Neeraj Sagar, founder and CEO of WisdomCircle, shared his thoughts with Silver Talkies about their technology-enabled marketplace for 55+ retirees to find meaningful work opportunities. Their term for this segment is "WisGen” or short for the “Wisdom Generation.” The idea being that this wisdom pool can serve as experts, mentors or consultants to organizations that need them. Excerpts from an interview:
Question: Why did you start Wisdom Circle?
Answer: I started in 2022. A lot of people reached out to me regarding what they should do after retiring from work. There's a huge mismatch between the potential opportunities for organizations to utilize the skills and experience of retirees and the desire of many retirees to continue working in some capacity. Therefore, each one needs to identify their unique skill sets and determine what they can offer to potential employers. We are solving for the hard-working middle-class person who has spent their entire life working for their family, developing their skill, and professional expertise, has been asked to retire, and has no hobbies.
Question: What do people looking for work after retirement need to remember? Are these good times to look at a second innings?
Answer: It's important to remember that having a specific expertise in a field can make it easier to find meaningful opportunities. Inclusion and diversity are becoming increasingly important worldwide, and companies are focusing on age-inclusivity overseas. In India, organizations struggle with flexibility in talent acquisition but prioritise speed and cost savings over discussion and talent development. If you have a specific skill set and the intent to work, there are opportunities available. Our focus is on professionals who have left the workforce but still want to work part-time. Who are the organizations coming to us? Startups come to us, MSMEs come to us.
Question: When companies come to you is there an age cap there for this segment?
Answer: Once you're open to retirees there is no age cap. Eighty per cent of people on our platform are between 55-70. We've not had any client who's come back and said that's too old. This is a segment whose requirement changes every five years. They are also less fussed about salary. They're more fussed about the process around them to be consistent with what they want. Two hours means two hours but the commitment is always more. The commitment levels of this segment are amazing. The bigger mindset we are trying to bring in is moving away from full-time to part-time roles. We tell clients, that the more you say full-time, many retirees won't apply. We are looking at part-time roles that range from a few months to a couple of years for people wanting to work say, a few hours per day or 2-3 days per week. And very importantly, we tell them, if you list a job, please do not make the compensation negotiable. This segment prefers a listed compensation and does not want to negotiate.
Question: What is the salary range like?
Answer: To give an idea, it would typically fall in the range of Rs 1000 to Rs 3000, per hour with the average being around Rs 2500 per hour. However, there is a significant variation in rates, going from as low as Rs 500 to even Rs 10000 per hour, based on our internal metric.
Question: What are the work opportunities you are seeing offered?
Answer: Industry and functional experience are in demand. Also, a lifetime of experience in specific areas is valued, whether it's specific tech experience, supply chain management, marketing, or any other area in which you have spent an entire lifetime to become proficient. Emphasize those skills when showcasing your qualifications.
Question: What are the main reasons that drive a second innings?
Answer: Relevance is the word here. It is a deep word that points to one's purpose in the world and the reason for their existence. With people living longer, cognitive decline is becoming a real concern. Therefore, it is important to stay mentally active to lead a fulfilling life as we age. What is the point of living longer if there is nothing to do?
Question: Are older adults in competition with younger people in a limited job market?
Answer: I don't see it that way. We are creating a separate market - the wisdom market - which is not meant to replace anybody. I divide it into wisdom and execution. Wisdom only comes with age and experience. This segment should not compete on the execution front. To your point, many segments are coming back to the workforce, such as women returning. From a supply-demand perspective, there are resources available, and there is math that needs to happen. The wisdom folks need to solve a part of it.
Question: What kind of ageism have you come across when it comes to older adults at work?
Answer: Ageism is there but also, sometimes it is not ageism, it is also because older adults too don’t want to do many things. Like many will not want to do prepare an Excel sheet. They’ll say instead ask us what we know and what we can leverage for you. Sometimes the problem is because the organization doesn’t understand the segment. We placed a lady with 40+ years of experience in a marketing role and they asked her to make photocopies. Why did they ask her to do it? Because they had thought of her as a cheap resource. She was getting low pay from them because she was trying to help a startup by taking compensation at a lower level. She did it but was unhappy and left the job.
Question: What do older adults’ resumes need to reflect?
Answer: * To show the world that you are capable, you need to focus on what you are building and achieving in your portfolio life. * It's important to distil what you know into three or four key points, rather than talking for hours about a topic. For instance, my father is an excellent structural engineer who can look at a building and tell you what is the issue with it. That’s experience. That’s what you need to distil it down to for the employers. Not what you did in which year. * Conciseness is key in being able to convince someone to hire you. * Focus on distilling the core of what you know and learning to communicate it effectively to others
Question: What are your suggestions to someone looking for a second innings?
Answer: Firstly, it is important to ensure that your finances are in order as this enables you to have a broader perspective on things. Secondly, it is essential to continue learning and to engage in intergenerational work with younger people, regardless of the field you choose to pursue. Consider learning a new language or musical instrument to expand your knowledge and skills. It's important to stay up to date in your field by exploring new developments and advancements. For example, if you are a civil engineer, you should be aware of how generative AI will impact civil engineering. It's crucial to remain curious and open to learning, rather than adopting a stagnant mindset that hinders growth. There is always more to learn! It all depends on what you want to be updated about. You have to push yourself to stay updated and relevant. Engage in debates and discussions to get your brain working. Force yourself to be curious about anything and everything around you. On the work front, read journals, write and contribute. Write your life story, and write about what you have learned. Older adults need to remember that they are representing this segment at work. Their actions can have an impact on how this segment is viewed and how the market would be for them.
For more, watch this fireside conversation between Nidhi Chawla, Co-founder of Silver Talkies and Neeraj Sagar, Founder of @wisdomcirclehq to understand the landscape of post-retirement work opportunities emerging in India on our YouTube channel
https://www.youtube.com/watch?v=AVYXEVdK-Aw&t=394s
Cover Image credit: Pixabay
Bhanu and Meena Singh did not see themselves leading a traditional retired life. So they put their heads together to start a second inning that combines their work experience and hobby.
Bhanu Singh, 68, recently had a medical episode. The required recovery period is completed now, and his wife Meena, 65, and he eagerly await the resumption of their work at their venture, Invelligen. The eagerness should tell you something about the Singh’s enthusiasm and passion for the venture they started in their second innings. It’s now given them a purpose in life and a successful one.
In the 1970s, Bhanu Singh's life took a turn when the government introduced the Antyodaya scheme, aiming to uplift the poorest of the poor. After dedicating his early career to government service in the veterinary department in Haryana and Rajasthan, Bhanu embraced this opportunity for change. The Antodaya scheme marked the entry of various sectors into the banking industry, including agriculture and Bhanu found himself assuming the responsibilities of the banking sector. He extensively explored the complexities of commercial operations, financing-related agricultural endeavours, and investigating diverse manufacturing and trading domains.
In 2015, he retired as the regional head of the Indian Overseas Bank, Mumbai.
A believer in giving back the knowledge he had harnessed during his 33-year-long career, Bhanu dedicated a few years to providing free services to former clients and friends, generously sharing the vast knowledge he had amassed.
Meanwhile, Meena Singh, hailing from a family deeply rooted in the business world, specifically in the timber trade, had always nurtured a longing to pursue something purposeful. The limitations imposed by financial constraints once upon a time for her to start a venture no longer posed a hindrance. Together, the two decided to give a second career a chance, opting for a low-risk approach through a small-scale venture.
It surpassed all their aspirations, probably because it came from the heart.
The Singhs, passionate about gardening, encountered a common problem faced by plant enthusiasts - watering plants when they were not at home. Influenced by the advanced drip irrigation systems they saw in nurseries during their visits to Mangalore, where their son lives, they devised a solution. They introduced vibrant plastic rods and pipes of different heights in their garden, creating visually appealing plant trellises that supported climbing plants and automated watering.
Neither Meena nor Bhanu were ready to take a break after Bhanu’s retirement. This ingenious solution marked the beginning of their business venture, and they quickly achieved success by entering online marketplaces such as Amazon and Flipkart. The Singhs' plant trellises gained popularity, leading to an impressive turnover of 15 to 20 lakhs. This accomplishment is even more noteworthy considering the initial setback they encountered due to the COVID-19 pandemic outbreak.
During the lockdown the couple's minds flared with the seeds of innovation. Collaborating tirelessly, they delved into brainstorming sessions, determined to discover a solution to ensure their garden flourished even when they were away. The outcome surpassed their expectations, nurturing a thriving garden and igniting an entrepreneurial drive within them, eager to spread their creative concepts to a larger scale.
After the COVID-19 pandemic, the Singhs' business experienced a surge in growth as they devoted their time to crafting innovative designs and models. The lockdown period served as a valuable opportunity for strategic planning, allowing them to delve into new ideas for their products. Despite the obstacles presented by the pandemic, the Singhs' were focused on finding a creative and appealing solution.
Meena is the driving force behind their eco-friendly initiative and remembers the moment that kickstarted their journey. It all began with a common issue faced by plant lovers everywhere - the struggle of watering plants when away from home. The Singhs, who adored gardening, had often found themselves in the same predicament where their 100 pots were left unattended every time they left the house.
Meena, a staunch supporter of women's empowerment, highlights the significance of women entering the workforce right from the start. “The limitation on women's financial freedom has always concerned me,” she says. By venturing into her business, she contributes to the country's economy and serves as a living testament that age should never hinder the pursuit of dreams.
Like many older adults across India, the Singhs have refused to let age or occasional bouts of ill health keep them restricted and have crafted a narrative that challenges the conventional notion of retired years. Their later venture is not just about a thriving business but also about staying engaged, finding purpose, and contributing to society while working on something they both love.
Once upon a time, like any new venture, they, too, were plagued by doubts. The thought of investing their time and money into something uncertain was scary. However, they took comfort in knowing that their children were financially stable, relieving them of the worries that usually come with taking financial risks. And today, the venture has successfully paid off, making all the sleepless nights worth it.
Share your second innings story with us below.
The government of India has several elderly care schemes in place, which are helpful for older adults from every strata of society.
India is going to face a significant demographic shift in the coming years. By 2050, one-fifth of the country's population will be made up of people above the age of 60. In 2022, there were already 149 million people aged 60 years and above, comprising around 10.5% of India's population. This number is expected to double to 20.8% by 2050, with an absolute count of 347 million, according to the 'India Ageing Report 2023' by the United Nations Population Fund (UNFPA) in collaboration with the International Institute for Population Sciences (IIPS).
While multiple welfare schemes are functioning to serve older adults, there is also an overall lack of awareness of these programs. Every older adult deserves a life of normalcy where they can access primary healthcare and financial and social security. Everyone needs to have a basic understanding of programs implemented to help out older adults. The notable schemes and programs under the Central Government of India are listed below. While some of these schemes may not apply to you, you can guide needy older adults towards them:
Senior Citizens' Welfare Fund: This welfare fund has been created for the utilisation and provision of schemes that encourage the financial security of older adults, health care and nutrition of senior citizens, the welfare of aged widows, schemes supporting Old Age Homes, etc. The Fund consists of unclaimed money from various sources like Post Office Savings Accounts, Post Office Recurring Deposits Accounts, etc. After seven years, unclaimed money from the inactive accounts of Public Provident Funds and Employees' Provident Funds is transferred to the Senior Citizens' Welfare Fund. The Fund is controlled by an Inter-Ministerial Committee involving the Department of Financial Services, Ministry of Health and Family Welfare, Ministry of Rural Development, Ministry of Housing & Urban Affairs and Ministry of Labour and Employment along with the Ministry of Social Justice and Empowerment as the Nodal Ministry for the administration of the Fund.
FOR THOSE IN NEED
Rashtriya Vayoshri Yojana (RVY): The scheme aims to provide physical aids, assisted living devices such as walking sticks, elbow crutches, walkers/crutches, tripods/quadpods, hearing aids, wheelchairs, artificial dentures, and spectacles free of cost to older adults above 60 years suffering from age-related disabilities and belonging to the BPL category. These essential devices contribute to smoother functioning and mobility of many older adults. The scheme launched in 2017 is under the administration of the Ministry of Social Justice and Empowerment and implemented by the Artificial Limbs Manufacturing Corporation (ALIMCO). The Senior Citizen's Welfare Fund is funding the scheme.
Pradhan Mantri Vaya Vandana Yojana: The scheme's objective is to protect individuals aged 60 years and above from the potential drop in their interest earnings due to unpredictable market conditions. The scheme is also designed to provide social security during old age. It is implemented by the Life Insurance Corporation (LIC) of India and has a tenure of ten years with a guaranteed monthly income. The policy is priced according to different pension payouts such as annually, monthly, half-yearly and quarterly, with a minimum price of Rs.1,56,658 (for Rs.12,000 annual pension) to a maximum amount of Rs.14,49,086 (for Rs.1,11,000 annual pension) under the yearly pension option. In addition to a guaranteed monthly pension at a rate of 7.4%, the policy also offers a death benefit. If the pensioner passes away during the policy term, the beneficiary will receive a refund of the purchase price. You can buy the policy through a registered LIC agent or online through the official LIC website.
Post Office Monthly Income Scheme (MIS): This is a popular investment scheme where you can invest a particular sum and get an assured monthly income in the form of interest. The maximum investment limit is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account. An individual can invest a maximum of Rs 4.5 lakh in MIS (including his share in joint accounts). The interest rate is 7.3 per cent per annum. The maturity period of the scheme is five years, and it can be prematurely closed after one year. To know more, read https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx
FOR THOSE IN NEED
Pradhan Mantri Jan Arogya Yojana (PM-JAY): The Ministry of Health and Family Welfare, Government of India, launched this scheme under the flagship scheme called Ayushman Bharat, which is designed to provide health insurance cover of 5 lakh per family per year to over 12 crore of needy and vulnerable families. It covers up to 3 days of pre-hospitalisation and 15 days of post-hospitalisation expenses. There is no restriction to age or gender, and the benefits can be availed across the country. The services provided enclose 1929 procedures, including expenses such as medication, supplies, diagnostic services, physician's charges, surgeon charges, room charges, operating theatres (OT) and intensive care unit (ICU) charges, etc.
National Programme for Healthcare of the Elderly: The programme was launched during 2010-2011 by the Ministry of Health and Family Welfare of India to address various health concerns of older people. It focuses on offering good quality long-term, comprehensive, specialised care accessible and affordable to the ageing population above 60. This comprises services at the PHC/CHC level and district hospitals in facilities such as bedded wards, human resources, machinery and equipment.
Are there schemes you are aware of? Please add them in the comment box below.
Planning your assets and estate during your lifetime is important to ensure smoother transitions and lesser complexities for your heirs in the future.
Believe it or not, we all own an estate. Contrary to popular belief, an estate is not just a piece of land or a coffee or tea plantation; it encompasses all the assets you possess, both real and financial. This includes land, buildings, furniture, automobiles, bank accounts, fixed deposits, investments in shares, bonds, mutual funds, life insurance, and any other assets with economic value.
Throughout our lives, we acquire and enjoy these assets. However, death is inevitable; at some point, we must say goodbye to this world. Regardless of the size of the estate, the pressing question is: What happens to the estate after we're gone? Who inherits what, and how do they get it? The answer lies in estate planning.
Estate Planning is a series of progressive and interdependent steps taken by the owner of an estate during her/his lifetime to protect, preserve, and allocate assets for the benefit of family members or loved ones. The aim is to ensure financial security, maintain the standard of living, and support the welfare of beneficiaries even after the estate owner's demise. This planning process addresses the legal, economic, and social dimensions of estate management and inheritance. It aims to simplify the complexities surrounding the transfer of assets after death.
Legal Dimension: Understanding Succession Laws
Succession, in legal terms, refers to the transfer of rights and obligations of the deceased to their legal heirs. There are two types of succession:
1. Testamentary Succession - Transferring estate through a will executed by the testator.
2. Intestate Succession - No will is executed, and the estate is distributed according to applicable succession laws.
In India, the primary succession laws are:
- Hindu Succession Act of 1956: Applicable to Hindus, Buddhists, Jains, and Sikhs.
- Indian Succession Act of 1925: Applicable to Indian Christians, Parsis, and Jews.
- Mohammedan Personal Law: Applicable to Mohammedans.
The rules of succession differ between Hindu males and females under the Hindu Succession Act of 1956. However, the Indian Succession Act of 1925 applies the same rules for both male and female successors.
Social and Economic Dimensions
Lack of awareness or knowledge about succession laws can lead to misunderstandings, disputes, and prolonged legal battles among heirs, resulting in avoidable expenses and obstacles in enjoying the benefits of the estate.
Consider this example: Santhosh Kumar, a 53-year-old Hindu, works as a Country Head in a multinational company. He's married to Sahana, and they have a son, Sridhar, and a daughter, Soumya. They live in a villa jointly owned by Santhosh and Sahana. Santhosh's estate includes bank accounts, fixed deposits (with Sahana as the nominee), and a Mercedes-Benz car valued at 1 crore. Tragically, Santhosh dies in an accident without a will (intestate dying).
In this case, since Santhosh is a Hindu, the rules under the Hindu Succession Act apply. The title and rights to his estate will be equally divided among his wife and children.
Why do we need Estate Planning?
In today's fast-paced world, we often focus on achieving our goals without considering the potential impact of our absence on our loved ones. Therefore, it is imperative to have an estate or succession plan in place, ensuring that our loved ones can access funds, transfer property titles, and obtain ownership of valuable assets without difficulty.
Estate planning may seem like a puzzle, but with proactive steps, we can solve it.
Image courtesy: Pixabay
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A WhatsApp scam in the guise of completing online tasks is the latest scam doing the rounds. Here's a guide to how it unfolds and what not to do.
