Planning for Secured Ageing

Dr P Vyasamoorthyvyasamoorthy@gmail.com

Planning for secured ageing

• Ageing starts with / after formal retirement; let us agree to this point of view

• Many problems crop up accompanying retirement.

• Such problems have to be avoided or handled to live happily

• Therefore planning for retired life is essential such that ageing productively with ease is assured.

Common problems after retirement• Financial security• Health Security• Shelter or dwelling• Coping with changed

circumstances– Loneliness– Abuse and neglect– Keeping oneself busy– post retirement blues

• Mental fitness

Financial Security

• After retirement: no salary only savings will help. One should start financial planning when very young. Save regularly, Invest in LIC policies. Make use of CPF, PPF, Pension funds liberally. Should take into account inflation, ROI, requirements, loans etc

• Use retirement benefits such as Gratuity, PF, leave encashment, accumulations etc wisely.

• Seniors should take a balanced view of investments. Not too risky nor too conservative approach.

Financial security …(2)

• Pensions – commutation, monthly annuities• Take care to revise all nominations to all FDs,

Bank accounts etc• Prepare a will; have it registered and keep it

securely• Prepare a living will if you deem it necessary. (Telling what to do after death, if hospitalized

and you enter into coma)

Financial Security …(3)

• Take a decent Health Insurance policy. Renew regularly

• Explore reverse mortgage options, if necessary• Keep complete, correct track of monies. To make it

easy for your kith & kin , details of assets, bank accounts, nominations, content of will, online passwords for Email, money transactions etc must be made accessible after death.

• Seek intervention of law – MWPSCA if maintenance is an issue.

Health security .. (1)

• Health insurance pay premiums regularly. Keep all details handy for emergencies

• Try alternative therapies• Undergo periodic Diagnostic evaluations• Exercise regularly; yoga; meditation, walking• Cut out smoking, alcohol, non-veg or allergic

foods• Learn First Aid

Health Security …(2)

• Insurance: Mediclaim, Accident insurance, Insurance from ex-employer, LIC, Term policies

• Remember other free accident insurance policies given by credit cards, BSNL etc

• In case of chronic ailments (Diabetes, BP, Skin, Knee etc) take medicines regularly and be under control

• Prevent falls in the bathroom• Reduce medicine expenses – buy at a discount; go to

family doctor; buy generics only; be knowledgeable

Shelter in Old Age• Some may need to move Old Age Home, Assisted

living, Terminal care hospices, Palliative centers. Choose carefully depending upon location, management, charges, facilities, track record and neighborhood

• Buy / lease in gated communities coming up• Pay & stay senior facilities; pay with voluntary work;

Lump sum initial payment – interest used for owning or leasing accommodation.

• Explore Paying guest accommodation meant for working persons – you will have youngsters company

Changes: Post retirement blues

• Loss of power; no more the head / leader / boss or the center of attraction; diminished self confidence, depression

• Give up ego; understand & change your attitudes

• Do not interfere in others affairs.• Learn to be alone and not feel lonely.

Some had VRS - others had CRS

Remember what you want?

How to handle separation?• One may lose one’s spouse, son / daughter etc and

become lonely. Divorce may happen with or without your wanting. Spouse may be separated for long periods to take care of grand children. One needs to handle such separations as well.

• Prepare yourself mentally that this could happen – never think “I am an exception”.

• Engage yourself in physical / mental activities such that you get no time to be brooding.

• Meditation, Pujas & rituals, gardening, shopping etc may be carried out.

How to handle loneliness?

• Join some SCA, NGO, Bajan or self help group• Visit Old Age Homes, hospitals, relatives• Take to reading.• Learn new hobbies• Take up studies – U3A• Volunteer your services to hospitals• Take up a part time job• Re-marry if that suits you

Happily retired senior citizenLearning new skills such as PC handling and internet paves way for avoiding loneliness, gaining knowledge and be independent.

Why retired persons are neglected?

• No income ; Physical decline; Needs to be looked after rather than be looked upon for support. No more productive or useful to family.

• In India, unlike western countries, people are required to retire at certain age even if found fit to continue. This is a sort of forced situation. Anything forced, you don’t welcome it!

• Loss of respect; loss of importance and being wanted; inferiority complex.

How to tackle Elder abuse?

• Learn to be independent – Do your tasks yourself• Do not give away your property or money though

you may write a will .• Move to OAH or senior facility• Understand and do not demand but command

respect• Craving makes you weak. Seek MWPSCA help.• Have friends to help you consel your abusers

Don’t take Elder Abuse Lying down – Stand up and fight

Mental Fitness

• Mental problems like depression, anxiety, chronic worrying, dementia, Alzheimer’s Disease etc may attack senior citizens.

• Keeping the mind always alert is the best way to ward off or postpone AZD and similar diseases.

• Developing creativity oriented hobbies like writing, sketching, painting, photography will be most useful.

How to be mentally alert

• Play Sudoku; • solve cross word

puzzles; • play word games; • Play chess; • read fiction, self

improvement books, religious texts etc

• Practice sketching

• Listen to old songs• Recite poems and

jingles of school days• Learn something new

and teach others• Write diary / journal• Help children with

school home work• Learn a language

How to keep yourself occupied

• Start writing; Maintain a journal• Listen to music; go to entertainment programs

like cinema, theater, exhibitions, games• Attend meetings and lecture • Entertain friends over a cup of tea / drinks• Join a club for sharing hobbies / passions• Travel / pilgrimage / freak out• Attend seminars, conferences, lectures

THANKS