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.