If you Google 'online task fraud' right now, you will likely see at least 9-10 cases of WhatsApp-related scams just in the past 48 hours. Many Indians, especially older adults, are victims, losing their carefully saved money to these scams. In Pune, an army colonel is a victim of the city's biggest online task fraud, losing 2.4 crore worth of savings between April and May 2023, according to a report in The Times of India.
In Delhi, a 60-year-old retired executive lost 40 lakhs, his entire retirement savings, in a WhatsApp scam. In a country with 487.5 million WhatsApp users, this is a cause for concern. Besides older adults, many younger people have also been victims of this fraud. In fact, India records around 3,500 cybercrimes a day, clocking in at the 4th highest in the world, writes Kunal Purohit in South China Morning Post on the topic. Of 750 million smartphone users, only 38 per cent of users in India are digitally literate, making this a scam hotbed. Read on to know more and stay alert.
Here is how the scam operates:
How to avoid getting scammed:
Much of the online world is not as it seems. So it is always better to double-check and stay safe than be sorry.
Also read: How to spot a phone scam
Have you come across any message that could be a scam or any instance of phishing? Let us know in the comment below how you handled it.
Compiled by: Reshmi Chakraborty
Older adults are often victims of phone scams. Here are some simple rules to follow to avoid being scammed.
A Noida-based elderly couple lost Rs 8 lakh to cyber fraud in January; a 74-year-old from Haryana lost 11 lakhs. News headlines are filled with phone scams that are on the rise, with older adults as the victims. Even if you are a tech-savvy older adult, the con jobs are done in a way that can dupe anyone. Here are some simple, smart, easy-to-follow tips from Lavanya Mohan that apply to all ages. Stay alert and stay safe.
· Scammers usually text/WhatsApp/call, claiming to be from some essential service - the bank, a credit card company, the electricity board, or the telephone network.
· Scam messages & calls are vague. For example, you might get a text that says: "electricity bill for the past month is due" or "phone bill not paid this month". However, there'll be no detail about the date the amount is due or the billing month. That's a red flag.
· If the message feels like it could have been sent to anyone and not specific to you, then you know it's a scam.
· If the person you contact from the text is very pushy and insists that you do what they tell you to, it's a scam. Don't even think twice. Instead, call them out by asking for more details and saying you'll go to the bank or office (e.g., electricity board) and settle things in person. Chances are the phone would be disconnected.
· If the person on the call requires you to download an app, say no. Scammers ask users to download the equivalent of remote desktop access apps (like TeamViewer) to gain access to bank passwords and credit card details.
· It's tough to get your money back, even if you lodge police complaints because scammers use technology to make their numbers impossible to trace. So be suspicious and always check.
· Phishing and banking scams have become highly tech-savvy and convincing. A recent scam shares a link to a very convincing page simulating HDFC bank. Remember that no bank will send you links. Everything they want you to do will be through the bank-verified app or relationship manager-led. If you get a text with a link, no matter how threatening, speak to your Relationship Manager before you click.
· In this text, the scammers got the bank right. But if you are a careful observer, there are some tells in how the message is worded with minor grammatical; errors:
1. There's no "Dear customer", which is how the bank usually sends me texts.
2. "Below the link" and not the link below.
3. Threat of immediate suspension. That's the biggest tell.
· Remember, no bank can suspend anything overnight unless government authorities demand it, and even that involves due process.
· If you click on the link, the landing page that opens is very convincing (see image below). The scam is to capture your credentials + PAN Card. Can you imagine what they can get away with if they have both?
· What are the suspicious parts in the image? 1. Check the URL. It should be that of HDFC bank, which it's not. 2. It says HDFC KYC (not HDFC Bank)
· In conclusion- don't click on links from texts that claim to be from your bank, and don't believe anyone who says they're from your bank from an unknown number over the phone.
· Stay safe and always check with your bank in case of threatening texts or calls.
The above information was collated from a post by CA Lavanya Mohan with her permission. She has also blogged about the same on https://pennmoney.com/blog/how-to-detect-scam/
What are the best options for money management when older? Dr. Pallavi Mody poses some questions in her regular series.
My uncle started his career in the 1980s and retired in 2020 from an MNC. He had the unique advantage of having a worldview as he was participating in the global operation of an MNC. Central Banks everywhere were following a strategy of lowering rates of interest. The logic was that low-interest rates would lower the business's cost of finance, boosting the economy and leading to higher GDP growth. My uncle, a keen observer of the macroeconomics and financial markets, could read the writing on the wall, ‘Interest rates are falling the world over, and India cannot remain an exception.
My uncle had to find an answer regarding his personal finance and retirement funds. Years before his retirement, he had done a little math; what should be the corpus of funds you need for an income of Rs. 1,00,000 per month if the interest rate was 12 percent? He had arrived at the number Rs. 1 crore as a corpus to live comfortably in his golden years.
Through the years, he was building his portfolio of investments in different asset classes that included risk-free fixed-income instruments, viz. FDs, PPF, NSC, RBI bonds, and other debt instruments. He was also investing part of his money into equity instruments through mutual funds and direct equity shares of companies. Though my uncle, like other Indians, was risk averse, he understood that if he wanted higher returns, equity investment was the answer.
When he retired in 2020, the interest rates had reduced from about 12 percent to 6 percent in the past decade. My uncle’s corpus requirement increased to Rs. 2 crores to get a monthly interest of Rs. 100,000 to live a comfortable life. He was not perturbed as his portfolio of investments was larger than that. He had saved and invested in the right asset classes to get good returns.
My uncle needed to reshuffle his portfolio. He followed his original math; to get an income of Rs. 1,00,000 per month, he parked Rs. 2 crores in fixed-income instruments. He did this to live a stress-free life and not to get perturbed by the highs and lows of the capital market. The remaining money he invested in direct equity and mutual funds to get higher returns over the long term.
His friends would worry over the negative interest rates in Japan and Germany. What if the interest rates in India fell from 6 percent to 3 percent? What if the real interest rates, that is inflation-adjusted rates in India also turn negative?
What are the options with my uncle?
· He is currently comfortable with an income of Rs. 100,000 from his investment of Rs. 2 crores in fixed-income instruments.
· When the equity market is good, he should book profit, add money to his portfolio of fixed income investment, and try to increase his corpus to Rs. 3 crores. This phase may last for another ten years till he is 70.
· If the interest rates go down to 3 percent, he would have difficulty managing his monthly income. He can follow a Systematic Withdrawal Plan to supplement his income with capital consumption. This phase may last for another 10 years till he is 80.
· Assume that the interest rates are zero, there is no income from investment. If one withdraws Rs. 100,000 from the corpus of Rs. 2 crores every month, it will still last for 200 months, that is, 16.6 years, till the age of 96 years.
What would your suggestions as a reader be? Dr. Mody invites you to share your thoughts with us below.
Also read: Falling Interest Rates: A Common Dilemma by Dr. Pallavi Mody
Images courtesy: Pixabay
Where you live and the physical surroundings around your home make important factors in determining how well and healthy you age.
Age-friendly physical surroundings can mean the difference between freedom and dependence for older adults. They can make you more mobile as living in an interesting location or enabling environment would entice you to step out and discover things around you. They can impact your mental and physical well-being in many ways. It’s one of the reasons physical environment is one of the determinants of the World Health Organization’s (WHO) Active Ageing Framework.
As senior living starts becoming an acceptable and popular concept in India, the importance of senior-friendly, safe and well-laid-out locations are coming to the fore. Most of them focus on location and work towards creating a physical environment that is age-friendly, accessible and certainly an energy booster.
A 2018 report by the Confederation of Indian Industry (CII) stated that in about 30 years from now, the elderly population in India is expected to triple from 104 million in 2011 to 300 million in 2050, accounting for 18 per cent of the total population in 2050.
How do senior living and a great physical environment and location go hand in hand?
It’s because often the physical environment in a home is not conducive enough for the senior citizen to age in place, no matter how lovingly that home would’ve been made. Roads around homes can be hazardous, with poor lighting and barely any footpaths. There may not be any safe locations for people to assemble and meet friends. Many senior citizens now live in gated communities that are safe but with very little social interaction. Many struggle to finish their basic needs and daily chores and depend on external agencies and helpers, often not regular. To fill this gap and to provide a good support system to the independent senior, the concept of active senior living is gradually emerging in India.
Senior living refers to housing for people above 55 who are independent and lead active lives. Most senior living facilities offer convenient services, senior-friendly design features, and access to a vibrant social community of like-minded people. All key ingredients for facilitating a great physical environment too.
Shruti Kedia, director of Ikigai Senior Living, Goa says, “Senior Living is about living independently, community living, and a secure environment with all needs taken care of to ensure you lead your best life post-55.” Ikigai Senior Living - Goa is a community project developing residential apartments for retirement homes at Kadamba Plateau, North Goa and is only 20 mins from the capital city, Panjim. It is Goa's first lifestyle senior community by PRESCON and Goa’s first fully serviced community. Nestled within the beautiful and scenic township of Prescon Amanha, it boasts world-class infrastructure, enthralling topography, refreshing weather and a premium experience. Prescon has brought together a team of professionals and experts in the senior living space to create this masterpiece.
A location like Ikigai Senior Living would be an enabler for leading your dream life. “Imagine going back to those carefree days of college, where hanging out with your friends and pursuing your passion and hobby was what life was about. Today at Ikigai Goa we promise you all that and more, amidst world-class amenities and homes built keeping you and your needs at the forefront. And it makes it even better when this community living is planned in the natural paradise of Goa,” Ms Kedia adds.
What are the factors you should be looking out for, while selecting a senior living home?
Most senior living or retirement homes are now coming up in smart cities like Goa, Dehradun, Pune and Bangalore among others. The common factor among all these cities is the moderate climate throughout the year. Clean air, moderate temperature and less crowd are senior citizens' top three criteria for any city selection.
Location, weather, healthcare, facilities and reputation of the builder are other key factors in deciding on the right choice for senior living accommodation. Whether you are looking for a comfortable retirement home or a luxury apartment for senior citizens, consider these factors before selecting any senior citizen housing project. Ensure your location has accessible facilities. Most senior living apartments are built in remote places or on the outskirts of a city. The idea is to provide a noise and pollution-free environment to the senior citizens. However, it is important that the place is well connected via road transport, and the facility provides quick transportation in an emergency.
At senior living communities like Ikigai Goa, you have the advantage of a beautiful location and access to all the important determinants like travel and healthcare that make the life of an older adult satisfactory and meaningful.
For more details on this project call +91 87667 57810 or email at goasales@prescon.in
Visit them at: http://ikigaiseniorliving.com/
Read our previous article on this project here: Ikigai Goa
Note for readers: This is a promotional feature
Ikigai – Goa’s first active senior living community by Prescon brings you a way of life that mixes energy, activity, entertainment, and more.
Who wouldn't want to retire in Goa, the eternal land of sun, sea, and fun? So many of us would've spent our Goa visits wishing we had a home in this stunningly beautiful state. Making it possible now is Ikigai Senior Living by Prescon, which is creating Goa's first exclusive and vibrant community for the 55+.
Research on eldercare has consistently shown us the benefits of having a community around us. Unfortunately, given our busy city lives, it is precisely what many older adults miss out on after retirement. There is no longer a professional community to connect with daily and mobility, and the poor infrastructure in our cities means socialising is not always possible. Many apartment communities are populated mainly by a shifting, younger population, making it difficult for older adults to find their tribe. Sometimes, older adults move to the city their children live in but find themselves bored without a group of friends to call their own.
A solution to these problems is an active senior living community, where you can live with like-minded older adults in a space designed to cater to a community that is growing older but wants to make the most of their lives. Your comfort and conveniences are taken care of here with dedicated staff looking into your every need, from cooking to daily housekeeping, leaving you free to enjoy life and get busy with activities you wish to pursue.
Here are a few things that Ikigai Goa offers to ensure your retirement years are hasslefree:
What mainly adds to Ikigai Goa's USP is its location. Based in Kadamba Plateau, it is centrally located and a stone's throw away from the beautiful and serene historical area of Old Goa, a UNESCO World Heritage site. Surrounded by hills and has a beautiful lake view. Panjim, Goa's capital and a vibrant city, is just 10 kilometers away.
What would retired life in Goa be like?
For one, the weather is good. It's a year-round tropical climate with a powerful monsoon that comes with its own charm, albeit a very wet one!
If you like a mix of culture, entertainment, and a constantly evolving vibe, you will not be bored, not just because you are part of a vibrant senior living community. Goan villages and the state's interiors retain an old-world charm with endless greenery and sudden pockets of silence. The unusual and beautiful Divar Island is just 40 minutes from the property. Well-known bird-watching points like the Salim Ali Bird Sanctuary and the Batim Lake are within a 45 minutes distance, giving you a new hobby to explore!
When you want a dose of activity and fun, you can check out the more buzzing beach, shopping areas, and restaurants offering global cuisine. Goa also has a strong cultural tradition of music, theatre, and dance to explore, and the Fontainhas Latin Quarter is just half an hour away.
Best of all is its easy connectivity to cities across India by bus, rail, and air.
The good news is that anyone can buy property at Ikigai Goa, though you need to be over 55+ to live there. Of course, like any home, your children and friends can stay with you whenever they want. You can also rent your home with the assistance of the team. Ikigai Goa will also run a holiday rental program on a revenue-sharing arrangement.
Many older adults have spent years focusing on their professional lives and fulfilling the needs of their family in their personal lives with barely enough focus on their own needs and interests. A senior living community offers them that space and time in an environment that is motivating and safe and within the warmth and joyful company of friends.
For more information, visit www.ikigaiseniorliving.com or reach us at +91 8766757810 or write us at goasales@prescon.in
Note for readers: This is a promotional feature.
Are you a doting grandfather thinking of leaving your property behind for your grandchildren? Here’s what you should know.
A grandchild’s right to his or her grandfather’s property depends on the nature of the property the grandfather has – whether it is self-acquired property or ancestral property. Property inherited by a Hindu from his father, grandfather or grandfather is ancestral property. Any property that passes undivided down three generations of male lineage is called ancestral property. The grandson’s right to a share in this property accrues by birth itself. The Supreme Court has now held that daughters, too, are entitled to a share in such property subject to certain conditions as detailed below. However, in the case of self-acquired property, the right to inherit any property arises only on the death of the owner and is dependent upon whether or not a Will has been executed.
Ancestral property rights are determined on the basis of per stirpes and not per capita. Therefore, first, each generation’s share is determined and then successive generations sub-divide what has been inherited by their respective predecessors. In an ancestral property, grandsons have an equal share of the same.
According to a Supreme Court ruling, a daughter can only claim ancestral property if her father died after the amendment of the Hindu law. The apex court said that a daughter’s right to ancestral property does not arise if the father died before this amendment, which came into force in 2005. Making a will is one of the best things a senior citizen can do for their loved ones.
Indian law concerning Hindus is very clear that self-acquired intestate (no Will made) property of the deceased male/female Hindu is inherited by his/her sons and daughters in equal proportion along with the surviving spouse as provided in the Hindu Succession Act. The grandsons or granddaughters have no right to inherit or claim any share in the property of the grandfather or grandmother if their own father or mother is alive. The grandchild does not have a birthright to the self-acquired property of the grandparent. The grandparents can transfer the property to whoever they wish in a will.
We asked senior advocate at Karnataka High Court and our legal expert Shiv Kumar to shed more light on this and here is what he had to say:
Whether grandchildren have a right to their grandfather’s property depends upon whether such property is joint family property or the self-acquired property of the grandfather. If the property is joint family property (HUF property) the grandchildren would also be entitled to a share depending upon the number of members or coparceners of such joint family. Daughters are also co parceners. However, in the case of the self-acquired property of the grandfather, no such right vests in any person much less the grandchildren to inherit the grandfather’s property. The grandfather would have absolute rights to dispose of his property in any manner of his choice, including by Will.
Disclaimer: The above guideline is based on the Hindu Succession Act. There may be some differences in some states and/or different religions. This guide does not constitute legal advice and is not a substitute for a lawyer.
Good to know: Shiv Kumar on the Importance of Making a Will
The next article in our Asset Allocation series looks at equity investment options.
The purpose of a retirement corpus is to generate income for a period of at least fifteen to twenty years. A long-term approach must be followed. So, any withdrawals from the corpus must be sustainable. The investment strategy should be oriented to the long term.
Inflation:
Food and fuel costs are increasing, post the pandemic and war. Medical inflation is increasing at 10 per cent p.a. and general inflation is ascending at a rocketing speed too. Your investments must be in asset classes that beat inflation. This is where equity as an asset class comes into the picture to beat inflation in the long run. Investing in financial assets that can beat inflation increases the overall return of the retirement portfolio.
Investment Options available
Mutual funds
Investing through mutual funds makes a fantastic post-retirement option. If you don’t have the expertise to invest directly through stocks, mutual funds offer a way to buy a fraction of the stocks through mutual fund units.
Mutual funds give the flexibility of withdrawal when needed and also allow focus on sector/theme. Anyone can invest in a mutual fund through a Demat account and can start with a sum as low as Rs. 500/1000. It allows customization according to your risk appetite and time horizon. Another advantage of mutual funds is the tax efficiency it offers.
Unlike the traditional instruments where the interest received is taxed, only the redeemed gains are taxed in a mutual fund. For long-term capital gains (units held more than 1 year – indexation benefit can be applied). Long-term capital gains on equity funds are taxable only above Rs. 1 Lakh.
Equity Shares
Equity shares are held in the retirement portfolio for two reasons.
Investing in quality stocks over a long period can essentially result in capital appreciation and growth of the wealth. If wealth preservation and passing on inheritance is your goal, then high-quality equity shares have to be a part of your portfolio
If you have been a long-term investor in high dividend-yielding stocks, you know the game! Dividends are distributed to shareholders consistently by corporates and such dividend yields can form a part of your retirement income generation plan.
