Finances are important at every stage of life and perhaps they become most important when we hit retirement. Maintaining the quality of life is possible if you have planned well in advance and also if you are smart and prudent with your money once you turn 60.
In an interview to CNBC-TV18, personal finance expert Amit Kukreja talks about how senior citizens can ensure they live well and remain financially independent in their post-work years.
“The first thing they have to ensure is their health insurance is in place. Most of the senior citizens, because of diabetes or blood pressure or some other illnesses, are not able to get health insurance... you should make sure that you have a health insurance started in your framework and by the time you reach 60, all your waiting periods have elapsed and you are on the plan for life," said Kukreja.
On buying insurance for senior citizen parents, Kukreja said, “If you are employed with an organisation, if you take health cover for your parents, you are likely to get a better cover because it is a group plan for the employees and because there is a big corporate insurance product sold to the company, they are likely to process your parents' claim faster than their individual policies. So, always ensure that your parents are covered through your group plan.”
On financial planning, he said, “For a senior citizen family who needs Rs 9 lakh per annum, they need a corpus of Rs 1.75 crore to sustain their living standard for 25 years.”