What Is The Best Phone Option For Senior Citizens

What is the best phone option for senior citizens

To stay secured and happy in your second innings, you must invest now to earn the profit in long-run.

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Have a look at the various investment plans to invest. Dig in!

Leading your post-retirement life without sufficient savings can be quite a hassle, which is why prior retirement planning is a must. Despite limited resources and insufficient savings, you can grow your money with the right investments.

What is the best phone option for senior citizens

It is important to choose investment avenues, after cautiously considering your appetite for risk. Here’s a lowdown on some of the best investment plans for planning a secure retirement.

Here are 4 Best Investment Plan for Senior Citizens.

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1. National Pension Scheme

A National Pension Scheme (NPS) is said to be one of the best investment plans for retirement.

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This scheme is sponsored by the Government where an individual can contribute throughout his service period on a regular basis.

After retirement, the investor can withdraw the invested amount partially or completely to fulfil his/her needs.

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This is a perfect plan for retirement because an individual is free to invest small amounts in this plan. He/she can easily invest his savings from his/her monthly income during his/her service or professional life.

The investor will also get the benefit of the tax deduction, and the returns will remain tax-free.

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Public Provident Fund (PPF)

To plan your retirement, a Public Provident Fund (PPF) can be a great investment option.

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The investor can put in some part of his saving into a PPF account and earn the fixed interest benefits on it. One can invest in this plan with a minimum of only Rs.500 and can invest any lump-sum amount anytime throughout the work life.

An individual can utilize the invested amount after his retirement as it will yield better returns if invested for long-term. The interest that an investor will earn from PPF investment will be completely tax-free as mentioned in Section 88 of the Income Tax Act.

3. Senior Citizens Saving Scheme (SCSS)

As the name speaks, this scheme is especially for senior citizens.

This plan is one of the best retirement products that you will need post-retirement.

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This scheme is backed by the Government, therefore, offers the guaranteed returns at lower-risk.

Senior Citizens Saving Scheme (SCSS) offers you the interest rate of 9.3% and your investment remains locked for a minimum of 5 years. The investor can begin investing in this scheme with a minimum sum of Rs.1000 and can invest a maximum of Rs.15 lakh only.

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This investment plan is also eligible for tax deduction under the Section 80C of the Income Tax Act.

4. Fixed deposit investment

Fixed deposit is considered as a safe and risk-free investment option.

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The investment done in a FD (fixed deposit) account offers you many benefits like higher interest rates for senior citizens, assured returns, flexible tenor and many more. The investor will get promised returns and can choose the investment tenor according to his needs.

The interest rate of a fixed deposit scheme is higher than a savings account. Many leading lenders offer the interest rate around 7.85% on FD and an additional rate of 0.35% to the senior citizens which makes it a favourable option for retirement planning.

What is the best phone option for senior citizens

A minimum sum of Rs.25,000 is enough to make the fixed deposit investment if you are opening an account with an NBFC.

The Bottom Line

Now, when you know about the various types of investment plans available for retirement, you can easily make the right investment choice to plan your golden phase. If you want to invest safely and risk-free then it will be advisable to always do a small research before investing and then decide the best plan as per your needs.