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Nimit | I am a Senior Citizen. Could you suggest a safe investment of my savings? |
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helpaneed
 |
For suggesting any meaningful answer to your question, certain other details are necessary such as your amount of investment, time horizon, your current income from pension, investments etc, your family financial obligations.......etc.
However, assess yourself and based on your amount, time factor, risk appetite, financial obligations, return periodicity etc. you may have options, among others and divide your total investments in more than two options for possibility of better combined returns:
1. Senior Citizen Savings Scheme (SCSS) offers 9% interest payable quarterly - offered by Post Offices and many leading banks like SBI, ICICI.
2. Investment in select blue chip companies' shares. In view of the long term economy boom, they are good options for high returns with minimal risk. I personally feel this as a better option than investing in Mutual Funds.
3. Bank FDs. Some banks are offering 10.5% to 11% to senior citizens for 3+ years deposits.
4. Kisan Vikas Patra by Post Offices.
5. Real estate if you have enough funds.
6. Something in pure 24 carat Gold, no ornaments. |
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Siva K
 |
Bonds-Thats the catchword.
As you are of a certain age, safe investment with moderate returns is better than unsafe investment with high returns.
I suggest find some good bonds to investment-talk to friends, contact an investment firm,talk to some financial advicer....
Also make sure your insurance-health, property etc. are upto date and make sure they have greater cover. |
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Varlin
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First, I'd like to say that one could HARDLY find a good answer among the crowd, because most people are lost as to how to invest and/or protect their assets.
You don't mention your age, the size of your assets or your risk tolerance, but I will assume that: 1) you are not too old 2)you have enough for a couple of small property down payments, at least, and 3) you are asking this question because you don't want to incur in high risks. That said, I can go and tell you my opinion.
Savings accounts, CD's and bonds aren't much useful, because annual yields don't even match inflation rates.
After trading stocks, options and other financial instruments I am convinced that they are not a good option for senior people in need of safe, easy and tax-convenient decisions for their retirement.
Mutual funds claim big gains, but that is true only when markets are easy and irrationally bullish. Give them a bit of red markets and they easily go from +20% to -60%. Also, the higher the performance, the higher the risks they take, and you are asking for a safe investment. You can lose money by yourself, so why pay someone else to lose money for you?
The safest, simplest and most satisfactory investment I would think of, which is also inflation-resistant and sometimes includes tax advantages, is ACQUIRING RENTAL PROPERTY at the cheapest price possible.
This kind of investment is COMPLETELY DIFFERENT from speculative buying/selling, which involves buying property at any price with the HOPE of selling it later at a gain. True investments must not rely on hope, but in a careful plan to obtain consistent gains.
Investing safely in rental property involves knowing well your local market, finding desirable, low-priced properties and carefully calculating rental net operating income (NOI). And carefully means reaaaally carefully, including all expenses, repairs, taxes, closing costs, administration costs, loan interests, etc. Good books are available everywhere, but I used Summey and Dawson's.
Finding properties with optimal NOI and start making money is only matter of discipline, a few weekends and a commitment not to make impulsive decisions. |
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zyberianwarrior
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online savings banks or CD's you are a senior citizen you do NOT need to take any risks. |
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Sham
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The best way to invest today is mutual funds.u can very well invest in LIC policies for senior citizens , which provides u with cash on hands for every months that will help u independent on childrens it really works on my granny who has done so. |
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FARRAH
 |
Invest in your family....
