The best investment instruments for senior individuals
Investment is the only way to secure your financial conditions and win over the challenge of price escalation. Once, you have attained the age of 65 years or more, don’t assume that you can now call if a day for your investments plans. Rather, during this phase in life, investment becomes more significant as it is the only way to make your lifetime savings to grow so enroll here https://www.medicalinsurance2020.org . What you need is to carefully select the investment option that will feature the minimum risks, yet, will fetch returns at a significant rate. Here are some worthy options that you may consider.
Savings schemes for senior citizens
One of the safest investment options for elderly citizens is that of the elderly citizens savings schemes. A dedicated scheme to serve the senior citizens, you can yield interest at higher rates, and there are no higher or lower limits for this scheme. These accounts can be open with any commercial banks as well as at your nearest post office. If you are looking for an investment option with high flexibility, this is the instrument you should opt for.
Monthly income schemes
Yet another risk free investment option for individuals over the age of 65 years, Monthly income schemes will fetch you a fixed and steady income from your lifetime savings. You can open this account at your nearest post office, and the yield from these schemes is at satisfactory rates. The best part is that, you can secure your lifetime fund, and still generate some decent monthly cash flows to support your needs.
Bank Fixed deposits
To avail this investment scheme, you will need to make a fixed deposit of a lump sump amount with your banker, and in lieu of that, you can earn monthly returns. Again, there are no minimum and maximum limits for these accounts, and it is the safest investment options. You can withdraw a part of this fixed deposit at any time ,and likewise, you can avail loan against the fixed deposit to finance any exigent cash needs.
Though this is a bit risky proposal, however, if you can afford to take this risk, this is the domain that can make your portfolio grow at the fastest pace. As en elderly individual, you should look for the options that comes with comparatively lesser risks. With a considerate and careful approach, the risks related to mutual fund investments can be overcomes to a large extent.