Portfolio Management Services
A portfolio management service is one where a professional fund manager charges a fee to manage portfolios. Per SEBI guidelines, the minimum investment towards a portfolio management service is Rs. 50 Lakhs.
PMS would work well for High-Net-worth individuals seeking high returns from their wealth creation journey. There are multiple PMS products available in the market and choosing the right one could bring in your portfolio’s alpha.
Whichever option you choose to invest in, your risk appetite and time horizon should be determined before signing up for equity investments. Since they are linked to the markets, equity as an asset class is risky. It is recommended to have professional guidance from an investment advisor or financial planner before making any decision.
Disclaimer: Consulting a professional can always help you to identify the right avenues for investments during the golden years.
For Part 1 and 2 of this series see here: How To Allocate Your Retirement Corpus and Debt Investment Options
Photographs courtesy: Pixabay
The next step in our asset allocation series looks at debt investment options
Retirement can be a golden phase if you plan right. During these years, most people would like to lead a healthy, tension-free life and have a good night’s sleep without being bothered about finances. Debt instruments are perfect in that sense. It brings stability and ensures capital preservation. At least 40-50 per cent of the retirement portfolio can be parked in debt instruments at the age of 60 years. The ratio can be increased further as age increases.
Investment Options available
A) Government Schemes
B) Other Investment Options
Fixed Deposits:
Fixed deposits offer a return of around 4 per cent and 6 per cent (pre-tax) on 5-year deposits today. Fixed deposits have lock-in and hence it carries reinvestment risk. This will not help us to beat inflation in the long run. In the case of fixed deposit, 10 per cent TDS is deducted on interest every year irrespective of deposit maturing.
Debt mutual funds & SWP:
You can ensure regular cash flow by withdrawing from a growth liquid fund every month. Reinvestment risk in FD can be overcome with SWP in debt funds. The gains are taxed at the time of redemption. Depending on the duration held, capital gain tax can be short term or long term No TDS is deducted on debt funds. The tax is payable on redemption which makes compounding gains more efficient.
Disclaimer: Consulting a professional can always help you to identify the right avenues for investments during the golden years.
For Part 1 of this series see here: How To Allocate Your Retirement Corpus
Photographs courtesy: Pixabay
Managing post-retirement finances now made easy with these valuable tips.
About 48 per cent of Indian older adults aren’t aware of their retirement kitty and a whopping 69 per cent of them do not have a post-retirement financial plan in place, according to PGIM Retirement Readiness Survey, 2020. Managing budgets, funds and investments post-retirement could be tricky but is extremely important and it always helps to have expert advice. Babu Krishnamoorthy, founder & Chief Sherpa at Finsherpa Investments Pvt Ltd., a boutique wealth management firm based in Chennai, shares some key post-retirement finance management hacks with Silver Talkies.
Ten things elders must take care of to be financially self-sufficient post-retirement
Consolidate multiple bank accounts and investment accounts, close the unused ones. When you are young, you may often experience an increasing need for multiple bank accounts and investment accounts. “When you grow older it becomes difficult to keep track of so many accounts and also after your time, it becomes an exhausting job for your family members to manage multiple accounts. Hence, as you grow old and approach retirement, you must make sure to consolidate multiple accounts into fewer, easier and simpler to manage ones. Also, close the unused ones,” says Krishnamoorthy.
Ensure that all your investment accounts are jointly held or they have nominations in place. When you are older, make sure you have joint investment accounts, either with your spouse or relatives or at least, you have the nominations in place. “There are at least some hundred thousand crores worth of unclaimed investment dividends with the Government of India. I am sure we don’t want to contribute more to that number. We must make it easy to claim the money that we invest,” he adds.
Create a statement of all your investments, evaluate your financial needs for the year and ensure you are well provided for the cash flow needs. What mostly happens post-retirement is we become financially insecure. That’s why it is important to keep a record of your investments and evaluate your financial needs. Putting things on paper often calms one’s mind. You don’t have to do it more frequently. Once a year is good enough to help you get rid of financial anxiety.
Review your stocks and mutual funds to ensure that you move out of underperforming funds/stocks and consolidate only the good ones. You must review your investments and check how they are performing. Ideally, every six months or once a year, take a look at it and move out of the poorly performing ones. “This is a great exercise to develop a good investment portfolio over some time. And it is a very simple exercise and nobody needs to be an investment guru to do this,” says Krishnamoorthy.
Check how much money you have in each asset class like real estate, stocks, mutual funds, fixed deposits, life insurance. Too much money in one place could be a risk, so make sure you diversify adequately. As people grow older, we find a lot of them tend to invest a bulk of money in real estate, which is not bad. But keeping too much money in one place may not be a wise option as it could be risky.
Discuss your investments with your spouse and partner and let your near and dear ones know about them. Also, tell them how they can get the details regarding your investments in case of emergency access. For partners, it is equally important to spend 15 to 20 minutes annually to know about your spouse’s investments and inform them of your own.
Ensure you have some emergency money easily accessible in a short term FD that is enough to meet at least 6 months’ expenses. This has proved very crucial especially during the pandemic. We need to have some amount of money in places that are accessible to the elderly during times of sudden need.
If you have insurance, ensure that the details updated are current and the premiums are paid well before the due date, otherwise, they lapse. Use an auto-debit mandate to ensure that on the due date the premiums are debited from your bank instead of you having to make the payment manually. If policies aren’t updated, they create a whole lot of problems that are difficult to manage.
Do not transfer your assets to your children during your life. It must go to them only after death. Your wealth is your power, your right and your respect. Hold on to your wealth during your lifetime.
Write a simple will to ensure that your instructions on dealing with your investments are clear. All you need to do is declare what you would want to do with your assets after your time, who you want to give what to and get it attested by two dear ones. A will makes this process simpler and less tedious.
Three ways to plan and manage investments in the retired phase of life
Commit to a plan: Have a plan in place, follow the plan, invest carefully and spend resources judiciously – be it a mutual fund or senior citizen savings scheme or fixed deposit or post office investment or revenue. You must have a plan in place and how it will generate cash flow for you and how you will use it. People who don’t have this plan on paper in some form are those who are always anxious and insecure.
Ensure health and life risks are well covered: Health forms an important part especially when you are older and health expenses are a primary budgetary concern among most older adults. This could be managed well if you make sure you have adequate insurance covering your health and life risks and you start with it well on time. It’s not advisable for people aged 50 to 60 years to opt for a new life insurance coverage unless they have a steady flow of earnings at that age. However, health insurance is something in which you must invest. Whatever life insurance you’ve taken earlier, make sure you keep paying the premiums on time and keep them active.
Take some risks: While being on the safe side is important, understand that it will also yield you less. Take some risks as per your temperament. You must be comfortable in taking that risk. Taking risks is important if you want the money to serve your long-term needs. Do not take a risk just because somebody else has taken it. First, understand the risk and then go for it as per your needs.
Must you invest in a retirement home?
Needs are different when you are older, empty nesters need less space and many elderly find it difficult to manage a large space on their own. If you are not pursuing an active job, you need not be in the hustle and bustle of the heart of the city where traffic is high and the air is less clean. You can choose a retirement home in a calm and serene location and live a stress-free life. You may want to have resources like medical and home service which may not be available to you at your independent living setup. Also, you may want to live with like-minded friends of your age in a community set up and get socially engaged.
A reverse mortgage is another reason why you may invest in a retirement home
A reverse mortgage. If you have large assets which you don’t need, you can choose to move to a senior living community and opt for a reverse mortgage on your property. In this case, for the next 20 years, the banker will have your property and in exchange, you will receive an amount monthly. This will either augment your cash flow or give you enough to have a fulfilling life.
These simple ways can help you get rid of financial stress and anxiety post-retirement and add happiness and peace to your silver years.
An expert look at diversifying your retirement assets
During the retirement years, asset allocation and investment product selection are always challenging decisions. There is no fixed rule and the individual asset allocation is based on the investor’s age, risk appetite and post-retirement goals.
When we work with our financial planning clients at ithought , we have experienced different cases. For example, extremely conservative investors invest 100 per cent of their retirement corpus in Fixed Deposits (FD) and Government bonds. The investor who has been a market participant all through life, wouldn’t want to shift to debt instruments and would predominantly invest in equities even after retirement. Both cases are extreme as the risk is not being diversified. The purpose of asset allocation is to spread the risk and also make inflation-beating returns. Here's a look at different asset classes.
Equity:
One should consider having at least 30 percent of the financial assets in equity. Equity as an asset class would ensure that the rising prices and inflation are taken care of in the long run. Options for this asset class are equity shares, mutual funds, structured equity products like Alternative Investment Funds (AIF) and Portfolio Management Services (PMS), among others. However, it is essential to pick the instrument through complete research as the risk is the highest in this asset class.
Gold:
Gold as an asset class is a hedge against inflation. It essentially helps in portfolio diversification when other assets like equity and debt don’t do well. It may not give consistent year-on-year returns, but gold sure has a store of value. One can choose between Sovereign gold bonds, Gold ETFs and Gold mutual funds.
Debt:
During your golden years, debt as an asset class brings stability and security to the retirement corpus. Though the returns provided by these instruments are low, debt can be considered for generating consistent income. Options for debt instruments are FDs, mutual funds, bonds, government securities, senior citizen savings schemes, annuity schemes and other pension plans by the Government. However, the drawbacks in most of the debt instruments are the lock-in period, taxability of interest income and interest rate risk.
Real estate:
Who wouldn’t like to have a retirement home nestled near a peaceful hill station? As we all know, real estate properties are immovable and may not give us flexibility and returns like financial assets. And hence, real estate investments shouldn’t form more than 40-50 per cent of your overall asset allocation.
Wherever you are on the retirement journey, working with a financial planner could bring in clarity and direction for managing the money!
Marrying after 50? Here’s what you need to know
Finding a companion at 50 and above is no longer seen as out of the ordinary, at least in urban India. However, marriage at an older age may require you to keep a few things in mind for practical reasons especially if you were married earlier.
Silver Talkies spoke with Bengaluru based senior advocate and Mediator Shiv Kumar to check the need to be aware of anything specific if getting married at a later age.
“Any kind of marital relationship, be it at 25 or 50, be it the first marriage or the second or third, ought not to be primarily related to or based upon legal issues but must be based on trust. However, one needs to be cautious and practical and be aware of legal implications or complications that may surface later,” Kumar believes.
According to Kumar, when someone older decides to get married, two issues become relevant
1. Is the person getting married for the first time?
2. Is the person getting married after the loss of a spouse?
Kumar thinks there could be at least three issues related to these marriages - financial, property and emotional. While the first two issues, falling as they do, within the realm of Law, could manifest in legal proceedings or disputes, the third may or may not fall under it.
Explore the reason behind your decision
Kumar says: “In the first situation, when a person marries at 50 or later for the first time, invariably he/she would have acquired assets and also made investments. These assets could be financial, immovable and/or movable properties, both within and outside India. More importantly, he/she would have substantial emotional baggage which in the context of relationships reflect in likes or dislikes, predetermined notions of who should inherit his/her properties or investments. These notions would be based upon and be the result of a variety of experiences in his/her life. Hence, I think it is extremely important to analyse the reason for getting married. The person must be clear if he/she is getting into the relationship because of the need for emotional security or companionship or would the relationship be impacted by the need to preserve his/her property that has been acquired.? “It is evident that if preservation of assets is the prime object companionship and emotional security would be adversely impacted.
Once this basic issue has been determined by the person, she/he will need to decide if she/he would want to have a partner with whom she/he would be happy to share the assets. thereby creating a common pool of assets that both the partners would have a share in.
“In case of second or third marriages, it is possible that he/she may have children from a previous marriage. The decision then is whether to ring-fence her/his property to the exclusion of the new partner or put it in a joint basket with the new partner,” he says. Whatever the decision on this issue be, it will need to be appropriately documented to avoid future claims and disputes.
Did you know that in the USA, all assets acquired after marriage by either of the partners is treated as “matrimonial assets” and both the partners would be entitled to it equally? Indian Law does not accept that theory. In India even when a person wants to marry for the first time at 50, the assets he/she owns at the time of marriage and acquired thereafter remains his/her asset unless it can be established that both partners have contributed towards its acquisition. A person, who is the owner of such property has the freedom to decide how such property is to be disposed of. She/He may wish to share it with the partner or may keep it separately for himself/herself and parallelly move forward in the relationship alongside”.
What about the law of succession?
If one gets married at 60 and dies at 62, the living spouse along with his/her children automatically get rights over the deceased spouse’s property, both immovable and movable like bank deposits, mutual funds, term deposits, etc, in specified shares as prescribed in Law, unless he/she has made a will specifically bequeathing his/her assets to a person of his/her choice.
“If there are children from the first marriage, that’s an additional factor for concern as children of both the partners may, rightly or wrongly, claim a share in the assets. The validity of such claims will then need to be adjudicated upon in appropriate legal proceedings. That’s why deciding upon a marriage of the above nature one must be practical and dispassionately determine what will happen to his/her assets and delink the same from the emotional aspect of the relationship.
Why is this especially important when marrying again and at an older age?
Kumar says that usually at 25 or 26, owning substantial or any asset is unlikely and acquisition of assets is gradual but usually post marriage. However, at 50 plus a person would most often have already accumulated valuable assets. Therefore, it is not only advisable but necessary in the first instance to sort out all issues relating to properties.
“Positioning the disposal of your property, making arrangements of protection of your property must come first on priority. If you settle that, the rest of it will fall into place,” says Kumar.
Steps you must follow to sort your property issues before marriage
? Discuss with your would-be partner: First, there has to be an honest down to earth discussion between the partners about the disposal of their respective properties. Both of them should be clear about whether their properties should belong only to themselves or whether it would be shared. Financial dependency is a different thing altogether and has got nothing to do with sharing property.
? Make a Will: A marriage revokes an earlier Will. Hence make a Will immediately after the marriage specifying the manner of disposal of all assets movable and/or immovable.
What about a prenuptial arrangement?
Did you know prenuptial agreements in India have no value and stamp paper declaration is invalid too?
In some parts of India, a stamp paper declaration is taken from each spouse regarding their decision on assets. It could be psychologically supportive but is not valid under the law. So, you will have to make a Will post-marriage and will have to change nominations if required.
Why is a will after marriage important?
A Will is a testamentary document that will govern how your assets will be disposed of after your death. Hence depending upon the arrangement and understanding with your partner a Will that specifies the manner of disposal of assets is advisable. Care must be taken to ensure that the Will mentions that it is your second marriage and that the person you’re getting married to is not financially dependent on you and therefore you are bequeathing your assets elsewhere.
What if you are in a live-in relationship? What you need to know
The Supreme Court, in 2010, has recognised live-in relationships as legal. This means it is no more socially or morally ostracised. However, this recognition doesn’t equal marriage for succession purposes and it is not the same as when it comes to the legal rights of the spouses against each other's property. The law of succession doesn’t apply in the case of live-in relationships.
“However, nothing prevents a senior citizen from giving his property to his live-in partner. If a partner wishes to grant his or her property to the other partner, he or she may do so whether or not the status of wife or husband has been officially accorded to their partners. Nobody can question him or her about whom they want to pass on their property to. Most of the objections to live-in relationships come from the social point of view and are hardly legal”, says Kumar.
He points out that as a comfort factor for both the partners in a live-in relationship, a simple agreement could be made that records that two of them are getting into a live-in relationship along with a clause that says his assets will be his and hers will be hers. These agreements may not be registered but it could be a comfort factor for both partners.
As Kumar mentions in the beginning, a relationship is all about trust between the two people getting into it. However, it is also practical and wise to be aware of the legalities associated with it, in case of any future need.
Primus’ latest senior living project Ohana not only provides hassle-free senior living and active ageing but also introduces the unique concept of Nuclear Joint Family culture or community living across ages.
At a time when Indian seniors are suffering from the adverse impacts of loneliness and isolation, intergenerational bonding can play a crucial role in keeping loneliness at bay. From making them socially engaged and active to ramping up both mental and physical health, intergenerational bonding comes with an array of benefits for older adults. Moreover, it is a win-win for the youngsters as well as they get a lifetime of valuable experience and happiness to cherish.
With this in mind, Primus has come up with its latest project - Ohana that brings forth a unique blend of community living across ages and senior-friendly homes. A first-of-its-kind concept in India, these senior homes within a gated community of mixed ages will provide older adults an opportunity to garner relationships with the young crowd. It also welcomes the Nuclear Joint Family culture where children and parents can live in the same community but independently. So, you need not worry about living far away from your children and at the same time can maintain your privacy and autonomy.
All you need to know about Primus Ohana
Built on an area of 16 acres in Harlur, Sarjapur Road at SJR Blue Waters, Primus Ohana is a senior citizen exclusive tower among 10 towers, out of which nine other towers are built for all age groups. It is a sale model, has one and three BHK units and boasts 15 floors (ground plus 14 floors). With two functional lifts - one passenger and one stretcher, the possession for Primus Ohana will begin from January, 2022. With hospitals and shopping centers just 10 minutes away, Ohana brings the best convenience for seniors.
Primus Ohana comes with a host of services like -
Concierge Team: To run all errands and pay all the bills
In-house Restaurant: Daily procurement of ingredients & meals cooked by chefs as per the diet chart given by the Nutritionist.
24*7 Medical Care: In-house Medical Centre with 24*7 Ambulance, on-campus doctors and nurses with daily monitoring of health.
Well-trained Maintenance team: To keep your house spic and span. You don’t need to worry about household chores anymore
Life Enrichment Centre – It has a diverse and dynamic calendar that keeps seniors engaged with regular fun activities.
