Secured earning for Senior Citizens
I made a suggestion as follows:
There are some schemes exclusively for the benefit of Senior Citizens like Senior Citizens Savings Scheme in Post Offices and PMVVY with LIC. I do not know about any other scheme. However, these schemes are for a very limited period like 5 years and 10 years.
Senior citizens wish to lead a respectful life at that stage and not to depend on others for financial needs. The above schemes appears to be good for that purpose. The concern here is they are for limited period of 5/10 years and thereafter what? Where the Senior citizens to invest and have secured earnings?
With this point in my mind I put it our circle that Senior Citizens schemes shall be provided for life. This will enable senior citizens to receive secured income throughout their life time.
Here we need to consider one thing. Mostly the people saving in these schemes are from retired employee groups and who have paid taxes during their career. They are not getting any return for taxes paid and private sector employees get only EPFO pension, which is meagre to say the least. The senior citizens can not run from pillar to post to look for safe and secured saving schemes from time to time. If the Govt. is not protecting senior citizens with appropriate schemes their lives will become miserable and they may be tempted for short term gains etc., and lose their savings.
The request here is make senior citizen schemes for life and they deserve this kind of benefit too as the provided inputs for national building during their employment times. more
Why we should retire at 58. People will longer now. The retirement age should be increased. Your working years will also increase and so will your Savings planning. Just think about it. In India we think working life is over when we reach 60.
Some may argue that retiring at 58 will provide employment to the young entering the working world. more