World Senior Citizen Day 2019
Tips for Senior Citizens to Reach Financial and Emotional Independence
After spending decades of your life fulfilling personal and professional commitments, you look forward to living your golden years stress-free and to the fullest. Now, while life indeed begins at retirement, it is also true that you retire from work and not from life. This means that you still need a steady stream of income to meet your household and medical expenses and fulfil your retirement dreams without depending much on your children or lowering your standard of living.
Reaching out to the elderly
People worldwide are living longer. The share of senior citizens-60 years and above-is projected to jump by nearly 20% in 2050, as per a United Nations Population Fund report. In this regard, World Senior Citizens' Day on August 21 is aimed at raising awareness about issues which affect the elders.
Benefits of Reverse Mortgage for Senior Citizens
No matter how well senior citizens have invested their money in the old age, additional cash flow is more than welcome. Amongst the many senior citizen driven schemes that exist in India, reverse mortgage is a lesser-known one. Let's understand this scheme in detail and how senior citizens can benefit from it.
For all they have achieved throughout life and for all they continue to accomplish, we owe older citizens our thanks and a heartfelt salute. We can best demonstrate our gratitude and esteem by making sure that our communities are good places in which to mature and grow older — places in which older people can participate to the fullest and can find the encouragement, acceptance, assistance, and services they need to continue to lead lives of independence and dignity.
President Ronald Reagan
August 19, 1988 Proclamation 5847
Did You Know?
Elderly form approximately 8-9% of the total population i.e. 106 million (10 crores plus) across the nation making India the second largest global population of elderly citizens.
93% of the elderly in India belong to the unorganised sector and do not have any post-retirement benefits and most of the time are turned away from their homes by children as they are no longer productive.
The Senior Citizens Savings Scheme (SCSS) is primarily for the senior citizens of India. The scheme offers a regular stream of income with the highest of safety and tax saving benefits.
The projections indicate that the number of 60+ in India will increase to 14.3 crore in 2021 and 17.3 crore in 2026