The age criteria for seniors to be a part of this community is 55+.
Its plate of amenities includes Golf Putting, Jacuzzi, Billiards, Aroma Garden, Tea Garden, Meditation Park, Barbeque Zone, Deck, Greens, Forest Walk, Theme Garden, Children’s Park, Maze Garden, Swimming Pool, Tennis Court, Water Feature, Party Lawn, Badminton Court, Table Tennis, Squash Court, Indoor Games, Party Hall, Library, Meeting Room, Gym, Card Room, Medical Centre and In-House Restaurant.
Primus Ohana makes lives safe, comfortable and vibrant for seniors
Ageing can become cumbersome for many reasons - loneliness and falls are two debilitating ones. At Primus Ohana, chances of falls are eliminated with senior-friendly infrastructure like well-lit bathrooms, hand showers for seated baths, anti-skid tiles, grab handles at all common areas. The homes with intelligent design keep seniors secure and ensure that their living spaces are absolutely safe for them. “All the chores are taken care of by us - from managing the house to cooking, paying bills to running errands. Older adults can have ample amounts of time to follow their passions,” says Adarsh Narahari, managing director of Primus.
How does this unique concept in senior living help in keeping older adults socially engaged and active? Primus Ohana curates a jam-packed day for seniors. From physiotherapy sessions to fun games like puzzles, trivia, unscrambles, riddles, activities like chair Yoga, Zumba, and more, the older adults have something new to learn every day. These activities are planned to stimulate their brain, enhance their memory and help them to focus better.
All festivals are celebrated with full enthusiasm and seniors get various opportunities to interact with other residents through carnival games, art sessions and movie time at the community hall. Arrangements for sessions with experts and outdoor trips to unexplored spaces.
How does it provide relief to the caregivers?
“We all know that children are away from their parents for better job opportunities. Not being around their parents always keeps them worried about their health and emergencies. Children know their parents need company and they need to be active to stay away from loneliness. With Primus, caregivers and family members know there is 24*7 medical attention and hence there will always be someone for an emergency. With daily monitoring of health, we are always proactive - we can help a weak knee before surgery. Caregivers can be rest assured about their parents’ safety cause of 24*7 security. With like-minded individuals being a part of the community there is always someone to talk to and something to talk about or activities to keep them active & fit. We are always in touch with the children and family members of the residents to keep them updated about their health. We also share monthly newsletters with activities conducted so that children and family members are aware of the activities conducted and how much fun their parents are having,” says Narahari.
Currently located in Sarjapur and Kanakapura, Bangalore, Primus will soon come up in Whitefield, Bangalore and will be launching its Chennai project in October 2021.
Pricing at Primus Ohana
Price of 1 BHK starting at Rs.50.46 Lakhs - 655 Sq. ft & 680 Sq. ft
Price of 3 BHK starting from Rs. 1.11 Cr – 1575 Sq.ft & 1590 Sq.ft
To book a property at Primus Ohana and experience convenient living in your silver years, you can call 1800-121-411111 / 7892870087 or Email: hello@primuslife.in.
For further queries, you can visit their website: https://www.primuslife.in/Primus-Ohana
Image Courtesy: Primus Ohana website
Note for the readers: This is a promotional feature
Top second career ideas that you must try out for exciting second innings.
In case you are prepping for your retirement party (even if virtual nowadays) and wondering what you would do waking up the next morning, here’s why you must worry not. Gone are the days when you never worked another day after cutting your retirement cake. About 25 percent of Indians would want a second innings post-retirement in a career they love, shows a latest survey report. From launching a new business to joining a voluntary organisation to investing time in one’s long-lost passion and farming, Indians in their 50s and 60s are spicing up their second innings with diverse career options!
For Sugata Chattopadhyay, 60, a former export-import manager in a Kolkata-based private firm, gardening and farming have been a passion since childhood. However, he has hardly been able to commit enough time to it until his retirement in January 2021. “Since the last one year, I started putting up my rooftop kitchen garden and did some farming in the plot of land right in front of my home. I would utilise the weekends to strategize how I could go about full-fledged farming post-retirement and turn my passion into a small-scale business. I am physically fit, hardworking and love playing with the soil. That’s how it began and I don’t feel my days wasted since I retired,” says Chattopadhyay.
He contacted the local raw vegetable market and has started selling organic ash gourds, papayas, chillies, guavas, tamarinds, brinjals and pumpkins that he grows. “It is not about the money but the ample satisfaction I get by feeding people freshly grown organic vegetables and fruits at a time when most veggies and fruits are marred with pesticides and synthetic chemicals which are no less harmful than poison,” he says.
Farming is miles away from Chattopadhyay’s original career in export-import but close to his heart. Like him, several older adults are experimenting with out-of-the-box second career ideas to make their post-retirement years engaging, independent and purposeful.
Become a consultant: By the time one retires, an individual has extensive industry knowledge. Why waste your years of knowledge, experience, expertise and hard work? Mobilise all of them, become a consultant and offer your services. You can work for who you like when you like and can also charge what you like.
Become a personal coach or mentor: Intergenerational bonding could be a great way for both youngsters and older adults to learn from each other and do something creative and impactful. You can try becoming a personal coach or mentor for younger adults, either on a volunteer or paid basis. Getting a certification can help take your coaching career to another level. ICF Coach Certification Program is a globally recognized accreditation program to develop coaching skills that can be used in day-to-day professional and personal life.
Get in the shoes of a sports coach: If you are a sports lover, fitness freak and fond of any sports, you may become a sports coach as well. You can either join a sports team or a children’s club and start training them. While it is an amazing opportunity to shape the values of the younger generation, you get rewarded with exercise and physical activity – the two most essential things to keep you healthy in your silver years. Read about Coach Rufus D Souza from Kerala who is going strong coaching kids at 89!
Try freelance writing: If you are inclined towards the art of writing and have a soft corner for it, post-retirement is the best time to explore platforms to write. Take up freelance writing, reach out to platforms that you find appropriate for you and contribute as a writer. You get to decide your working hours, your own charges and you can write even while travelling. There are several courses available online to hone your writing skills and learn how to make an income out of it.
Become an entrepreneur: You can never be too old to start your own business and become an entrepreneur. It could be anything – from home baking, catering service, home-made food products, home-made cosmetics, organic veggies and fruits, a saree boutique, soft furnishings, handmade dresses and woollens, handmade ornaments, handicrafts and more, setting up a cafe or a holiday home, choices are plenty. Gurgaon-based Swadesh Chadha is 80, wheelchair-bound and runs a flower delivery service called Phoolon Ki Rani from home! You just need to love doing it and have a plan in place. Today business could be even online and you can do it right from the comfort of your home. Click here to know the things to be kept in mind before starting a small business.
Are these ideas encouraging you to become creative and start planning for out-of-the-box second innings? Good luck and hope you get going!
Find out how Saket Pranamam, an active gated community for seniors in Telengana is helping older adults get back the taste of youth during post-retirement years.
What would you need in the retirement years? A hassle-free lifestyle that comes with dignity and independence where everything is taken care of and you get plenty of time to focus on yourself and live the way you like. Saket Group’s latest venture, Saket Pranamam, a Senior Living Gated Community in North Hyderabad, Telangana provides this desired lifestyle to seniors during their post-retirement years.
Why Saket Pranamam?
The gated community built across 5.65 acres of land within the Integrated township of Saket Bhu: Sattva offers 1BHK, 2 BHK and 3-BHK flats, boasting 70 per cent open space with abundant greenery and tranquil views, enveloped by natural lakes and surrounded by urban forest. This multi-facilitated senior living abode is the perfect blend of modern lifestyle, comfort and security amid nature’s bliss.
Talk about getting rid of loneliness, socialising, getting 24/7 access to assisted healthcare, healthy, customised food, facilities allowing physical and mental fitness, everything has been meticulously sorted within this gated community. After successfully accomplishing a similar project — Saket Pranaam consisting of 333 retirement homes that are running well for the past six years — the Saket Group has put its heart out to establish Saket Pranamam with the primary focus on a tailored lifestyle for seniors that brings back the taste of youth for the residents.
A platter of senior-friendly amenities
Wellness Hub: With the aim of offering a safe and secure elderly lifestyle, the Wellness Hub of Saket Pranamam comes with customised healthcare support for every resident, centralised air-conditioned dining, 24/7 nursing, daily housekeeping, indoor swimming pool, gym, yoga centre, library, guest rooms to house visitors and Banquet Hall to accommodate functions.
Senior-friendly designs: The apartments are designed with panic buzzers, ramps, wide doorways, and lifts which make way for smoother and faster movements of stretchers and wheelchairs. The corridors are wide and spacious. Anti-skid flooring in all rooms is an example of how the needs of the elderly have been given special attention. The master bedroom and the attached bathroom are wheelchair-friendly.
In-house healthcare facility: This involves a primary health care center that offers 24/7 assistance, a doctor on call, and also ambulance and nursing services.
Apart from these, the gated community provides a host of recreational amenities, conducts cultural events, promotes social bonding and healthy like-minded companionship among the residents.
Strategic location
Saket Pranamam is strategically located with ease of access to several multi-specialty hospitals, entertainment, and shopping centers. It is also well-connected to the Outer Ring Road, radial roads, national, state and district highways. It is in close proximity to Mediciti Hospital, Balaji Hospital, Narayana Multispecialty Hospitals, Rush Hospital and Sigma Hospitals.
Saket Pranamam’s 1, 2 and 3 BHK apartments start from Rs 30 lakh. In case you are looking for a relaxed, convenient post-retirement life, you must try and book a plot in Saket Pranamam. For further information and queries, call 9133300852, email to pranamam@saket.in or visit their website: https://www.saketpranamam.com/
This manual can help you out with the know-how of the New Consumer Protection Act and guide you to file a complaint if required.
How well aware are you of consumer rights? Do you know what to do in case you fall victim to a misleading advertisement? Are you clear with the procedure of filing a complaint in the Consumer Forum? The answer for most of us remains no. Most of us tend to remain ignorant about the various aspects of the Consumer Protection Act (CPA). Silver Talkies Know Your Rights Series presented ‘The New Consumer Protection Act’ on Friday by Prasanna Mysore, Independent Corporate Laws Consultant, Arbitrator and Mediator. Takeaways from the informative talk to help you get smart with consumer rights.
What is the new Consumer Protection Act?
The Consumer Protection Act 2019 replaced the three-decade-old Consumer Protection act 1986 on July 20, 2020. The 2019 Act has been introduced to establish a Central Consumer Protection Authority (CCPA) for safeguarding and enforcing the interests of the consumers, ensure timely and effective redressal of consumer disputes, protect the consumers from the nuisance of online trading and ensure that they are not misled by false advertising. The Act specifies that each consumer has the right to safety, the right to be informed, to be heard, to choose, to seek redressal and the right to consumer awareness.
How can the Act Help us?
1) It can protect us against hazardous goods and services
Every consumer has the right to be protected against goods and services which are hazardous to life and property. The manufacturer or seller of a defective product is compelled to compensate a consumer for the injuries caused by the defective product. However, product liability is subjected to certain conditions.
there is a manufacturing defect in the purchased product
2) Protection against medical negligence
All kinds of medical negligence falls under the purview of consumer protection. Some instances when a doctor or a hospital would be liable to compensate a consumer for medical negligence include the following.
3) Protection against misleading advertisements
Firstly, what’s a misleading ad?
An advertisement that falsely describes a product or service, gives a false guarantee that could be misleading for consumers, conveys a representation that would constitute an unfair trade practice or deliberately hides important information. Put ad example.
What can the consumer do?
A consumer may file a complaint against a manufacturer for any misleading advertisement which deceives and harms the interests of consumers. The endorsers for such misleading videos may also be penalised by the CCPA along with the trader, manufacturer, advertiser or publisher. They shall either modify the advertisement or discontinue it.
4) Protection against unfair e-commerce activities
All of us are avid shoppers of e-commerce entities like Amazon, Flipkart and more. The 2019 Act requires e-commerce to provide relevant information so that consumers can make an informed decision when purchasing a product. Any product or service from the e-tailer will be considered to be deficient if relevant information is withheld from the consumer. As a result, a consumer can file a complaint against the e-tailer.
Did you know:
Under the new Act, e-commerce entities must appoint a grievance officer whose name, contact details, and designation should be available on the online platform.
5) You can also file a complaint for the following unfair trade practices
6) A complaint can be filed in case of unfair contract such as
How to file a complaint?
You can file a complaint at the relevant Consumer Dispute Redressal Commission to get compensated. Here are some little known facts.
The disputes can also be settled through mediation. The Commission can direct both parties to settle the dispute based on the consent of both parties.
Keep this manual handy whenever you face difficulty and utilize your consumer rights well.
Samyuktha Vibhu, a Certified Financial Planner (CFP) at ithought Advisory tells us about why retirees need a financial plan.
Asha and Krishnan were ready to hang up their boots. Asha moulded generations of students by sparking an interest in English literature. Krishnan spent the better part of his career at a renowned MNC. It was time to put their work lives behind and enjoy their golden years.
Krishnan was meticulous and disciplined with money. He ensured that they provided adequately for their children – both of whom were settled abroad. He’d stashed away a robust nest egg and even paid off all their loans. As far as he was concerned, his financial responsibilities were over. Could his retirement savings remain in cruise control, or did he need a plan?
Post-Retirement Planning
Retirement is a key milestone, not the end. It stretches into decades. Meanwhile, your money must sustain outflows, grow, and provide for emerging goals. Even for someone as meticulous as Krishnan, decades can be quite eventful!
Here are 7 reasons retirees need a financial plan:
Change In Risk Tolerance
Once you retire, your active source of income is replaced by income from your assets. Regardless of whether you’re comfortable taking financial risks or not, you simply cannot afford to take as much risk as you did before. When risk moderates so do return expectations. Financial planning restructures your asset allocation to suitable risk levels.
There’s no fixed formula of how much to allocate to fixed deposits, tax-free bonds, mutual funds, shares, and pension schemes. Krishnan and Asha found their best fit working with a financial planner.
Estimated Annual Expenses
Most retirees assume no variations in their expense patterns. However, people spend more when they have the time, health, and energy to do the things they love. Asha planned several travel itineraries. She insisted on visiting their children every year. Krishnan enjoys long games of golf. He often travels to tournaments. When work is out of the picture hobbies take the forefront.
Inflation & Household Expenses
Krishnan guessed that their expenses would rise by a few thousand rupees every five years. But, if inflation stabilises at 6%, their lifestyle expenses would double every 12 years!
Through their retirement years, Asha and Krishnan would replace their car, household appliances, and gadgets. These expenses would be infrequent and larger. Planning ensured that they maintain the same standard of living throughout.
Healthcare Costs & Unexpected Expenditures
Krishnan was diabetic. His medicines cost nearly Rs. 10,000 every month. While this was factored into their expenses, healthcare complications were not. In the event of any medical emergency, it was likely that Krishnan would require more care. Their financial planner combed through the fine print of their health insurance policy. She segregated a part of their retirement corpus for medical emergencies and unexpected expenses.
Taxes In Retirement
Krishnan’s post-retirement tax liability caught him by surprise. His pension was taxed like salary. Asha’s savings were in fixed deposits, post office schemes, and government bonds. She learnt that tax was due even on unrealized interest from cumulative deposits!
Going forward they had to choose between two tax regimes. One where they got lower tax rates or one where they had more tax deductions. They were able to weigh the pros and cons of each regime with their financial planner.
Senior Living Community & Longevity
Asha and Krishnan pondered about what would happen when they aged. In the last 25 years, life expectancy has risen by 15%. They could expect to live almost ten years longer than their parents did.
Would managing a house become too hard? Would they need medical assistance? Would they draw comfort from a community? Should they secure a house in a senior living community now? Or would they rather live with their children far away from India?
Even personal questions have financial implications. Through the process of financial planning, Krishnan and Asha evaluated their options. This prepared them for many eventualities. They put off buying a retirement home and decided to revisit this decision later.
Planning For The Long Term
The beauty of life is that we have limited insight into what the future holds. Often, when grandchildren arrive on the scene, new financial aspirations blossom. Asha and Krishnan realize that retirement is a long game. They couldn’t possibly anticipate everything upfront. Instead, they would follow a flexible approach and add goals as they materialised.
Their financial plan was an accessible accurate record of their assets. If they planned their estates now, their life savings would smoothly transit per their wishes!
Click here to find out the best health insurance plans for senior citizens.
iThought Advisory has partnered with Silver Talkies for Money Smart Seniors- A 3 Day Workshop By Industry Experts, an online event on September 14, 16 & 18 from 10 AM – 1 PM. Register Now:
Here’s how Sukhshanthi Luxury Retirement Homes makes lives of senior citizens socially engaged, vibrant and fun.
On August 15, 2020, Narasimhan, 65, hoisted the Indian flag at Sukhshanthi Luxury Retirement Homes. It was nostalgic for the senior and unusual — given that many people his age have been forced to stay indoors during the pandemic. Narasimhan was able to celebrate within the safe confines of his retirement home. “It was a safe yet grand celebration with like-minded friends amid the tough days of the pandemic, thanks to the dedication and commitment of the staff. It reminded me of my school day celebration of Independence Day,” says an elated Narasimhan, who has lived here for the last 3 years.
Fun events at Sukhshanthi keep senior citizens socially active
In the last few months, as Covid-19 swept across the world, a majority of senior citizens have been advised to stay within the four walls of their homes. The raging pandemic has taken a heavy toll on the social lives of the elderly living alone. Their daily activities have been interrupted, family visits have been cut off and celebrations have remained low key with no one to celebrate with. Social distancing has resulted in social isolation and loneliness. However, this has not been the case with Narasimhan or 55-year-old Manjula, another resident at Sukhshanthi. Sukhshanthi Luxury Retirement Homes is an initiative of Jain Farms, located in Bagalur, 44 km away from Bangalore, spread across 1.5 acres of lush green and positioned amidst 750 acres of well-kept farmland.