Fill them in about the life u have lived...the mistakes u made....and all of the lessons u have learned. Teach them to save their money....spend wisely....yet give generously of their time/energy to those less fortunate. Tell them that vanity is for fools...and having faith in God is pretty much all you need. |
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jeff410
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70-80 percent in CD's and the rest in a Growth and Income mutual fund |
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babytfromla
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HI THERE! THIS IS VERY INTERESTING..WELL PERSONALLY I WOULDN'T WANT TO TELL YOU SOMETHING WRONG, BUT THEY DO HAVAE STOCKS AND BONDS ATTYS. WHY DON'T YOU CONTACT THEM FOR THE BEST ADVICE!!! |
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Pumpkin
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A CD sounds like a good idea, since it seems to be a bit too late to start a long term investment. |
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muralidharan g
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I think the safe and the best for u at the moment is F.D, But i sujjest u to go for for mutuel fund on mid cap with part of your money which can give u nearly 20% intrest |
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Kathy B
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I would try Franklin Templeton. You may want to see if the is a investor in where you live. Sometimes Credit Union are better then banks but like everything else you need to do your homework. |
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Jo Blo
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Safe,, as in principal being guaranteed,, means get a CD,, you'll earn over 5% with no risk. |
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gilbert_guide
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Hi there. I think it’s great that you’re looking to invest your savings. I was curious if you’ve put any thought to what might happen to your savings if you eventually need to move into a nursing home. Most people assume if they need to move into a nursing facility for any length of time, Medicare will cover it, but this is not true. And this is how people lose all their savings. In order to qualify for Medicare, you need to have a very low income and close to no assets or resources. If you have a savings or assets, you’ll have to use them all to pay for your care before you can qualify for Medicaid. What I’m getting at is this: if you’re an elderly individual, you need to be thinking in a broader sense. At this point, it’s not just about getting a return on your investment. It’s also about protecting your money and assets so you don’t lose them all at some point down the road.
Medicaid looks back over the five years prior to applying for the assistance to make sure you didn’t move around your assets to appear low-income. If you do this before the five year mark, however, you are in the clear. You’ll be able to qualify for Medicaid and hold onto the bulk of your money and resources. The best way to do this is to put your money and home into a Medicaid Trust. This is an irrevocable trust that protects your assets from creditors, transfers to your beneficiaries when you pass and avoids probate (exhausting legal proceedings) when it transfers.
I recommend consulting an elder law attorney or a financial planner. Ideally, you want to not only see your money grow, but protect it from being exhausted by unforeseeable events.
I hope this information helps,
Lori
Gilbert Guide |
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naishh
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If you make an inquiry you will find many mutual fund companis are now a days offering guaranteed moneybacks with handsome interest rates in mutual funds. These rates are more than what bank FD offers yet its guaranteed.
Also in accordance you can plan your time period of investments from around 3-6 or even 10 years. |
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bullet b
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i think chinas real estate is a good deal. since the us dollar is dropping about 3 percent to the chinese yuan you get increase in interest rate and inflation of the american dollar. |
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Jodeci
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The best investment would be to find a foreclosure or pre-foreclosure property, buy it cheap, say 35-40k. Lets say you find one for 40k, and you put 30k into in 6 weeks fixing it up. Now, you spent 70k, on a property that can be appraised and sell at for 130k. Projected profit is 60k for only 6 weeks of work. Lets say it doesnt sell for 2 months, and you have a couple of months mortgage to pay for this property, you will still get a nice profit. Make sure that the property you seek is in a middle class neighborhood so you can get the return you are looking for. Dont forget to get a full house insepection as well. That should cover mold, termites, water damage, foundation, roof, plumbing, electrical and full structure. Maybe you can talk a relative into getting an inspectors licsence, it doesnt take that long too get one, and is affordable. Good luck...
email us if you have more questions about my posting:
brandon@equitybegone.com |
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WowCrafter
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I am looking at NYSE:ID
seems to be heading straight up at this point.Do your research before investing. this one just went from 15$ to 19$ in two weeks. i am keeping my eye on this one. |
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ramut1
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GMAC Demand notes will give you a guaranteed 5.75%. Also, you can put your money in a paypal bank account and get 5% interest on the amount -- probably a lot better than your savings acount. You probably worked very hard over a lot of years to build up what you have -- congratulations to you.
If I'm fortunate enough to be in your position someday I'm going to take the highest guaranteed rate of return that I can get -- its no time to mess around with high-risk investment. Best of luck.
www.demandnotes.com/main.htm
www.paypal.com |
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