money matters




Managing our finances leading up to retirement and in retirement is a very key ingredient that will determine how happy we are in retirement. The financial environment is getting more complicated and more tricky, by the day. You will be well served by delving into as many ideas and thoughts regarding retirement planning & financial management.

We at Retyrsmart, will provide you more information and advice regarding managing money before and during retirement.

In this section you will find articles and blogs regarding Financial Management published on our site since the beginning.

Prosperous Reading !!

Team Retyrsmart .

 

  • How much do I need when I retire ?

    How much do I need when I retire ? This is an eternal question that most people who think of retirement have. There are various ways to address this. In the article below, the author urges you to look at it from an estimated expense point of view.... . . . . . . . . ...Read More

     
  • Don’t let these mistakes ruin your retirement

    These are common mistakes most of us make with our investments. But they have the power to ruin your retirement. Here is a timely reminder of what to look out for as it would best apply to where you reside. Readers can make a note of these and see how best they can avoid making theml.... . . . . . . . . ...Read More

     
  • Lower taxes help you enhance your health insurance more economically

    If you are 60-plus in age, the new financial year promises more tax savings for you. One of the ways to make use of the additional benefit is to buy a health insurance policy or increase the cover if you already have one. Premiums for a health insurance policy qualify for tax deduction under section 80D of the Income-tax Act. Till the previous financial year, 2017-18, the limit was Rs30,000 for senior citizens, but from this year it is Rs50,000. Also, till FY18, only the very senior citizens (80 years and above) could claim deduction on account of medical expenditure incurred in the absence of a health insurance policy. However, from this year, the same option is extended to senior citizens as well.... . . . . . . . . ...Read More

     
  • Useful tips to stay safe from scams that can cost you money

    As we grow older we are more vulnerable to being scams especially financially scams. Team RetyrSmart would like our readers to be extremely alert to guard against scams of any type and have extracted a list of very useful tips that can help you stay safe... . . . . . . . . ...Read More

     
  • 10 essentials to focus on for a healthy investment portfolio

    While managing your investments you need to focus on how health your portfolio is. Team RetyrSmart feels that any investor can review and improve their investment portfolio by following some basic checks. The article below guides you on what to look out for in your portfolio.. . . . . . . . . ...Read More

     
  • WhatsApp is no more just your Chat platform, it’s your Bank too!

    All of us would have used WhatsApp to chat with friends and family, stay in touch with your network, share pictures and experiences and more. For many of us, WhatsApp is a very important part of our daily routine. Now WhatsApp is all set to play an even bigger role in our lives in INDIA by becoming a bank too for making digital payments to our contacts. Team RetyrSmart hopes our readers would use this new facility well and would urge them to be sure to be safe while transacting though this new platform. Don’t give out details unnecessarily and start by trying out with small amounts.. . . . . . . . . ...Read More

     
  • Move your asset allocation as you age

    Creating wealth is a long, continuous process. To grow your wealth you need to keep on investing towards your target. However, the investment plan and the portfolio is a dynamic process and should adjust to your various life-stages since your risk factor varies with age. Your risk-taking ability as a single individual would differ from when you have a family and when you are nearing your retirement. . . . . . . . . ...Read More

     
  • How to claim maturity benefits from life insurance policies

    In a life insurance policy with maturity benefits, the insured will be entitled to claim maturity benefits if he or she outlives the term of the policy. The insured is entitled to claim the maturity benefits only when the policy is in force and all premiums have been paid duly. A maturity claim is one of the simplest claim procedures with minimal paperwork involved. . . . . . . ...Read More

     
  • Retain more of your earnings by investing in 80C

    As we (in India) come into last quarter of the financial year, tax saving instruments come into focus. Its your last chance to plan and invest in appropriate instruments that will help save taxes and increase your retention from your hard-earned income. With this in mind, Team RetyrSmart brings you the following article that nicely analyses available instruments and lists out their pros and cons. . . . . . ...Read More

     
  • Why equity investment is a must after retirement too

    The other day, I received a WhatsApp message from a senior citizen whose returns from a fixed deposit have gone down by 25%. This difference has come about between a five-year deposit that he made in 2012, and when he renewed it upon maturity in August 2017.

