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Financial Planning for Elderly – Your First Step to Elderly Care That Ensures Stress-Free Sleep

  • 31/01/2020
  • 06:00

Retirement signifies that the regular and so-called stable source of earnings sojourns. Though some may continue receiving a pension, the amount may not be substantial. Lack of finances brings in stress which may lead to insomnia.

While you remain irritated and agitated for the rest of the day if you do not get a “goodnight’s sleep”, the same occurs for aged parents.

Though turning old unfold a different sphere of life where one expects to have a relaxed time, spending time with family members without any worries, the age also welcomes several health issues.

To combat such medical conditions, being financially strong is of great importance. Hence, consider appropriate financial planning as the first step to your senior citizen care.  It is best suited that financial planning is thought over and investments are made accordingly. If not early, there are several investment plans for the retired that you can consider.

Some of such plans are discussed below: 

SCSS (Senior Citizens’ Savings Scheme) for Elderly –

An abbreviation to Senior Citizens’ Savings Scheme, is one of those plans that allow any individual above the age of 60 to invest continuously for 5 years that can further be prolonged for additional 3 years post scheme maturity.

Sounds good? There is more!

Not only your aged parents get to invest but also enjoy an interest rate of 8.6 per annum (current) that is revised as per the Government’s rule.

FD ( Fixed Deposits ) for Elderly –

Financial institutions or NBFCs offer a higher percentage of interest for senior citizen FDs thus benefiting the investors. Besides, FDs are immune to the market fluctuations and therefore offer a fixed return which can be estimated initially while investing.

Alternatively, if your aged parents do not wish to opt for such investments you can also invest in your parent’s future. There are several schemes that can suit your financial requirement and capability offering higher returns that can help you secure the expenses of senior citizen care. You can consider investing in Mutual Funds, Unit-Linked Insurance Plans, Equities, PPF, etc.

Benefits of Having A Good Financial Planning

Being financially strong or having a financial backup helps tackle every health condition and emergencies and ensures a stress-free sleep for your aged parents.

Also, as mentioned above, having a good financial plan will help you secure the expenses of your elderly care. You can use the money to avail at-home services from agencies and organizations. Besides, such agencies are cost-effective and offer a platter of services without burning a hole in your pocket.

Rising Care Senior Health Solution offers such at-home services for senior citizen care like outdoor work assistance, doctor visits at home, 12/24 hours nurses / ayahs, emergency hospitalization, physiotherapy at home, etc. In addition, their charges are affordable and hence does not put a burden on your pocket.

Also, Rising Care is a certified organization offering senior citizen care thus ensuring safety, efficiency, and satisfaction. They not only take care of your aged parents but also saves them from loneliness and keeps them both fit and healthy.

So why wait?
Invest in proper elderly care institution, and take proper care of your aged parents.
Get in touch with Rising Care Senior Health Solution now!