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  • Category: Miscellaneous

    In old age we have to consolidate our investments

    During our active service life we make our career to the best of our abilities and earn money and then go for various investment schemes to save that money for our retired life. There are a variety of investment opportunities ranging from simple bank account to complicated stock market investment.
    When we are young we can take care of everything and monitor and manage our financial investments but when we grow older then it becomes difficult to manage those things and it makes sense to reduce our financial activities by consolidating our involvements in these schemes. For example we can close the unused bank accounts, decrease our investments, if any, in stocks, avoid very long term schemes, do not go for additional insurances, sell our profit making mutual funds or stocks and keep the proceeds in bank account, do not fall for high return promising schemes as that may not happen in reality, remain invested in Govt securities etc.
    By consolidating our investments, we can have a peaceful time in our old age. Do you agree? Share your views.
  • #779296
    That is true. All our investments should be consolidated and kept in a bank account so that we will get monthly returns to take care of our expenses. If we keep in different instruments it is difficult to monitor them and at the same time, our children may not know about these investments after our demise. Instead of keeping all the money in one place, we can keep it in 2 or 3 accounts based on the amount we have.
    Even the assets we have purchased during our active life may not be very useful to our children and hence selling them and keeping the money in a bank account is a good way, I think. We all should remember that we should inform our bank accounts and the amounts to our wives so that they will also have some understanding about the money available and it may be a better option to have joint accounts in the bank. Without depending on somebody if we can take care of ourselves during our oldage it will be good, I think.

    drrao
    always confident

  • #779298
    There was a time when people lived in a joint family and the father from time to time briefed the children about his investments in property, bank, and stocks, etc. In fact many young people helped their fathers in these matters and did what they wanted them to do for better investment of money.
    Today situation is different as old people are living alone and children are at some other place pursuing their careers.
    In such a situation there is no point in expanding the investment types as it would not be possible to follow up those things and keep a watch on them and take corrective actions.
    I also feel that best way to remain worry free in old age is to keep money in bank and spend the interest happily. Let the principal money go to the deserving nominees.

    Thoughts exchanged is knowledge gained.

  • #779300
    In old age, we need to keep our accounts in terms of fixed deposits in a few banks. It needs to be informed property to our soul mates apart from our closed relations. This will help them to encash the deposits in hours of their needs.
    Keeping money in different instruments and not informing our close ones will create a problem for our close relatives.

  • #779306
    I want to add that about a decade back I found myself busy in paying the periodical insurance premiums, shifting my savings from one bank to other tempted by the interest differential, investing in mutual funds, making fixed deposits in reputed private companies, etc. It is obvious that I did all that to get more returns. Soon I realised that I was bothering myself too much at that age juncture and such overactivity was at all not required. So I took a decision to prune down my activities and bring it to minimum required.
    I am happy to inform that I have deleted many of the above activities and encashed my various investments and kept in the bank and as I have no Govt pension, I am spending the bank interest for my regular needs. I feel relaxed and worry free by taking the above decision.

    Knowledge is power.


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