Ganesh Chaturthi celebration at Sukhshanthi Luxury Retirement Homes
“I am glad to have chosen Sukhshanthi for my silver years and that the management has not let the pandemic dampen our spirit of celebration. While I was away from my family during the festival, I did not miss the grandeur. We spent a wonderful day decking up Lord Ganesha, worshipping him, enjoying prasadam and having fun with my fellow residents, keeping in mind the safety protocols,” she adds.
Apart from celebrating festivities by involving its residents, Sukhshanthi Luxury Retirement Homes offers an unlimited flow of options of keeping the seniors healthy, socially active and entertained. Its outdoor gym customised for seniors within the campus is the perfect go-to destination for fitness freak seniors. It has a well-stocked library with multi-language newspapers and magazines, snooker, table tennis, carrom, chess courts and yoga cum meditation facilities.
Everything here is done keeping in mind safety for senior citizens during the pandemic. “We organise several cultural programs like classical dance and musical concerts, lectures by eminent experts on gerontology and geriatrics. We conduct housie games, quizzes and more to keep the senior residents entertained and their cognitive health prim and proper. At the time of the pandemic, we are leveraging technology to ensure our residents remain virtually connected with their friends and families, take part in online games, yoga sessions and other senior-friendly webinars and activities. And all of these are being done keeping in mind the importance of social distancing and sticking to safety protocols and government guidelines,” says BS Nalini, Operational Director from Sukhshanthi Luxury Retirement Homes.
Retirement homes like Sukhshanthi Luxury Retirement Homes can be an abode of joy and peace in the silver years. If you are looking for a lifestyle supported by a well-knit structure of daily aid and assistance, entertainment and social engagement options, making life convenient and enjoyable for yourself or an older loved one, check them out.
Contact: +91 93412 89357
Email: sukhshanthiblr@gmail.com.
Website: www.sukhshanthi.com / www.jainfarms.com.
?Photograph Courtesy: Sukhshanthi Luxury Retirement Home
Note for readers: This is a promotional feature
Here’s an expert guide from ithought Financial Consulting on all that you need to know about the Voluntary Retirement Scheme (VRS) and how it offers the best opportunity for a career shift.
Retirement is closer than we think. Especially for those opting for the Voluntary Retirement Scheme (VRS). VRS is a scheme offered by employers to incentivise long-term employees to retire early. Normally, employees stay in the workforce until they attain superannuation (i.e. turn 60). Through the voluntary retirement scheme, employees who are as young as forty years may also retire. Here’s everything that you need to know about VRS.
Who can opt for VRS?
An employee is eligible for VRS if he/ she:
Is more than 40 years of age
Has completed at least 10 years of service with the current employer.
Has not opted for VRS before
Is not re-employed in a sister concern of the current employer.
Details and eligibility criteria for VRS can vary according to the organisation’s policy.
Benefits of VRS
For an employer, the VRS is a way to optimize its workforce and improve profitability. For employees, the advantages are different. VRS is an option for employees. It is an opportunity for them to assess how ready they are for retirement. Opting for VRS doesn’t necessarily mean retirement. VRS creates the perfect opportunity for a career shift. By cashing in the retirement benefits through VRS, an employee could do more with them.
Voluntary Retirement Scheme Calculation
Let’s assume Sathya, aged 55 has been working with his current employer for the last 15 years and has 5 years of service left before retirement. He is eligible for VRS as he has never opted for VRS before and fulfills the other criteria. His employer is offering him a VRS benefit of Rs. 32 Lakhs. If his current salary is Rs. 60,000 per month, what is the tax-free VRS?
There are three components to determining the tax-free component of VRS.
So, in Sathya’s case, his tax-free VRS is Rs. 5 Lakhs and he must pay tax on the balance Rs. 27 Lakhs. The amount of VRS someone is eligible for is dependent on the employer’s VRS policy, the number of years in service, the number of years to retirement and their current income.
An employee who has claimed exemption under Section 10 (10C) of up to ?5 lakh in an assessment year, will not be allowed to claim it in any other assessment year.
Tax Planning
Regardless of whether one is planning their retirement or opting for VRS, a smart way to build the retirement corpus would be through tax planning. Proper tax planning could build a nest egg. The three investments that should form the core retirement portfolio are:
National Pension Scheme (NPS):
NPS is an essential component of the retirement corpus. Up to 10 per cent of the employee’s wages can be contributed by the employer to a corporate NPS. This amount is eligible as a deduction from the employee’s income. Over and above this, a benefit of Rs. 50,000 as a deduction is available under Section 80 CCD.
NPS investments are a defined contribution scheme. Since this is a retirement investment, an investor is encouraged to withdraw investments from the NPS upon superannuation (turning 60 years old). At this point, the investor may withdraw up to 60 per cent of the accumulated corpus without any tax. The balance 40 per cent should be used to purchase an annuity. The income received from the annuity is taxable.
An investor who opts for premature withdrawal of NPS must convert at least 80 per cent of the accumulated corpus into an annuity and can commute the balance as a lump sum. Premature withdrawal can be done only if the subscriber has completed 10 years with the NPS.
NPS is a perfect retirement instrument as the investor could choose their asset allocation across equities, government bonds, and corporate bonds every year. Alternatively, they could choose an automatic asset allocation product that will adjust the weights according to the investor’s age. After retirement, the annuity portion of the NPS investments would provide a regular stream of income.
Equity Linked Savings Scheme (ELSS):
ELSS is a special category of Mutual Funds with tax benefits. ELSS funds offer market-linked returns and have the lowest lock-in period (3 years) for tax-saving investments under section 80 C. Apart from NPS, ELSS is the only other tax saving instrument to offers exposure to equity instruments.
Provident Funds:
Provident funds through the EPF or PPF are a good way to build long-term debt portfolio. The interest earned on provident funds and maturity proceeds is tax-free. Contributions to these provident funds are eligible for deduction under Section 80 C for up to Rs. 1.5 Lakhs.
A combination of these investments builds a well-balanced nest egg.
Retirement Strategies
Someone opting for VRS with the intent of retiring needs an early retirement plan. Ideally, for retirement planning a runway of at least 15 years is required. So, for those thinking about early retirement, it helps to start planning from today. For early retirement, the key is to manage the retirement corpus well. This means identifying a sustainable amount that can be withdrawn from the corpus. In Sathya’s case, he might need to draw down from the retirement corpus for the next 25-30 years.
Essential to every retirement strategy is to play it safe. Your retirement corpus is your life’s savings. The aim is to beat inflation and live well off the accumulated assets. It’s no longer to generate the highest returns. For those who have more than they require, they could follow a conservative strategy with the portion dedicated to retirement and adopt an aggressive approach with the excess.
Retirement Checklist
Prior to retirement, one must review the retirement checklist and ensure that they are ready to retire.
Retirement Investment Plan
Once you know what you own and how much you want from your retirement corpus it’s time to structure a retirement investment plan that can generate regular income.
Pension Plans:
Those with NPS investments can rely on a pension. Alternatively, retirees can purchase pension plans that provide a regular source of income through their retirement years.
Fixed Deposits & Bonds:
Retirees often prefer fixed deposits for regular income. With bank and corporate fixed deposits, quality matters more than returns. Investors should focus on the safety of capital rather than higher interest rates. They should also be aware of interest rate cycles and select an appropriate term for their deposits so that they avoid reinvestment risk.
Bonds require a significantly higher investment than deposits. They typically pay interest on an annual basis. Usually, investors should select bonds that they would be comfortable holding to maturity as the retail participation in bond markets is low.
Debt Mutual Funds:
Debt Mutual Funds are a newer investment option. They are fixed-income investments that offer better liquidity, tax efficiency, and returns. Unlike fixed deposits, the value of investments in a debt fund could change every day as the portfolio is marked to market. The two main risks in a debt fund are duration risk and credit risk.
Equity Investments:
Equity investments will help beat inflation in the long run even if they are volatile in the short-term. Through the mutual fund route, an investor gets the benefits of diversification, liquidity, and professional management. With individual shares, one must focus on high-quality long-term investments. For retirees, companies with a strong track record of dividends could supplement post-retirement income.
Get started on your retirement plan by talking to one of our financial planners.
Here’s an expert guide from ithought Financial Consulting on demystifying tax benefits for senior citizens that are exclusive.
Every retiree recognizes that personal finance never sleeps. A retirement corpus requires regular rebalancing. The personal finance story goes on even after the paychecks stop. So, retirement is a break from work and not from managing money. Einstein was once known to have remarked that the hardest thing in the world to understand was income taxes. It’s time we demystify tax benefits that are exclusive to senior citizens.
Tax Slabs
Per the latest budget, if the gross annual income of a resident individual is below Rs. 5 Lakhs the tax is eligible for a rebate of up to Rs. 12,500. Senior citizens have different income tax slabs. For Senior citizens, income below Rs. 3 Lakhs is exempt from tax and for super senior citizens (above 80 years of age) income below Rs. 5 Lakhs is exempt from tax. Income between Rs. 3 Lakhs and Rs. 5 Lakhs will be taxed at 5% for senior citizens. The rates and slabs hereafter are the same for all citizens.
Interest Income
Under Section 80 TTA, interest income up to Rs. 10,000 is deductible from the total income. Senior citizens may opt for the deduction under Section 80 TTB of Rs. 50,000. Seniors can opt for the deduction under either Section 80TTA or Section 80 TTB and not both. Interest income includes interest earned on the savings bank account, fixed deposits, and post office savings schemes.
Standard Deduction
A standard deduction of up to Rs. 50,000 is applicable on salaried income. Even though seniors may not collect paychecks, they could still take advantage of this tax benefit. The standard deduction applies to income earned through pensions or annuities.
Reverse Mortgage Loans
Income from Reverse Mortgage Loans (RML) is not taxable. Click here know more about the other features of a reverse mortgage loan.
Medical Expenses
Health is a priority throughout. Seniors have an added tax benefit when it comes to medical expenses. Per the Income Tax Act, expenses towards defined specified illnesses can be claimed as a deduction. This is subject to a limit of Rs. 1 Lakh.
Medical Insurance Premiums
Health insurance becomes more costly with age. Seniors may claim a deduction of up to Rs. 50,000 towards health insurance premiums and preventive health checks. If a son or daughter is paying the premium, the benefit may be transferred to them.
Government Savings Schemes
There are two government schemes exclusive to Senior Citizens. One is the Senior Citizen’s Savings Scheme which is similar to a fixed deposit with a quarterly payout. The Pradhan Mantri Vaya Vandana Yojana is a 10 year pension plan with return of purchase price. A more detailed comparison is available in the table below.
Particulars PMVVY SCSS Scheme Pradhan Mantri Vaya Vandana Yojana Senior Citizens Savings Scheme Type Pension Scheme Savings scheme with periodic interest pay-out Minimum entry age 60 (55 or above, if opted for VRS) 60 (55 or above, if opted for VRS) Term 10 years 5 years, can be extended further for 3 years Investment amount Up to Rs. 15 Lakhs Up to Rs. 15 Lakhs Returns Guaranteed 8.00% p.a, payable monthly (equivalent to 8.30% p.a. effective) 8.60% Currently (Reset every quarter), payable quarterly Maturity benefits Purchase price along with final pension instalment shall be payable at the end of 10 years Principal amount will be payable along with the last interest Premature withdrawal Premature exit allowed for the treatment of any critical/ terminal illness of self or spouse – Charges @ 2% of Purchase price Up to 1 year – Not allowed
From 1 year – Up to 2 years – Charges @1.5% of the Balance Deposit Amount will be deducted
On or After expiry of 2 years – Charges @1% of the Balance Deposit Amount will be deducted Taxation No 80C Benefit, Pension is taxable 80C Deduction on investment, Interest is taxable Other benefitsLoan up to 75% of Purchase Price shall be allowed after 3 policy years (to meet the liquidity needs).N/A
A sense of community and a design that is mindful of the smallest details – The Virtuoso Club and Serviced Residences helps you live a complete life after retirement.
Columbia Pacific Communities looks at ‘senior living’ differently. It means building a community abundant in caring and serving. They focus on delivering a stimulus-rich environment, through green spaces and superlative amenities, offering the highest standards in dining, sports, recreation and healthcare. The Virtuoso Club and Serviced Residences (pronounced Ver-chu-oso), hope to help you live a life without compromise. A life that is complete in every way.
Today, Columbia Pacific Communities is one of India’s largest independent senior living community operators with 9 communities across five cities and 1600 homes. The Virtuoso Club and Serviced Residences, Bangalore, is their first signature community, designed to international standards.
A strong and thoughtful philosophy informs every aspect of The Virtuoso. It is designed specifically to create a self-sustaining, premium community for senior living. Keeping this in mind, Columbia Pacific Communities chose to partner with Perkins Eastman (renowned for its expertise in the design of senior living communities, active adult care developments, independent and assisted-living residences) and Venkataramanan Associates to ensure the successful delivery of this philosophy.
Together, they have conceived and developed spaces that are mindful of the smallest details. These include the big, such as the L-shaped structure of the building that maximises light, ensures privacy while minimising noise and dust. The mindful, such as the non-slip vitrified tiles that are used not just in the bathroom and pool areas but also in several places within the residences. And the small, such as handrails for support. The aesthetic appeal is maintained with a rich autumn palette. All of which evoke and instil a sense of warmth and peace. The public areas, the master bedrooms and master bathrooms of the project have been designed to NBC (National Building Code, 2016) standards for accessible housing, as well as ADA (The Americans with Disabilities Act 1990) guidelines for Buildings and Facilities.
The Virtuoso Club and Serviced Residences is located in Bengaluru’s heart, nestled in 2.09 acres of quiet, exclusive and lush surroundings. A small part of the upcoming area of Budigere Cross has slowly transformed into India’s first international senior living community, known for its spatial planning and intuitive service delivery for senior citizens. With breathtaking views of the lake and gardens, it offers an oasis of serenity to its residents without isolating them. Established institutions such as Whitefield Global and Sterling Public School are just 25 minutes away, just in case you need to drop off your grandchildren to school. The Whitefield technology hub with IT parks such as Bearys Global is a drive of just 10 minutes and the proximity of Columbia Asia Hospital ensures rapid response times in emergencies. Shopping avenues such as Forum Mall keep you connected and bring greater convenience to life.
The best architects endeavour to optimise height, light, and space. The building is L-shaped by design, so you get to revel in maximum sunshine and moonlight.
Columbia Asia Hospitals, one of the leading modern healthcare providers in South Asia, is the health partner in this project, which means that routine check-ups and healthcare needs are always prioritised with high-quality care, transparency, and affordability. There is screening, assessment, and consultation from visiting doctors, 24×7 ambulance service in case of emergencies, round the clock care from qualified nurses and maintenance of medical records kept in-house to help with senior residents’ diet and wellness plans.
The main porch at The Virtuoso awes with its imposing ceiling height of 18 feet. Attentive valet and staff ensure a warm and cordial welcome. The distance to the elevators is less than 30 metres, making it easy even for not-so-mobile residents. The entry from the basement is truly private with a plush intimate lobby, as you take the elevators to the club reception or your home.
The Virtuoso’s master plan design delivers on every senior’s primary desire, the need to make and find connections. It offers open views, the feeling of freedom and many avenues to experience both solitude and community. There is a sense of joy and warmth in the main areas, crafted carefully through contemporary, vibrant colours and small touches like the expansive lobby and the multi-purpose hall. Curated amenities such as the Bistro and restaurants have abundant natural light which makes these spaces all the more inviting. The beautifully designed 1, 2 and 3 BHK residences and selected offerings in sports, fitness, recreation and dining, give seniors the confidence of being connected with their friends and family as they age.
Senior citizens have the freedom to choose at The Virtuoso. From how their day unfolds and who they spend it with, to the cravings they have for food, fun or solitude. Columbia Pacific Communities is committed to creating an environment that is dynamic and responsive to their needs, a community that fosters social interaction, recreation and relaxation, now and tomorrow.
For bookings and more details, please contact: https://www.columbiacommunities.in/landing/virtuoso-page/
Find out the top 7 savings schemes for senior citizens that can make your silver years easier, post-retirement.
After retirement, senior citizens often look at safe and well-regarded investment schemes to put their retirement corpus in and meet their regular income needs. We put together a few savings options for senior citizens that are considered safe bets.
