Savings Plans to Help Senior Citizens Save More and Earn More

Retirement is something a lot of people look forward to. This is the time when the thought of staying in your vacation home without a worry in your mind just makes it all better. But what will happen if all the savings you accumulated for your retirement is over? Have you ever thought about that? The chances of your retirement savings getting over is not as low as you think it is. Living a secure life after your retirement sure feels like a dream, and to make sure your dream comes true, choose a plan that ticks all the right boxes for you. Let’s find out all about the savings plan to help senior citizens save and earn more.

If you are investing in a retirement plan, then it is valid that you are expecting regular incomes in return. You may also be expecting your wealth to be accumulated for your post-retirement life. Certain scheme providers offer only one benefit, whereas some scheme providers offer both benefits. You can choose whatever benefit you want as per your preference and requirement. Depending on what you choose, you can further earn benefits that will make sure your post-retirement life is just like you expected it to be. Here are a few different types of savings plans that will help senior citizens save and earn more for a comfortable post-retirement life.

Fixed Deposits and Recurring Deposits

FD and RD are the most common type of investment plans for senior citizens. You may earn higher interest rates if you are a pensioner because banks usually offer comparatively higher interest rates on fixed deposits and recurring deposits for pensioners. Another great option is POMIS which stands for Post Office Monthly Income Schemes. It offers regular income on a monthly basis.

SCSS

Also known as Senior Citizen Savings Scheme, it is an excellent investment option for you if you are a senior citizen. This scheme offers great security and additional benefits. If you are looking for a long-term savings plan that offers great security and other extra benefits, then you should definitely learn more about SCSS. This scheme is available throughout post offices and popular banks around India.

Mutual Funds

To build wealth over time, choosing mutual funds can be the best thing you can do. You can easily enjoy double benefits if you decide to invest in mutual funds. The double benefits you will get are tax savings and inflation-beating results. Mutual funds work well when investing in a plan that offers great growth. There are certain risks, but you can go for it if you have a risk appetite.

NPS

NPS, also known as National Pension Scheme, can be easily availed of by you if you are between the age of 18-65. Also, one great perk of the National Pension Scheme is that if you are a senior citizen, you can extend the tenure as per your preference for up to 70 years of age. Investors are eligible for deductions per year for up to 1,50,000 rupees on all the investments made for NPS.