And for a Friday into the last Quarter of 2017, in the commercial capital of India…… some thoughts……
In these VUCA times, most degrees and experience on a job, particularly factor Experience on the same job, has lost all relevance. What matters is Learnability and Adaptability.
Voluntary or forced retirements will be unavoidable and hence all have to be better prepared for the Second Innings into a monthly paying assignment or better planning of the “Retirement Nest Egg”.
First some precautions. Ensure all Bank Accounts are on Either or Survivor Basis with the Spouse. For Senior Citizens, keep an account closer to the residence and preferably in a large nationalised bank, have another in a private bank for Net banking. Close all other accounts, never know who will misuse your dormant Account.
Thanks to increased healthcare and preventive awareness, longitivity has increased but inflation and hospital expenses also increases the risk of sudden Medical Emergencies. Hence a full Medical Insurance is a must, covering self and spouse. Choose wisely.
Inflation and taxation are sure bug bites for retirees as wells falling interest rates, FDs now give less than 7.5 {aff5a224634bf574f692c8c7d068a0713fecca4ea38a30d3005107227dbb12e7} return. Keep a close watch, as your FDs are maturing. Instruct your bank not to automatically renew at the new rates of 5.5 and 6 {aff5a224634bf574f692c8c7d068a0713fecca4ea38a30d3005107227dbb12e7}. Exhaust the options, SCSS in Nationalised Banks max 15 Lakhs for5 years at 8.3{aff5a224634bf574f692c8c7d068a0713fecca4ea38a30d3005107227dbb12e7}, PMVVY – LIC Policy 10 years Max 7.5 Lakhs @ 8.45 {aff5a224634bf574f692c8c7d068a0713fecca4ea38a30d3005107227dbb12e7}, Post Office MIS 4.5 Lakhs @ 8.3{aff5a224634bf574f692c8c7d068a0713fecca4ea38a30d3005107227dbb12e7} and then some Balanced Mutual Funds, HDFC Prudence Fund, any safe Debt Funds and Hybrid Funds. Avoid entering Equity market. If already there, fine, maximise returns.
Challenging times need well planned responses. Let’s build a safe future, the healthy way, the Ethical way….. the SEEGOS way.