Post office monthly income scheme (MIS)
This is a popular investment scheme where you can invest a particular sum and get an assured monthly income in the form of interest. The maximum investment limit is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account. An individual can invest a maximum of Rs 4.5 lakh in MIS (including his share in joint accounts). The interest rate is 7.3 per cent per annum. The maturity period the scheme is five years and it can be prematurely closed after one year. To know more, read https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx
Senior Citizen Savings Scheme (SCSS)
Senior Citizen Saving Scheme is a five-year deposit plan with nationalized banks and post-offices. An individual of 60 and above can invest in it as can early retirees between 55 and 60 years of age, who have opted for the voluntary retirement scheme. The interest rate is currently at 8.6 per cent per annum. A senior citizen can invest in this scheme by opening either an individual or a joint account with a post office or a scheduled commercial bank and invest up to Rs 15 lakh (in multiples of Rs 1,000) only. The amount invested in the scheme also cannot exceed the money one receives on retirement. In other words, you can invest either Rs 15 lakh or the amount received as your retirement benefit, whichever happens to be lower. Read more at https://www.sbi.co.in/portal/web/govt-banking/senior-citizens
LIC’s Varishth Pension Beema Yojna
Launched in 2017 the maximum amount that can be invested in this scheme is limited to Rs. 7.5 Lakh per senior citizen. The finance minister has proposed to increase this amount to Rs.15 lakh per senior citizen during the 2018 budget. The scheme does not need a medical check-up requirement and is an immediate annuity plan. You can find more details here: https://www.indiafilings.com/learn/varishtha-pension-bima-yojana/
Varishth Mediclaim Policy
This has been launched by National Insurance Company for providing health Insurance coverage to senior citizens between 60-80 years. Maximum coverage for hospitalization expenses is Rs. 1 lakh per senior citizen and extends to Rs. 2 lakh for critical illness per senior citizen. The policy can be renewed until the insured senior is 90 years of age. Plan benefits include the cost of medicine, drugs, blood, oxygen, diagnostic charges and emergency ambulance charges up to Rs.1,000. To find more details read: https://www.irdai.gov.in/ADMINCMS/cms/Uploadedfiles/NATIONAL15/VARISTHA%20Mediclaim%20for%20Senior%20Citizens%20Policy.pdf
Pradhan Mantri Vaya Vandana Yojana
Managed by the Life Insurance Corporation of India (LIC), this scheme assures the beneficiary of 8 per cent per annum return on the deposit. The beneficiary will receive the payable pension or the return for a period of 10 years and he or she can choose the tenure of payment. This scheme has a cap on the invested amount. One can invest a minimum of Rs 1000 up to Rs 15 lakh. In case of the beneficiary’s death, the principal amount will be credited to the account of the nominee. It also provides a provision of premature exit in case the beneficiary faces a critical illness of self or spouse. In such cases, 2 per cent will be withheld as a penalty charge. This scheme has no tax benefits and can be subscribed until March 30, 2020. Click here to download the form: https://www.insurance21.in/downloads/pradhan-mantri-vaya-vandana-plan-842-form.pdf
The following schemes below are for senior citizens below the poverty line and BPL Cardholders and suffering from some kind of disability.
Rashtriya Vayoshri Yojana (RVY)
Launched by the Ministry of Social Justice and Empowerment, Government of India in 2017, Rashtriya Vayoshri Yojana is available for seniors who are below poverty line (BPL) and are BPL cardholders. This scheme provides assisted-living devices to seniors with low vision, hearing impairment, loss of teeth and locomotor disability. Walking sticks, elbow crutches, walkers, hearing aids, wheelchairs and artificial dentures are some of the devices that are offered under RVY. A committee has been set up under the chairmanship of the Deputy Commissioner or District Collector that identifies those who are eligible for this scheme with the help of the respective state governments. Under this scheme, 30 per cent of the beneficiaries are required to be women. The scheme to be implemented in 260 districts is expected to benefit over 5 lakh beneficiaries in the current financial year. To find more details, read: https://www.india.gov.in/spotlight/rashtriya-vayoshri-yojana
Indira Gandhi National Old Age Pension Scheme
More popularly known as National Old Age Pension Scheme (NOAPS), this scheme has been introduced by the Ministry of Rural Development of India and offers social assistance benefits to senior citizens, widows and those who are specially-abled. A beneficiary can receive a monthly pension without having to contribute any amount for the pension. The beneficiary has to be a BPL card holder with no regular source of financial income or support from other sources. Beneficiaries between 60 to 79 years age bracket can receive an amount of Rs 200 per month and those above 80 years can get Rs 500 per month. Under this scheme, the pension amount gets credited to the bank account provided by the beneficiary or post office account. For more details, click here: https://www.indiafilings.com/learn/indira-gandhi-national-old-age-pension-scheme-ignoaps/
Arun Excello’s “Ziva”, a premium active retirement community for seniors at Mahabalipuram promises to offer an active and engaging life for silvers, sparing them from monotony, loneliness and boredom and providing them with an exciting and entertaining retired life.
Who says life pauses after retirement? In case you think everything is over with your retirement from work life, you are mistaken. In fact, life begins with your prolonged leisure. Enjoy, make new friends, get on exciting activities, keep your mind and body fit and delve in the happiness of a fruitful living. Why should the young have all the fun?
Imagine the comfort of spacious living with greenery all around amid picturesque surroundings, just a few kilometres away from Mahabalipuram, a UNESCO World Heritage Centre. Living in the serenity that amps up your peace of mind and health and making short trips to nearby attractions with your friends and partner now comes in a combo, thanks to Ziva, an ownership active retirement community residential project, primarily for those who are 50+ and are looking forward to fulfilling retirement life.
The must amenities of living for seniors
Spacious living designed for elders: Many older adults prefer living in the luxury of space, away from the din and bustle of the city and humdrum rush of life. Ziva offers a collection of space efficient apartments across a16 acre spread with good cross ventilation, wide corridors, beautiful landscape and customised interiors, exclusively designed for the seniors. The community includes a wide range of apartments ranging from 1 BHK and 2BHK of 645 to 1100 square feet with waiting halls in the Stilts and sufficient parking space for 4 wheelers to independent villas of 1500 square feet with lush greenery around.
A common space with necessary facilities: Appropriate access to daily and emergency requirements is a must for elders as most of them live independently with children either settled abroad or living away from parents near their workplace. Keeping that in mind, Ziva’s Club House has a dedicated kitchen cum dining facility, swimming pool, multi-purpose hall, a geriatric gym, physiotherapy room, department store, travel desk and a polyclinic. Thus, the senior residents get the keys to food, nutrition, social activities, fitness, health, travel and more on one platter.
Manual assistance at hand: Some older adults may require a lot of hand-holding in their day to day activities. Availability of a resident manager to take care and resolve any issues related to maintenance and services acts as bliss for seniors as they do not have to bother about electricity or plumbing problems and can live without any tension, stress or anxiety.
Adequate connectivity: An enhanced connectivity always tops the list of priority for silvers.. Broken, unmetalled roads, a location far away from hospitals are what they tend to avoid. Ziva, located on State highway SH 49B, has good access and connectivity to Chengalpattu, Pondicherry and Chennai via both ECR and OMR and is close to a host of reputed hospitals, educational institutes, places of worship and even Mahabalipuram beach.
24/7 emergency ambulance service, on-call doctor: For seniors, the assurance of being able to reach a hospital at the right time during an emergency is of prime importance. Also, the availability of an on-call doctor 24/7 in case of any urgent health issues brings a sigh of relief to them. Ziva offers both to thoroughly take care of the health aspect of the seniors.
Panic buttons for emergencies: Living alone and independent may become little difficult for some elders as they may face any kind of emergencies, especially health. When apartments and villas come with panic buttons, it becomes easier for silvers to tackle emergencies, just by a tap on the panic button that calls for assistance instantly.
A Senior-friendly destination
A wide range of senior living specifications makes Ziva the destination home for all seniors. The specifications that provide complete protection in day-to-day life for elders include anti-slip mats in wet areas, anti-skid tiles across the living and bath area, bathroom doors that open outside to enable wheelchair movement, charging station for electronic gadgets, door knob grippers for all doors, emergency calling systems from bedrooms and bathrooms, glow stickers at necessary places, no step threshold within the house, senior-friendly health faucets, senior shower chairs, toilet seat raiser and well rounded corners to avoid accidents.
Planning for a healthy, safe and happy retired life? Visit Ziva to get a glimpse of the bright world waiting for you. You can call on 7288872888 or 4428412841 or mail to ziva@arunexcello.com for pricing and other details.
WeCcarryy, a luggage pick-up and drop off service allows you to travel baggage free and can be a useful service for seniors.
Parents often wish to pack the universe when they are visiting children. Last May, Mrs Singh of Mumbai was visiting her daughter in Delhi and wished to carry few crates of Ratnagiri’s famous Alphonso mangoes for her beloved grandson. She finally abandoned the idea, given that ‘extra baggage’ on account of the mangoes’ weight was going to be an expensive one. “Finally, I just took one box of 12 mangoes, instead of the 3-4 boxes I had planned earlier,” rued Mrs Singh.
Senior citizens in India are often shuttling between cities, visiting children settled outside the home town. One problem many of them face is carrying heavy luggage. In some cases, like Mrs Singh’s the problem is because of the hefty ‘extra baggage fees’ charged by airlines, in case the luggage weighs beyond the stipulated weight limit allowed by the airline.
The other problem is the lengthy queue at every counter in the airport. And while most people prefer to do a web check if they are flying, often the baggage drop off queues are lengthy and inconvenient to older people. In other cases, even with radio taxis available on demand, it may be difficult for an older person living alone to cart the luggage to the airport if there is no one to help. “I live alone and on the third floor. Every time I travel, I pay some amount to a local shopkeeper, who sends his errand boy to come and lug my suitcases all the way downstairs to the cab. It’s a hassle,” says Mrs Nair, who visits her son in Mumbai often.
Services like WeCcarryy could go a long way to help senior citizens like Mrs Singh and Mrs Nair solve their luggage related problems. Started in November 2018 by Nayyan Mujadiya (Founder & CEO); Vandan Mujadia (Co-founder & CTO) and Priya Gheewala (Co-Founder & COO), WeCcarryy provides luggage pick up and drop off service at the customers’ doorstep. The customers book the service through their app , available both on iOS and the PLAY store. The luggage is picked up and delivered to the customer’s destination within six hours of their arrival. “This makes the journey seamless and smooth saving the passenger’s precious time,” the founders feel.
To ensure safe transit of the luggage, it’s locked with a one time use galvanized lock. The luggage is also insured with a leading insurance provider, making the whole experience worry-free for the customer.
Currently, the service is available only in Bengaluru, Mumbai and Delhi. They also have a list of unacceptable baggage which ensures the customer knows what could be sent and what is best kept back at home, to avoid any problems during the pick-up and delivery and en route. You can find it here.
Journeys are not without hiccups and in case of delays in arrival, WeCcarryy can store the customers’ luggage for 24 hours. Despite renovations and better facilities, airports can be a vast and confusing territory for many elders to negotiate on their own. Trolleys are often in short supply and walking around with heavy suitcases is not an easy task. Add to that long check-in queues, delayed baggage arrival upon landing (statistics say, an average traveller waits 25 mins at the baggage carousel for luggage to arrive) and sometimes even damaged baggage. We have all had stories of broken suitcase tops, damaged trolley handles and even broken goods. The problems become larger when the traveller is an older person, who may often have ailments or mobility issues. A service like WeCcarryy ensures it keeps the traveller free from the hassle of it all.
To know more:
Call: 080-470-92957
Download app: Play store link: https://play.google.com/store/apps/details?id=com.wecarry&hl=en
App store link: https://itunes.apple.com/in/app/weccarryy/id1436583131?mt=8
Looking for a senior living home and wondering what kind of services make the mark? Here are eight senior-friendly services to look out for in a senior living home.
After toiling hard for 25-30 years, striving to ensure the wellbeing of elderly parents, spouse and kids, we all realise post-retirement what all we didn’t get time to pursue. It’s time to retire from the daily hassles and venture into independent living wherein all the routine chores are taken care of by professionals in an organised residential setup, thoughtfully designed for seniors.
While we can very well organise some senior-friendly specifications in our existing large homes, the challenge is maintenance and more importantly, we can’t buy happiness of living with like-minded people in the existing setup with kids gone abroad for occupational reasons. This is where the attractive proposition of senior living residential community steps in.
However, many elderly happiness seekers wonder what kind of senior-friendly facilities or services they will eventually need while selecting the right home for themselves. If you too are looking for a similar residential community, here are the type of services that could be beneficial.
SILVER CARE: Medical Clinic with Nursing Attendant available 24×7
• Doctor on call (Consultancy to be paid on actuals)
• Ambulance & Driver available 24×7
• Physiotherapist (Personal sessions to be paid on actuals)
SILVER GYM: The in-house senior friendly gym
• Gymnasium with senior-friendly equipment for risk-free workout
• Certified Instructors to guide as per body/ health requirements
• Separate physiotherapy/Aerobic activity area
SILVER OAK DINER: Multi-cuisine restaurant
• Staff trained at leading star hotels
• Meals available at competitive rates
• Customized home-style food menu: Specially curated menu for Seniors, based on dietary requirements
• Fully operational kitchen
• Monthly meal plans at special rates
• Takeaway facility available
SILVER CRAFT: Special coaching classes
• Yoga
• Dance
• Swimming
SILVER SMILES: Round the year fun activities
• Group Outings
• Discourses and lectures
• Hobby Clubs
• Indoor Games
• Knowledge workshops
SILVER SERVICES: Housekeeping & Concierge Services
• Housekeeping services for your home on daily or monthly payment plans
• Travel and ticket bookings, site-seeing tours, bill payment, etc.
• Engineering maintenance support for your home at reasonable charges
SILVER SUITES: Guest room facility at reasonable charges for visiting family & friends
SILVER SPRINGS: Multipurpose lounge for parties and get together
Witness Zindagi Ab Milee Dobara in thoughtfully designed homes offering Independent Living for Seniors to the forever young at heart and located strategically in prime locations of North, East & West Bangalore with close connectivity to malls, hospitals and other conveniences. Effectively, these Parksides are the only senior centric homes within city limits of Bangalore. Parkside North is in Jalahalli, Parkside East is on Sarjapur Road while Parkside West is located on Mysore Road.
All of these Parkside properties under-construction and priced almost similar. 1 Bedroom homes are priced at 40 Lakhs onwards while 2 Bedroom Homes are priced at 63 Lakhs onwards.
To UPGRADE TO BRIGADE, Call 1800 102 9977 or visit www.parksidebybrigade.com
This is the finale to our three-part series on Retirement Communities/Senior Living Homes in India. In Part 1 of this article, we discussed what retirement communities are, the facilities they offer and what they cost. In Part 2 we listed communities in North, West and East India.
Now, in Part 3, we bring you a comprehensive list of communities located in South India.
Most retirement communities are senior friendly and offer facilities such as grab rails and anti-skid tiles in bathrooms, wheelchair-friendly campus, doctor on call, 24×7 nursing staff, ambulance on premises, proximity to a hospital, housekeeping and laundry facilities, community dining and a clubhouse offering various activities. However, please check the websites of the communities listed below for more details and please research the place according to your needs before selecting one.
CHENNAI
Located on the Coromandel coast, Chennai is one of the biggest educational, economic and cultural hubs in South India. It has good connectivity to the rest of India and international destinations and excellent medical facilities and hospitals. The weather is extremely hot and humid though.
Serene Senior Living Projects: Serene Senior living, a retirement community developer of repute, has the following projects in Chennai Serene Hub with units priced from Rs. 30 lakhs to Rs. 70 lakhs, Serene Pushkar, and Serene Adinath. Of these, the first is an ongoing project while the other two have been completed.
Ashiana Shubham: Ashiana Senior Living communities have over 1800 residents across India. Ashiana Senior Living is more than just a lifestyle. The thoughtfully designed homes give a contemporary edge to senior homes with world class amenities like club-house, swimming pool, walking tracks etc.
Located in Maraimalai Nagar, Ashiana Shubham is one of the first forays into the south by Ashiana Housing, a North Indian developer of senior living communities. The low-rise apartments are priced between Rs.26.22 lakhs and Rs 67.38 lakhs. Phase-01 is delivered and more than 110 seniors are residing in the community.
Find out more: https://www.ashianahousing.com/senior-living-india/chennai/ashiana-shubham-maraimalai-nagar-gst-road
The Chennai Homes Aishwaryam: The project has furnished cottages with eight different plans from 470 sq. ft to about 1100 sq. ft. Prices range from Rs. 29.5 lakhs to Rs 54 lakhs. Located 90 km outside Chennai, the closest hospital is PIMS in Pondicherry 30 km away. There are limited availability staff quarters for people who would like to have 24×7 nursing assistants.
COIMBATORE
This was the first city in India to get a retirement community. Blessed with good climate and excellent medical facilities, the region is home to the largest number of retirement communities in the South now.
CovaiCare: CovaiCare is the pioneer in senior living and care in India. They are also the worlds first retirement community to integrate care centres for seniors having special needs children (PsWD). CovaiCare takes care of the PsWD after the demise of their parents. Care Centres by CovaiCare also include assisted, palliative, memory, preventive, home health care and polycare or the Family Doctor Concept. In Coimbatore, their projects include the following:
Covai Chinmayam: IGBC pre-certified platinum rated retirement community with assisted, palliative and PsWD Care Centres. Phase I handed over and services are ready. 1 BHK apartments start from Rs.26 lakhs and 2 BHK villas from Rs.48.91 lakhs.
Covai Ultra: Located a short distance from the city and close to Sulur. It consists of row houses and affordable villas integrated with assisted and PsWD Care Centres. Row houses start from Rs.21.70 lakhs and villas from Rs.47.55 lakhs.
Covai S3 Senior Care Centre: Started in 2004, it recently became the first retirement community to receive a Platinum rating by IGBC (Indian Green Building Council). 2 BHK villas on resale available at Rs.60-70 lacs. An Assisted Care Centre will also be operational from the first week of April 2019.
To find out more: https://covaicare.com
Serene Senior Living: Has 4 projects in Coimbatore Serene Shenbhagam, Serene Rose, Serene Idagarai and Serene Indus Valley. The various cottages, villas, row houses and apartments range in price from Rs. 25 lakhs to Rs 1.18 crore. All communities have medical facilities close by.
Melur Meadows Retirement Village: Unique units that combine the openness of a villa with the cosiness of an apartment designed by an Auroville resident. Leasing, owning and long term and short-term renting options available. An organic garden is part of the attraction. Short- and long-term rentals available.
Hyderabad
According to the Mercer Quality of Living Rankings 2018, Hyderabad is the most liveable city in India due to its low crime rate and pleasant weather.