    To those who are just reading the headline numbers on interest rates, this may not make sense. Depending on when you are measuring, interest rates have gone down by 2 or 3%. However, here's the exact message: "I was being paid Rs 35,352 every month (subject to income tax) enabling me to lead a worry-free life. Now on maturity I have reinvested the amount in the same bank and I will be paid Rs 26,489." . . . . . ...Read More

     
  • 5 model mutual fund portfolios for different investor types

    Want to invest in mutual funds but don’t know which schemes to buy? Already invested in mutual funds but not sure if they are appropriate? Hold a large number of schemes and want to cut them down to a manageable number?

    If these issues are troubling you, our seventh anniversary cover story could provide solace. We have designed five model fund portfolios for investors of different risk profiles and financial situations. . . . . ...Read More

     
  • A guide to safe investment options post retirement

    When your options for bank deposits are flexible, you need not invest all your funds in FDs, but can spread them out across different instruments. This helps you to diversify your investments and expands the reach of your hand.

    Moreover, even when you decide to invest in FDs, won’t it help if you reinvest periodically? Invest first in short-term FDs and then as it matures, invest again for longer stretches of time. Keep the process alive even as different FDs mature. This could be an important lever that will enable you to meet your monthly income needs. . . . ...Read More

     
  • What happens to mutual fund investments after the death of an investor?

    It is one of the frequently asked questions: how can a nominee or legal heir claim the investment proceeds after the death of a mutual fund investor? Well, as per the law, a joint-holder, nominee or legal heir can claim the proceeds. The process is called transmission.

    Asset Management Companies (AMC) have a common procedure for transmission of units, however, there might be a slight variation in formats or documents required across AMCs, but broadly the process is the same. . . ...Read More

     
  • Liquid funds vs savings account: Where to park your emergency fund?

    For financial security, having a contingency fund that can take care of one's expenses for 3-6 months is a must. The contingency fund can help one tide over short-term loss of income—due to loss of job, long leave because of illness, a hit in business, etc. .

    It can also help meet unforeseen expenses like medical situations not covered by medical insurance, among other things. Now, the key question is, where should you put your money to create a contingency fund? . . ...Read More

     
  • Understanding rules for PPF withdrawals, loans and premature closure

    The Public Provident Fund's (PPF) USP is its EEE tax status, i.e., at the time of investment, interest earned during the investment period, and the maturity proceeds are not taxable in the hands of the investor.

    However, the scheme does come with a long lock-in period of 15 years. Did you know that you can have liquidity in the form of loans and withdrawals from your PPF account? Before you rush to get a loan or withdraw from your PPF, you know that this facility is subject to certain conditions. . ...Read More

     
  • How to simplify and control your finances in old age

    Last week Jo passed away. She was 92. She went in her sleep, refusing to be hospitalised for the breathing problems she was experiencing for the last few days. My time is up, she said. Jo did not think of herself or her life as anything exceptional. She always told me that the joy of living is in the ordinary things we do everyday and the quest for the extraordinary should not make us dissatisfied with what we have been able to accomplish. This story is about her personal financial practices.. ...Read More

     
  • How to register nominations in mutual fund investments

    A registered and valid nomination allows a nominee to access the investments of a deceased investor in a hassle-free manner. Mutual funds make it mandatory to register nomination at the time of making the first investment. . ...Read More

     
  • PPF NSC Sukanya Samriddhi or Senior Citizens Saving Scheme

    Investors are feeling relieved that interest rates on small savings schemes have not been reduced. Bond yields have fallen in the past three months, so logically rates should have been cut. If we go by the formula that links small savings rates to bond yields, the Public Provident Fund (PPF) should not offer more than 7%. However, fears of a backlash from the middle class seem to have prevented the government from reducing rates. . ...Read More

     
  • Has your bank account been debited wrongly? Here's what to do

    A lot of us would have gone through this. You wake up in the morning and check your messages and see that at 2.30 AM Rs 20,000 has been spent on your credit card for three lace wigs from a department store in Houston, Texas. But the only problem is, you are New Delhi, at 2.30 AM you were fast asleep, and you have never even thought about buying a wig, let alone three. ...Read More

