And for a Friday approaching the new Union Budget, some thoughts….. some musings…..
For Senior Citizens, any revisions in the Income Tax slabs or provisions to “Ease of Life” for Seniors must be watched for. Given the effective inflation for Pensioned Seniors of 7-10 % in the coming decade, post tax disposable income and savings must be calibrated carefully. Those who are currently getting income up to 15 lakhs must be in the new tax regime and make sure next year the investments are so planned that you do not cross the tax slab to 30% from 20%. This is also dependent on the composition of your income. Those in the border lines of the limits must get tax saving advise to ensure tax slabs do not jump. Also in preparations for the uncertainties of the next decade, it is prudent to definitely have a SIP in a Balanced Advantage Mutual fund. Keep subscribing monthly and in case of any unfortunate event the spouse, as and when needed, can convert SIP to SWP to meet inflated living expenses in the future.
Another dangerous development is the Cyber Crimes with the proliferation of Social Media, Smart Phones and all personal data already compromised in multiple stations. Most important is to ensure you or your family member do not have any Bank account in any city which is not regularly used. Please ensure all unused Bank accounts are OFFICIALLY closed and you possess a valid documentary proof. Criminals in cohort with some former or dismissed bank/BFSI staff run very ingenious frauds. Do not allow your bank account to become “Mule Account” as per RBI definition. In case of any suspicion, contact cyber crime at 1930 and never ever respond to emergency phone calls or links from unknown sources. Be aware of the police station and SI in charge of your residential ward. Prevention is better than cure.
Let’s use the pre budget weeks to introspect our finances and medium term goals, the well-planned way, the safe way, the SEEGOS way.