Managing Finances

"When I was young I thought that
money was the most important thing in life;
now that I am old I know that it is."

Oscar Wilde

 

Financial insecurity is one of the major fears faced by the elderly and financial stability is one of the most important issues post-retirement or in old age. The main problem in most cases is lack of awareness and it is a fact that in India, most people above 60 years of age are financially dependent on their family members. Despite the economy of the country growing, we may have an ageing population that is poor. In India those former Central and State Government employees do have pension and other retirement benefits but others do not enjoy the same privilege.

However, with several Government schemes and Bank schemes available for the benefit of the elderly, planning the financials has become less cumbersome. Tax rebates and cuts are also available and while some help may be required in filing your taxes, signing up for various schemes can be done without much hassle.

Here are a few tips to get you startedto help the aged manage their own finance:

Legal help (when an aged person has to stay alone)

There are some other methods to ensure that your financial security is in safe hands. Many suggest naming a power of attorney to deal with all finance related matters. The person would be able to only make decisions on behalf but he would not be the owner of your money or property. Always ensure that you read the document and its conditions carefully before signing any such deed.