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“Mutual funds are subject to market risk. Please read the offer document carefully before investing”. We all have heard this line, which makes us feel mutual funds are a risky business. But is that the case? Or is it a great platform for investment? Is it beneficial for senior citizens? Let us help you understand the mutual fund business.
Managing day-to-day expenses, the most crucial element of money management in your life, still holds the same importance, even as a senior. Though with retirement the security from the regular income from paychecks stops, there are options to cope and in fact add to your kitty.
If you are amongst those independent people who still aim for more, then keep reading, as you are about to explore a world full of possibilities for investments options based on needs, risks and returns.
Investments to Manage Monthly Expenses The Indian Government has carefully planned investment opportunities for seniors; some are safe (though, with comparatively lower-returns), low-risk fixed-income investment options-
Bank Fixed Deposits and Recurring Deposits
Post Office Fixed Deposits and Recurring Deposits
Senior Citizens Savings Scheme
Pradhan Mantri Vaya Vandana Yojana
Investments to Protect, Grow and Manage Wealth
If you are the type that likes to make it big, then investing in mutual funds could work for you. Mutual funds generally are classified into three categories - debt, equity and balanced mutual funds.
Debt mutual fund This is the best option for seniors as it involves lesser risk and gives a high return as compared to FD's or normal savings account.
Equity mutual fund In this, your surplus is used to buy shares or stocks of companies. Though, these are subject to higher risks, when the market gains momentum you are entitled to higher returns.
Balanced mutual fund A balanced mutual fund is a mix of debt and equity. It is moderately risky and gives higher returns, but the investment is long term – you have to be a bit patient and ready for a long haul.
‘’A good investment is key to dealing with uncertainties.’’ Traditionally we Indians save our assets and hard-earned money for the next seven generations. In the process, we tend to overlook our future financial needs. It is of utmost importance to understand that life does not end after retirement. In fact, it gets better with all the acquired wisdom and wealth gained over the years. That being said, how are you planning to invest your wisdom to earn more wealth?
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