Saket Pranamam: The gated community built across 5.65 acres of land within the Integrated township of Saket Bhu: Sattva offers 1BHK, 2 BHK and 3-BHK flats, boasting 70 per cent open space with abundant greenery and tranquil views, enveloped by natural lakes and surrounded by urban forest. This multi-facilitated senior living abode is the perfect blend of modern lifestyle, comfort and security amid nature's bliss.
With the aim of offering a safe and secure elderly lifestyle, the Wellness Hub of Saket Pranamam comes with customised healthcare support for every resident, centralised air-conditioned dining, 24/7 nursing, daily housekeeping, indoor swimming pool, gym, yoga centre, library, guest rooms to house visitors and Banquet Hall to accommodate functions. The apartments are designed with panic buzzers, ramps, wide doorways, and lifts which make way for smoother and faster movements of stretchers and wheelchairs. The corridors are wide and spacious. Anti-skid flooring in all rooms is an example of how the needs of the elderly have been given special attention. The master bedroom and the attached bathroom are wheelchair-friendly.
Its in-house healthcare facility includes a primary health care center that offers 24/7 assistance, a doctor on call, and also ambulance and nursing services. Apart from these, the gated community provides a host of recreational amenities, conducts cultural events, promotes social bonding and healthy like-minded companionship among the residents.
Saket Pranamams 1, 2 and 3 BHK apartments start from Rs 30 lakh. In case you are looking for a relaxed, convenient post-retirement life, you must try and book a plot in Saket Pranamam. For further information and queries, call 9133300852, email to pranamam@saket.in or visit their website: https://www.saketpranamam.com/
BANGALORE
Bangalore, the garden city of India, has been suffering from traffic and water availability problems lately. However, the city's clement weather and vibrant lifestyle make it a popular choice for young and old alike. It has a high number of retirement communities for seniors, spread out on the outskirts.
Parkside is thoughtfully designed for the forever young at heart and located strategically across prime locations. Effectively, these Parksides are the only senior centric homes within city limits of Bangalore. Parkside North is in Jalahalli, Parkside East is on Sarjupur Road while Parkside West is located on Mysore Road.
All Parkside properties are under-construction and priced almost similar. 1 Bedroom homes are priced at 40 Lakhs onwards while 2 Bedroom Homes are priced at 63 Lakhs onwards.
Find out more: www.parksidebybrigade.com
Call 1800 102 9977
Urbana Irene by Covai: With 170 senior friendly apartments it is a part of 200 acres integrated township with a multi-speciality tertiary hospital, 5 Star Hotel, and other amenities developed by the Ozone Group near the Bangalore International Airport. Block C is handed over already and basic services are in place. Full-fledged services will be available from the first week of May 2019. A few 2BHK apartments costing Rs.44.89 lakhs (approx) are available for sale.
To find out more: https://covaicare.com
Athashri: Located in Whitefield, this is another known name in retirement homes. Prices range from Rs 12.8 lakhs to Rs 71 lakhs. The construction is senior-friendly, with regular maintenance and housekeeping provided. Add to that, medical facilities, bill payment and other services.
Primus Lifespaces has two senior living properties in Bangalore.
Primus Reflection The idea here is that you don't want to worry about mundane things like maids, cooks, cleaning or chores any more, having arrived at a certain stage in life. Instead, you want your home to be your haven; every meal to be an experience; and every errand to be executed at your convenience. Primus Reflection enables all this for you, through a lifestyle of complete convenience that requires no effort.
From cooking, cleaning, chores and more, everything is taken care of, so that seniors residing there can dedicate their time to things that matter. Primus Reflection is located on Kanakapura Main Road, opposite the back gate of the Art of Living Ashram and just 5 kilometres from NICE Junction and the Metro Station. Interested seniors could purchase of 1BR and 2 BR with a study, with prices ranging from Rs. 47 lakhs to Rs. 85 lakhs. Monthly maintenance charges for a couple are Rs. 30,000. Proximity to Apollo and Fortis Hospitals.
Primus Eden: A luxurious residential community, exclusively for seniors, that offers resort-like amenities at the push of a button. Ready to move in, Primus Eden offers world-class services tailored to individual needs. Available on a lease, these homes come with a wide range of services. Everything is taken care of here, from your daily chores to your diet. It's a safe and secure environment where you can truly enjoy life. Senior residents can choose from a single bedroom or studio living space.
Monthly charges for a couple amount to Rs. 60,000 (approx) including food, club, electricity. etc. Single occupant monthly charges Rs. 40,000. Apollo and Fortis hospitals within a few kms. They offer a 10-year lease and you need to deposit Rs 25 to Rs 35 lakhs (kindly check exact rates), which is refundable. Monthly charges for a couple are around Rs. 60,000 including food, club, electricity and services mentioned. Single occupant monthly charges Rs. 40,000. Apollo and Fortis hospitals within a few kilometres.
To know more: http://primuseden.in/
Manasum Avighna: An experienced developer who has been running Sukh Shanti retirement home in Bangalore for 5 years already. Manasum Avighna will be ready by October 2019. Flats are available on ownership basis. A 620 sq. ft. 1 BHK would be priced around Rs 29.83 lakhs and a 750 sq.ft 1 BHK around 34.95 lakhs. All the units would be facing a central courtyard with Narayana Health City just 8 km away from Manasum.
Easy access to Vijayashree Multi Speciality Hospital and S-Vyasa Yoga university, 50-year-old naturopathy and Ayurvedic treatment centre. The project will have all senior friendly specifications like Anti-Skid tiling, wheelchair friendly doors, radium lit switches, round-cornered walls etc. You will get to experience all the amenities and services that are essential for a luxury retired life.
Find out more: http://www.manasum.com/
Sukh Shanti Retirement Homes: Located inside Jain Farms, Bagalur, 15 km away from Sarjapur. Rental option is available. Access to Jain Farms facilities which is an integrated farmland community of about 750 acres with a resort and club facility tucked in next door. Centralized vegetarian Dining, 24×7 Ambulance, Doctor's Clinic with an in-house nursing facility, indoor games, Huge Library, Indoor Gym, shuttle service and many more facilities available. Units are available on short term and long-term rentals.
Tata Riva: Riva the Tata Group is a senior living township that is integrated within a regular township on Tumkur Road. 1 BHK and 2 BHK flats for Rs 45 lakhs and Rs 70.5 lakhs respectively. Several hospitals, including Columbia Asia, in the vicinity. The project has a Relationship Manager and Recreational Therapist for residents.
Vedaanta Vaibhava: Vendaanta Vaibhava is a senior living community at Anekal. It is 6.8 km from Narayana Hrudayalaya hospital. Vedaanta@Vaibhava is wi-fi enabled campus and all its apartments come with a tablet PC installed for video calling, Skype and emergency requirements.
Tranquil County: Located in East Bangalore, this community offers rental options for long term stay, short stay, assisted living (with dedicated care) and post-operative care. Other options are an own your home model, which presently works on a security deposit model and a leaseback model. The closest major hospital is 20 minutes away.
Serene Ozone Urbana: Units are priced from 25 lakhs to 90 lakhs. The community is part of an integrated township that is located just 5 km from the international airport. It has 2, 2.5 and 3 BR flats.
Suvidha Premium Retirement Village: Set up by doctors from the Bangalore Hospital, this community is located on the outskirts of the city, in Thalaghattapura village. Distance from MG Road about 20 km. The 30-acre property has 180 cottages and a 3-acre water body. Cottages are priced at Rs 75 lakhs. The closest big hospitals are Apollo and Fortis about 20 mins away.
Anandam: Retirement community by Bahri Estates in Chikballapur district near the airport. 1, 2 and 3 BHK villas from 21.95 lakhs to 60.87 lakhs.
CHIKKA TIRUPATI
Aarra Springs: Aarra Springs is a quality retirement home under construction. The first 2-3 hours is most critical in treating health issues and Aarra offers that through their tie-up with Vydehi Medical College and Hospital, which will operate the in-house medical facilities and provide super speciality services to the residents. The super speciality Hospital is in close proximity.
The project is located in Chikka Tirupathi on NH 207, with easy access to Whitefield, Bangalore International Airport and Sarjarpur. Banks and convenience stores are close by and for those who are believers, the famous Chikka Tirupathi temple is 500 meters from here. The Retirement Community consists of 144 one-bedroom units with five stretcher lifts, large corridors, extensive open spaces, and best in class amenities.
The project has obtained the statutory Real Estate Regulatory Authority (RERA) and has been approved by leading banks. Aarra Springs would be ready for possession by end 2019.
To know more: www.aarra.in
PONDICHERRY
Pondicherry has some of the best and cheapest medical facilities available in the country perhaps at the JIPMER hospital. This union territory was a French colony once and the influence shows in the lifestyle and food habits of its residents. The weather is extremely hot and humid though.
Covai Pelican: First affordable retirement community located on Puducherry-Cuddalore highway. It is a part of 50 acres township, named Pelican Belfort, developed by Pelican Projects. You get the choice of 1 & 2 BHK apartments with access to assisted, palliative and PsWD Care Centres. 1BHK apartments from Rs.20.73 lakhs* and 2BHK apartments from Rs.29.93 lakhs*. GST payable is 1% only.
Find out more: https://covaicare.com
Serene Pelican Phase 1 and 2: Located in Adhingapet, a 2 hour drive south of Pondicherry, this development has low rise units priced from Rs. 25 to 70 lakhs. The closest big hospital is JIPMER in Pondicherry.
Ville Franche: This development by Harmony Eldercare is located 16 kms short of Pondicherry on the ECR. Closest hospital is PIMS (3 kms away). The 10-acre property has independent and semi-independent villas and cottages, as well as apartments, priced from Rs 25 to Rs 49 lakhs.
KOCHI
Kochi is a bustling commercial port located in Kerala, the state with the highest literacy rate. It is well connected to the rest of the country by land, air and sea and boasts some extremely scenic locales in its backyard.
Graceland: Located about a 2-hour drive from Kochi airport, this low rise community has fully furnished villas and apartments priced affordably between 22 and 55 lakhs and an excellent clubhouse. It is run by an independent non-profit foundation. Their clinic has a doctor's room and 3 beds. Doctor is on call but two nurses are on duty 24/7. The closest hospital is a mission hospital 3 km away called A P Varkey and other big hospitals are 20-30 kms away.
KANCHEEPURAM
Peaceful living in the heart of Tamil Nadu. Cost of living is not high.
Serene Kshetra Kancheepuram: This property has units priced from 26-68 lakhs.
GOA
Life in Goa, India's most well-known tourism destination, can be as relaxed or as crazy as you make it. Unfortunately, there are hardly any retirement communities in this union territory.
Bougainvillea Hermitage: Retirement Village with senior friendly amenities and features in Nachinola, Bardez. Has only 60 rental apartments in 4 sizes (studio, superior, super superior and executive). Prices start from 3400/- a night upwards for short term stays. Ayurvedic Centre on premises.
KODAIKANAL
This beautiful hill station is located in Tamil Nadu.
Anandam: Developed by Bahri Estates, Anandam claims to be the most awarded retirement community in India. Located in Genguvarpatti Villag, Theni district in the Kodai foothills, the community is a 2.5 hr. drive from both Kodaikanal and Madurai. Madurai has good medical facilities and Anandam plans to have its own hospital too although that is sometime in the future. Spread over 120 acres, the sprawling community has 1, 2 and 3 BHK villas priced from 33 lakhs to 76 lakhs.
Santosham Retirement Community: Located within the 120-acre campus of Anandam Retirement Community, Kodaikanal. Also developed by Bahri estates. 1 and 2 BHK villas for about 15 lakhs and 22 lakhs respectively.
MYSORE
This pensioners paradise is blessed with good weather and infrastructure. The heritage city is not overpopulated or over polluted and has been recognised as the second cleanest city in the country.
Covai Tapovan Solace: This retirement community is located in the heart of the city of Mysore provides access to assisted and PsWD Care. Services will commence from May 2019. Only a few apartments are available (1BHK apartments from Rs.48 lakhs*).
This is one of the few retirement communities located in the city itself instead of on the outskirts. Apollo hospital is 1.5 km away.
Find out more here: Covai Tapovan Solace Website
Sharadindu: Developed by Sree Senior Homes, this community is located in Pandavpura, on the outskirts of Mysore. Cottages and apartments are priced from Rs. 29 lakhs to Rs. 55 lakhs. The closest hospital is Columbia Asia, about 20 km away.
Read Part 2 of the series here: Retirement Communities in North, West and East India
Read Part 1 of the series here: Retirement Communities in India: An Idea Whose Time Has Come
Note to readers: We have tried listing most of the existing projects and some upcoming ones. However, this may not be an exhaustive list as there are several more in the pipeline. Do check back for any new inclusions and please do notify us if you have any update about the properties on this list. You can write to us here: connect@silvertalkies.com
Retirement Communities are here to stay. In Part 2 of this series, we list communities in North, West and East India. To know about retirement communities in the South, Read Part 3 of the series.
As mentioned in Part 1 of our retirement communities series, most retirement communities are senior friendly and offer facilities such as – grab rails and anti-skid tiles in bathrooms, wheelchair-friendly campus, doctor on call, ambulance on premises, proximity to a hospital, housekeeping and laundry facilities, community dining and a clubhouse offering various activities at the very least. However, please check the websites of the communities listed below for details about all the facilities they offer.
NORTH INDIA
Dehradun
The city and its environs are relatively pollution free, offer easy access to pilgrimage centres, and have clement weather except for winter when temperatures can sometimes dip to 7 degrees Celsius.
The lush environs of Antara Senior Living
Antara Senior Living: Run by the Max Group, this is easily the most luxurious retirement community in the country, meant for the well-heeled who can afford customized apartments ranging from Rs. 1.7 cr to 7 cr. The community is located in Purukul, about 10 km from Dehradun, overlooking picturesque river valleys and mountains, with clean air untainted by the effluents of a busy city. Antara’s resident engagement team organizes activities such as yoga and awakening sessions on a daily basis, which includes guided meditation sessions to encourage body and mind wellness. Residents are also encouraged to take part in other physical activities. Events such as wellness talks, musical evenings, culinary session and life coaching help further the bonding process between residents. Avenues to acquire new skills like learning photography or a new language, or volunteering at local NGOs promote residents’ intellectual and occupational wellness. While some residents draw their sense of purpose from social work, there are residents who find peace in heritage walks, gardening and bird watching sessions. They also take the initiative to organise activities of their choice like book readings and debates.
Salient features: Option of a lifetime lease; healthcare tie-up with Max Super Specialty Hospital.
Find out more: http://antaraseniorliving.com/
https://www.facebook.com/antaraseniorliving/
Call: +91 8860076464
Windlass Golden Residences: An upcoming property– expected date of completion is three years from now. The 2BHK and 3BHK flats for seniors are priced from Rs 38 lakhs to Rs 64 lakhs as part of an integrated township spread over 38 acres, 6 km from Dehradun.
Salient Features: Hospital on premises; work opportunities on campus for active seniors.
National Capital Region of Delhi
Although NCR has some of the worst air pollution levels in the country, many people prefer to live here for the modern medical facilities and active city lifestyle that it offers. The retirement communities are located on the outskirts where the pollution is considerably less.
Melia First Citizen: Developed by the Silverglades group, this luxury senior community will be part of an integrated township at the foothills of the Aravallis in Gurgaon, 40 km from the centre of Delhi. It will be ready in 2020. The 1, 2 and 3 BHK apartments are priced from Rs 65 lakhs to 1 cr. The closest big hospital is Medanta Medicity, 12 km away.
Salient Features: Facility managed by Age Ventures India. Artemis Hospitals will provide weekly doctor visits.
Seniors in one of the Ashiana properties
Ashiana Nirmay and Ashiana Utsav: Ashiana Senior Living communities have over 1800 residents across India. Developed by Ashiana Housing, both these communities are located in Bhiwadi on the Delhi-Jaipur Road. Ashiana Nirmay is a high rise with 1, 2 and 3 BHK apartments priced from approx. 33 to 66 lakhs. This is the newer of the two properties. Ashiana Utsav in Bhiwadi and Jaipur are both completed projects and priced from Rs 23 to 58 lakhs.
The developers have handed over Phase 1 in Ashiana Nirmay and bookings are open for Phase 2. The developers say all their senior living communities are brimming with life and residents are enjoying to the fullest. They also have a Chennai project coming up, called Ashiana Shubham. You can read about it in Part 3.
Salient Features: Offer three levels of services – active senior living, care at home services and assisted living.
Find out more: https://www.ashianahousing.com/senior-living-india
Life at Golden Estate
The Golden Estate: Located in Faridabad, on the outskirts of Delhi, this low-rise community has studios and apartments. The retirement home has been running successfully for 6 years providing premium services in a safe and secure environment for the elderly. Located in Faridabad, in close vicinity of Delhi, it has 69 fully furnished residential units in studio and one-bedroom format. It offers flexible stay options under independent or assisted care residential plans. They also offer rehabilitation and post-operative facilities. The facility offers a comfortable and luxurious lifestyle through a plush, secure and rejuvenating environment. Seniors can pay a refundable flexible security deposit starting from Rs 2 lakh to get lifetime occupancy rights. Monthly charges range from Rs 52,000 for singles to Rs 65,000 for couples. The living units have been designed by taking into account the needs for peace and privacy. As a resident, you enjoy the luxury of community living in a non-intrusive atmosphere and lead a carefree life.
Salient Features: One km from Fortis hospital and close proximity to the metro and golf course.
Find out more: www.thegoldenestate.com
https://www.facebook.com/TheGoldenEstate/
Bhopal
Recently voted amongst the top 5 cleanest cities in India, Bhopal is considered a retirement haven with its good climate, central India location, Hindi and English-speaking population, and quiet laid-back lifestyle.
