement years’, a free seminar on Saturday in Nerul, Navi Mumbai for people, especially senior citizens

Every other day, we read about people being financially duped. Senior citizens, who may have some funds with them saved for their retirement days, are often easy target for fraudsters. Moneylife has written about several such cases in the past. Remember, Mangelal Sharma, a 79-year old, who was persuaded to withdraw Rs7 lakh from his fixed deposit and invest in DWS's mutual fund that had a five-year lock in period, when needed the money for his wife treatment? Similarly, Solapur-based Arving Injamuri, aged 65 in 2012 was mis-sold highest NAV ULIPs and paid Rs7.5 lakh, he had received as retirement dues. But more about Mr Sharma and Mr Injamuri later.

There are several such examples, where senior citizens are sold numerous insurance policies under the pretext of regular and guaranteed high returns every month. To help people avoid such mistakes and understand safe and smart savings that would take care of their silver innings, Moneylife Foundation is conducting a special seminar on Saturday, 28th November at Nerul in Navi Mumbai.

With better medical facilities, we have to prepare to live on our savings for at least 20 years after we turn 60. Most people do not think that far ahead and plan. This seminar will help such people in understanding importance of safe and smart financial planning and investment.

During the seminar, Sucheta Dalal, Moneylife's Managing Editor and Founder-Trustee of Moneylife Foundation will talk about dos and don'ts while dealing with banks and how to take care of fixed deposits. She will also help attendees understand and be safe from insurance fraud; email and advance free scams. Ms Dalal will then explain the risk and benefits about retirement homes besides informing on Wills, nominations, guarantees and credit details.

Debashis Basu, Editor & Publisher of Moneylife as well as Founder-Trustee of Moneylife Foundation will conduct the second session of the seminar. He will give an overview on products that one needs to beat inflation and ensure regular income in retirement. He will also explain insurance, taxation, realty and gold, equity and mutual funds and how to make own choices about safe investment products.

This free seminar will be held at SIES College of Management Studies (SIESCOMS) in Sri Chandrasekarendra Saraswati Vidyapuram, Sector V, Nerul.

Since registration is a must, those interested in attending this Seminar can do it either online (here is the link http://www.moneylife.in/event/115.html) or call on 022-49205000. Registration can also be done through call, SMS or WhatsApp message on +91-7045156415, with name, and email ID. And share the details of this seminar with your friends.

Coming back to Mr Sharma, who after a strong campaign by Moneylife through website and social media, received all his money back . Mr Injamuri, who retired as a ticket checker from the Railways, also received his entire money along with an interest of Rs1.75 lakh from the insurer, when Moneylife took up the issue with the Insurance Regulatory and Development Authority (IRDA). (Read: Reliance Life ULIP mis-selling: Justice served). Most people are not so fortunate. It is almost impossible to get your money back from financial companies. It is better to be forewarned and know all the dos and don’ts of dealing with money as seniors.

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