Senior Citizens' Investment Planning: Investment for retirement planning is common in your working years, but investment post-retirement is also important. So, on the World Senior Citizen Day 2019, it becomes important to know the possible investment options that a senior citizen can have. According to tax and investment experts, when an earning individual approaches his or her retirement, the portfolio should undergo heavy change. And, when he or she retires, the portfolio should witness a drastic change as investments start maturing and money is received in bank accounts. 

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Speaking on the reason for investment post-retirement Sushil Jain, Founder at Best Fin Consultants LLP said, "One needs to do an audit of one's expenses post-retirement. In these expenses, he or she needs to first make a list of regular expenses that includes medical expenses too. Apart from that, there should be another list devoted to annual expenses like Income Tax, insurance premium, healthcare like dental care, regular health check-up etc." 

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On why one should continue investing post-retirement, Jain said, "Investment post-retirement is more important because at this stage of life, your income goes down and expenses either remain same or rise. So, becoming tension-free after attaining the age of 60 is not wise. One should continue investing in health plans that would help him or her to see through medical contingencies too." For contingency funds, Jain advised senior citizens to invest in Post Office Scheme, Bank FD, Debt mutual funds or debt funds, hybrid or balanced funds and equity funds.

On what should be the strategy for making a stress-free contingency or emergency fund post-retirement Jain said, "One should create at least 6-7 times of his or her monthly expenses as emergency fund post-retirement."