Manage Financial Stress for Your Retiring Parents
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Manage Financial Stress for Your Retiring Parents

  • Highlights

  • Retirement of your parents can stir your financial planning

  • 44% of parents fail to save enough for their retirement

  • You should rebuild their corpus by investing in tools like fixed deposit

  • You should secure their medical expenses with a Health insurance policy

The retirement of your parents can come quietly and may pass as an unnoticed event in your life. On the other hand, it can also stir your finances and throw up questions on your budget and investments.

As parents strive to give their children the best, they may jeopardise their own future by not planning for their retirement. They are left pinching pennies during their sunset years when they should have been enjoying the fruits of their labour.

Their declining health coupled with uncertain income opportunities and faster than expected erosion of wealth after the retirement can be a drain on your finances, if you do not plan well. You can manage such financial stress by working out for their retirement.

These simple methods can help your parents with their retirement and get their finances in shape:

Rebuild Their Corpus

According to a survey by a leading financial organisation, 44% of retirees do not have enough savings for themselves and they believe continued financial support for their children was a reason for their shortfall.
The biggest gift that you can give back to your parents is the peace of mind in their golden years by rebuilding their corpus. You can Invest in Fixed Deposit Scheme, which provides attractive returns over a period of time.You are entitled to receive a specified amount at the time of maturity.

Share Your Finances

Your parents ensured that you are provided with all necessities for your development. Ascertain their financial needs and assure that they have sufficient funds to live comfortably.

There is even a tax efficient way to contribute towards your parents’ financial needs. You can pay rent to the parents and claim tax exemptions on the same if your employer offers house rent allowance for you under section 10 of The Income Tax Act, 1961. You can also send money as ‘gifts’ to your parents which is again exempted from tax.

Benefits of Bajaj Finance Fixed Deposit for Senior Citizens

 

Get Them Covered

Old age brings along many problems with it. The declining health of your parents along with the rising costs of healthcare facilities is the biggest threat to their finances. They best way to secure them financially is to protect their medical costs through a health insurance plan.

Paying premiums for health cover policy for your parents also qualifies for tax exemption under Section 80(D).

You should also ensure that your parents invest their retirement funds wisely. There are various investing options which can provide you good returns like fixed deposits, public provident funds, tax-free bonds etc.

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