Savings for olden days

In my previous blog, I had given you a story of one of my friends who faced very bad days because he did not have any support from his two sons. At the fag end of their lives, both my friend and his wife had been left alone to look after themselves. You can re-read the story at http://emotionofanoldretiredandhaggardperson.blogspot.com/.


Why such things happen. It was simply because he, quite possibly, spent his entire savings including retirement benefits for constructing a house. This house proved to be an asset for the couple and, in fact, this house served and supported them better than their sons. It was a good savings in real-estate. As I had mentioned my friend subsequently sold the house, purchased a flat in a secured complex and started spending their days comfortably. They also started doing social work for unprivileged people.

This story should give lesson to one and all. You must start saving for your future olden days. You would not stay young for ever. Days will come when your friends and relatives would also become busy with their own problems. Even your children would not have time to take care of you and your wife. You would also confront a situation which my friend started facing.

There are various options for saving. First make a goal when you would retire and accordingly plan your savings for 10, 15 or 20 years. The important obsession should be a regular and routine savings from which you should never deviate. It could be monthly, quarterly, six-monthly or annual.

Best options for future days are Life Insurance, Medical & Accidental Insurance, Mutual Funds, Real Estate and Share Market (though risky). However, you must seek guidance from an expert before investing in Mutual Funds and Shares.

Remember that when you retire at the age of 60 or 65, you would have enough funds to last for life and you would not be confronting financial or emotional problems like my friend did. You should also remember that huge amount of money, handy with you in olden days, would also attract attention of your children who, otherwise, would have written you off.

The younger people start investing today itself for future days.