     
  • Equities in Retirement Planning - a preferred investment avenue

    Retirement is unavoidable. It happens eventually to all wage-earners. It is up to us on how we want to spend our sunset years — cushioned or threadbare. Retirement planning can be daunting. A lot depends on our investment strategy and portfolio choices. Indians are partial to investments in real estate, gold and fixed income investments. ...Read More

     
  • Insurance for senior citizens a must

    INDIA is one of the youngest countries with 45% of its population aged less than 24 years, indicating strong emerging economy, at the same time close to 12% of our population is nearing 60 years or is above it. At present, a number of reforms have been introduced for senior citizens offering them improved healthcare amenities coupled with tax relaxation benefits. However, the challenge for senior citizens is to derive the best from the offered facilities. Cognisance towards such initiatives, including insurance, at present is dismal in India.. ...Read More

     
  • Things to consider while choosing a retirement home

    Editors of National Geographic Traveler magazine have released their picks for the best destinations of 2017, giving shout-outs to places like Banff, Chengdu, Seoul, Madrid and Georgia, USA.

    While many of us have grandiose notions about settling into a cottage in the hills or travelling the world after retirement, the reality is often very different. The need for security and stability trumps all else. ...Read More

     
  • NPS: Good source of income post-retirement

    The National Pension Scheme (NPS) is a scheme floated by the Government of India for offering retirement pension to all those who do not have such pension benefits after retirement from service. The scheme is available for subscription for those between the age group of 18 to 55 years and offers tax rebate of up to Rs 2 lakh  ....Read More

     
  • How to manage money after retirement

    Retirement is not an event but a long phase in your life that can last up to 35 years. During those decades, inflation will cut down the value of your savings ruthlessly. If your savings do not earn enough, you are going to run out of them within your lifetime. How can you prevent this from happening? The first part is to save enough during your working years and invest the savings in equity backed mutual funds. The second part is about deriving income from these savings after you have retired. ....Read More

  • Sovereign gold bond: Should you invest in them ahead of Akshaya Tritiya?

    The first tranche of the sovereign gold bonds (SGBs) of this financial year opened for subscription on Monday ahead of Akshaya Tritiya on April 28.

    Rising global uncertainties and a discount of Rs 50 per gm on the nominal value and an interest rate of 2.50 per cent per annum payable every six months on initial investment make these gold bonds a good buying option.....Read More

  • Three schemes to ensure monthly income after retirement

    Pradhan Mantri Vaya Vandana Yojana (PMVVY), Post Office Monthly Income Scheme (POMIS) and Mutual Fund Systematic Withdrawal Plan (MF SWP) are three schemes one can consider post retirement.

    The three schemes work in similar fashion. An investor has to deposit funds to the agent — LIC in the case of PMVVY, India Post for POMIS and any fund house for MF SWP. The agent will then further invest the funds in markets, promising the investor a fixed amount of money periodically, in addition to the interest rate promised. ... Read More

  • Govt's new pension scheme for elderly : All you need to know

    The government on Friday launched a pension scheme for senior citizens that promises an assured return of 8 per cent. Finance Minister Arun Jaitley launched the Pradhan Mantri Vaya Vandana Yojana (PMVVY), which was announced in the 2017-18 Union Budget. ....Read More

  • Retirement schemes are covered under Sec 80C. Should you invest?

    If you are looking beyond Equity Linked Savings Schemes to save taxes this year, you can take a look at retirement schemes from mutual funds. There are a few retirement schemes such as Franklin India Pension Fund, UTI Retirement Benefit Pension Fund, Reliance Retirement Fund, HDFC Retirement Savings Fund and Tata Retirement Savings Fund that would help you to save taxes under Section 80C. But are they as good as ELSS to create wealth over a long period?. .. Read More
     

  • Why bank lockers are better than home safes

    Your valuables are not safe, even in a bank locker. The RBI has stated that banks will not compensate if the contents of the locker are stolen or damaged in a natural calamity.  ... Read More

  • How to update or correct Aadhaar details online and offline

    Given the increasing importance of Aadhaar now, any mispelling, errors in your Aadhaar are likely to lead to problems for you. Linking Aadhaar and PAN, which is effectively mandatory for most now, requires that all your demographic details on both match. Any mismatch in your name, gender, date of birth on both documents means that you may be unable to link the two. You may need to update your Aadhaar for other reasons as well e.g it becoming inactive. ... Read More