Aakriti The Nest: This community is part of a larger integrated township, about 8 km from central Bhopal. They have studio apartments, 1 and 2BHK apartments, priced from Rs 25 lakhs to Rs 57 lakhs. The closest hospital is National Hospital, 3-4 km away.
Salient Features: Several modes of ownership and occupation of units – apartment owned by resident, apartment owned by the promoter with lifetime occupation rights by resident, reverse mortgage by owner, rentals.
Jaipur
The pink city is known for its architecture, history and shopping. It is well connected by air and rail to Delhi and the rest of the country. The weather is pleasant in winter but summer temps can soar to 47 degrees Celsius.
Ashiana Utsav: These low-rise apartments in the senior living community in Jaipur have all been sold out but their resale range is Rs 27-52 lakhs. They can also be rented from Rs 5,000 to 9,000 a month.
Salient features: Based on age and need the following home care and assisted living services are available as well – physiotherapy, medicated dressing, bathing, grooming, feeding and full-time care.
Find out more: https://www.ashianahousing.com/senior-living-india
WEST INDIA
Ahmedabad
This ultra modern city has often been voted as the most livable in India. The downside is that summer temperatures can soar to the high 40s. There are restrictions on alcohol consumption in the state of Gujarat.
Prarambh – Ek Nayi Zindagi Ka: This community is located 25 km from Ahmedabad city. Spread over 55 acres, it has 550 dwelling units from 1 and 2BHKs to premium villas. They come fully furnished and are priced from Rs 38 lakhs to 2.5 crores.
Salient features: Apollo Emergency Care Unit, complete with ICU beds, on premises (will be ready soon). Property managed by Age Ventures India. Assisted living facilities coming up soon. Closest big hospitals are 2-3 km away.
Vadodara
From retired people’s paradise to college going students’ hub, this city is one of the most diverse places in India. Also known as the cultural capital of Gujarat.
Athashri Vadodara: A Paranjape Schemes venture, the low-rise community has 1 and 2BHK apartments ranging in price from Rs 23 to 44 lakhs. Located 22 km from the city, it has a couple of good hospitals close by nevertheless.
Salient Features: Aside from other facilities, the community offers easy bill payment and doorstep banking services too.
Lavasa
Lavasa is a private, planned city 58 km from Pune and 190 km from Mumbai. Known as India’s newest hill station in the Western Ghats, it is stylistically based on the Italian town of Portofino.
Ashiana Utsav: Luxurious low-rise apartments and villas priced from 45 lakhs to 1.45 cr. in Dasve, Lavasa. Apollo Lavasa Hospital is a 100-bed hospital and the only healthcare facility in the city.
Find out more: https://www.ashianahousing.com/senior-living-india
Pune
Blessed with an excellent climate, cosmopolitan lifestyle, good medical facilities, easy access to trains, buses and airports (the closest International airport is Mumbai) – Pune is a retiree’s haven. Owing to the rising demand amongst senior citizens, the number of retirement homes in Pune has increased almost threefold catering to the needs of the elderly. From less than 10 retirement homes in 2001 to almost 35 old age homes in 2017, Pune has seen a drastic increase in the demand for retirement homes.
Athashri Senior Living Projects: There are several of them spread out in various locations in and around the city. Athashri Baner, Bawdhan, Hadapsar, Bhugaon, Xion, and Pashan are sold out. Resale available only directly from residents. Upcoming projects include Athashri Synergy and Athashri Valley. Developed by Paranjape Schemes, a known name in senior living, the new developments have 1 and 2BHK apartments priced from Rs 40 lakhs to 64 lakhs. A known and experienced developer who provides good facilities.
Lonavala
A beautiful hill town in Maharashtra with easy access (2 hours by road) to both Pune and Mumbai. Great weather.
Gagan Nu Nulife, Kamshet: 1 and 2BHK apartments priced from Rs 48 to 75 lakhs.
Salient features: Full-fledged hospital with 40 beds and ICU coming up on premises. All residents and staff trained in CPR. Residents have GPS tracker bracelets.
Neral
About 85 km from Mumbai and 100 km from Pune, near the beautiful hill station of Matheran.
Dignity Foundation Township: Spread over 25 acres of land near the picturesque hill station of Matheran, this community offers a lifetime membership of 1BHK and 2BHK cottages – for partially refundable deposits of Rs 24 to 38 lakhs, and monthly maintenance fees (that includes dining and access to all facilities) from Rs 25,000 to 28,000 per person. Medical staff on premises. The closest big hospital is Lifestyle Hospital in Panvel, 30 minutes away.
Salient feature: Dignity has adopted 17 villages around its Neral complex, where retirees manage six community development projects that include micro-credit finance, 100 per cent literacy, gerontology and spiritual affairs.
EAST INDIA
Kolkata
Gets voted among the top 5 livable cities very often. Cultural and financial hub with a good transport system and the only city with an international airport in East India.
Aumorto: State of the art community located 40 km from Kolkata. Fully furnished AC suites in different sizes. Security deposit of Rs 16-36 lakhs (depending on the size of the suite) for membership. Thereafter one can stay for a monthly commitment fee of Rs 18,000 (individual) and Rs 28,000 (couple). Closest hospital at Baruipur and other multi-speciality hospitals an hour away.
Salient features: Rehab centre on the premises. Cultural classes and art studio on campus. Non-profit run by Sri Aurobindo Institute of Culture. Short term stay options.
Godhuli: Standard and deluxe rooms available. Security deposit of Rs 7-9 lakhs and a monthly payment of Rs 14,000 to Rs 15,500 for singles, includes food, cleaning and other basic facilities. The closest hospital is JN Medical College Hospital. The community is located 35 km outside Kolkata at Naihati.
Jagriti Dham: 25 km from Kolkata. Close to Bharat Sevasram Hospital. Furnished rooms. Security deposit is Rs 20 lakhs and monthly charges of Rs 25-30,000 include a host of facilities. Other options available but no outright purchase.
Salient feature: Set in a lush 100-acre green development. Managed by Age Ventures. Wellness spa on premises.
Note to readers: We have tried listing most of the existing projects and some upcoming ones. However, this may not be an exhaustive list as there are several more in the pipeline. Do check back for any new inclusions and please do notify us if you have any update about the properties on this list. You can write to us here: connect@silvertalkies.com
Read Part 1 of the series here: Retirement Communities: An idea whose time has come
Read Part 3 of the series here: Retirement Communities in South India
In a landmark verdict in March 2018, the Supreme Court had ruled that in specific circumstances, a person has the right to decide against artificial life support by creating a living will. A Living Will is a written statement detailing a person’s desires regarding future medical treatment in circumstances in which they are no longer able to express informed consent. Here’s an account of Kalpana Nambiar’s personal journey of writing her Living Will and further details on it.
At an age when most of us would be planning our grandchild’s birthday party theme, Kalpana Nambiar drafted her Living Will. What lead her down this path less travelled? Nambiar, 60, is Managing Director of a private company that provides labour law consultancy and renders private security services to factories and corporates. She is a mother of two young married daughters and fond grandma to a five-year-old.
“Two incidents nudged me,” says Nambiar. “I had been following the Aruna Shanbaug case where a young nurse, raped by a hospital ward boy, had been in a coma for 42 years. Activist Pinky Virani had been crusading for mercy killing for Aruna who was cared for by the nurses at her hospital. Aruna’s core family had abandoned her.
“I used to think that if such a thing should happen to me what a terrible burden it will be for my daughters. And what about the huge expense? And what would really justify a family’s resources being spent on one person whose chances of recovering and being a productive human being are practically nil? Was it even fair to ask this of your family?
“I still remember in the Supreme Court’s judgment on the Aruna Shanbaug case passed in 2018, Chief Justice Deepak Misra, stated – ‘why should we not allow them to cross the door and meet death with dignity. For some, even their death could be a moment of celebration.’
“Secondly, and perhaps I should say this was also my motive in following Aruna’s case, was my personal tryst with the dreaded ‘C’ word. In early 2011 I sensed a small lump in my breast. Although the tests were negative for cancer, I was not able to accept the doctors’ advice of letting it be. I insisted that they take out the lump. And after multiple lab tests, they found that the lump actually harboured an aggressive type of cancer that would have taken 10-15 years to manifest.”
“I saw the pain my daughters went through and also experienced their helplessness. It is now almost seven years that I’ve been in recovery. Since my brush with cancer, I have reflected a lot on what living and dying means to me. I became aware that I had been neglectful of my personal needs. It is quite possibly the default mode for most women and even men. But the consequences of this neglect are borne by the entire family. I realized my health ought to be my priority. This has become a crusade for me. I advise everyone I meet to heed their physical and emotional needs first and foremost. Certainly, my tryst with cancer made me aware that I was a marked mortal.”
“If an individual has more than one sibling there can be even more confusion, they may not all agree on the right choice when there is no hope of a revival of the ill person and in fact it could go into litigation. If this decision goes to the court then we have no idea how long it will take. It will be a living death for the person and for a prolonged period of time. This all can be avoided by the simple act of writing a Living Will.”
“In India the Living Will means you are giving an advance directive about what kind of medical interventions you are okay with and what you do not approve of for yourself in the event that you are seriously ill and unable to decide these for yourself. You can also make clear instructions on organ donation.”
Why Has the Living Will Not Gained Traction in India?
The Living Will has been offered as a catchall solution to dying with dignity. There is a string of legal battles and several unsung warriors of this cause. But is it true that there was no redress for this in traditional Indian society?
“Traditionally, Hindus and Jains followed passive euthanasia. Both these faiths allow a fast unto death of elders wishing to exit from life. Among the Jains the last meal is offered in front of the elders of the community and the rite is called ‘santhara’ and in effect this rite celebrates death. Among the Hindus, this rite of taking Samadhi, i.e. ceasing from consuming food and water is called ‘prayopvesa’,” clarifies Nambiar.
Since the Supreme Court’s directive in 2018, there are no documented cases on the making or the following of the Advance Directive or Living Will. It appears that the main reason for this is that only disputes go to court and become public. For the most part, doctors are too busy to go into the details of the implementation of the Living Will; this has to be a proactive step on the part of the family. In addition, hospitals profit from the prolonged occupation of hospital beds and are therefore unlikely to publicise or counsel families to execute the Living Will.
The reasons for this are multifold. Firstly, the Living Will is open to abuse by beneficiaries who may choose to take short cuts to action the Living Will rather than go through due process. For example, when it is time to action the Living Will, the hospital where the individual has been admitted needs to constitute a Medical Board comprising the Head of the treating department and at least three experts from the field of general medicine, cardiology, neurology, nephrology, psychiatry or oncology who shall visit the patient in the hospital and either certify or not certify actioning the Advance Directive. The hospital then informs the jurisdictional Magistrate about this and he immediately constitutes a medical Board comprising the Chief District Medical Officer of the concerned district as the Chairman and three expert doctors from the fields of general medicine, cardiology, neurology, psychiatry or oncology. They then visit the patient jointly and if they concur with the initial decision of the medical board they may endorse the certificate to carry out the instructions given in the Advance Directive. Despite all these checks and balances, doctors are scared of being accused of collusion with beneficiaries and at the same time malpractice litigation by the non-beneficiaries.
It’s true that as human beings we don’t want to talk about death but we need to. When we take the step to write an Advance Directive we live with greater awareness and perhaps carry the awareness in death too. What could be a more fitting way to leave this world a better place?
Finding it difficult to handle cooking, cleaning and finding domestic help as you get older? Looking for activities and socialization opportunities with people your age? Consider moving to a senior living home or retirement community instead. Here’s why they are increasingly becoming popular.
About a year ago, Madhu and Surojit Roy, advertising professionals from Gurgaon, packed up their home and moved to a retirement community near the hills in South India. “It is one of the best decisions I have made,” says Madhu.
“At this stage of my life I feel I have been given back 24 hours of my day on a platter. I feel privileged. I am doing things I want to do and routine things are taken care of. I have made many more friends than I would ever have in Gurgaon with like-minded people and I have time to sit close to nature, under the stars, and talk about all kinds of things in life with them.”
Molly Alexander, 74, who lives with her husband, an ex-Navy officer, in another retirement community in Kerala, echoes Madhu’s feelings. “Age and health were catching up with me and being diabetic and suffering from high blood pressure, I was finding it a strain to stand on my legs for long. Despite having servants, I had to be with them to get things done. Here I have a community dining hall so I don’t have to cook, I don’t have to get out of the house to visit friends and go places because there are many women here with whom I can laugh, eat, do yoga, and watch a movie in the community’s theatre in the clubhouse.”
What is a retirement community?
A senior living home or retirement community is a residential community or housing complex designed for older adults that provides facilities and socialization opportunities to make life easier and more comfortable for seniors. Many communities also offer assisted living facilities for those elderly people who are no longer mobile due to illness or old age. Most retirement communities in India only allow people aged 55+ to live on their premises, although there is no restriction on who can buy.
Facilities in a retirement community home usually include housekeeping, laundry, community dining, convenience store, doctor on call, nurse and ambulance on premises, and a clubhouse offering theatre, gym, library, swimming pool, etc. Sometimes there are physiotherapy and ayurveda facilities as well. Besides these, the community management organizes social, cultural and spiritual activities for the residents.
Find your space in a retirement home
Virtually all retirement communities are located on the outskirts of Tier 1 and Tier 2 cities but within 10-20 kms of a good hospital. The communities often have tie-ups with various hospitals and clinics too. Most communities also provide guesthouses to put up relatives and friends visiting residents, transport to the nearest town, and excellent security arrangements. The homes and premises have ramps and are wheelchair friendly. Bathrooms have grab rails and anti-skid tiles, rooms have emergency buttons and fire alarms and other safety features.
Why are retirement communities mushrooming across India?
There was a time when senior care in India was confined to old age homes. But those were generally meant for the destitute and run for charity. Today, the number of seniors in India is growing at a rapid pace. While most continue to stay with their children, a large number of middle and upper class seniors, especially those whose children have moved abroad or to other cities for work, are opting to pack up their homes and move to retirement communities or senior living facilities like Antara Senior Living, Mantri Primus, Ashiana , Manasum and Golden Estate amoing others, in order to continue living independently for as long as possible.
Says Molly Alexander, “Our children are of a different generation and their attitude to life is different. This is true more so for our grandkids. That makes it a little difficult to live with them. More so, there is nothing to do in our kids’ homes so it gets boring because they have to go to work. We also do not have our freedom and space.”
The trend of building retirement communities to accommodate this need started at the turn of the century in south Indian cities but has lately spiralled up north. By 2013, there were 30 retirement communities in the country and today there are over 80, with several more in the pipeline.
Advantages of living in a retirement community
Some of the factors driving senior Indians to live in retirement communities include concerns over maintenance of their own properties after retirement, restricted income sources, rising crime rate against elderly people, emotional challenges such as lack of companionship and security, and other healthcare aspects.
Living in a retirement community has other advantages over living at home as well, especially as the kind of assistance required can be personalized according to requirements. Active and fit seniors can continue to run their own errands and live independently, cook in the kitchens in their own units (instead of opting for community dining), and just enjoy the company of other seniors living in the community when they feel like venturing out. Those who would rather not cook but still have certain diet and nutrition needs can have these met by the community kitchen. And the management of the community can help provide nursing care to those elderly who are in need of assisted living.
While it is possible to avail of these facilities by living in a regular housing society too, the combined cost is usually higher. In addition, it is often hard to find domestic help, attendants to take care of the elderly, security guards to take care of your property, and doctors who will come home. In retirement communities, most of these facilities are part of the monthly fees.
Madhu Roy likes the flexibility her community offers. “There are few restrictions (compared to some other communities that are purely vegetarian or do not allow cooking in the residential units) and you can figure out how much assistance you need. You don’t have to go for community dining and pay for it if you don’t want to.”
The Drawbacks
One drawback of living in a retirement community meant exclusively for seniors can be the lack of interaction with children and other people younger in age. While it is enjoyable to have the company of other seniors, it may not always be pleasant to be surrounded by grey haired people. Some housing developers have recognized this problem and are building societies that have a couple of blocks designed like retirement communities for elders. This allows for interaction between different age groups.
Another drawback, says Molly Alexander, could be the difference in food habits of the residents. Vegetarians and non-vegetarians may not like the food being cooked in the same kitchen and dining next to each other. In fact, she knows of one person from her community who left because she could not stand the smell of fish in the community dining hall. Again, many developers are paying attention to this problem by restricting some of their communities to vegetarians only.
Work our your retirement living in advance
In general, retirement community housing is more expensive than regular housing in the same area. For example, in a housing development township that has come up near the airport on the outskirts of Bangalore, the usual residential house cost is Rs. 3,400 per square feet, while residential units for seniors cost Rs. 3,950 per sq ft.
Apart from this, the residents of communities have to pay a monthly maintenance fee that can range from Rs. 5000 in budget communities to Rs. 35,000 in high-end ones. Food and electricity are usually extra, although other facilities are included.
Developers provide options for purchasing retirement homes within their communities – ranging from lease to lump sum payment. These homes can also be rented out to other seniors and inherited by the children of the owners. But they, in turn, can only sell or rent it to 55+ senior citizens. If you are undecided or unsure whether you should make a decision to buy a home in a retirement community just as yet, remember you can always rent a unit in a community and try it out. Many retirement communities offer trial stay options.
A retirement community is a residential complex designed to provide comfortable facilities and conveniences for older adults. The number of these communities is on the rise in India, with many senior citizens opting to live in them. Here are 6 reasons why you should consider living in a retirement community.
The era of joint families is fast ending in India. As young people travel out from their villages and towns to find work within India and abroad, they leave behind elderly parents and loved ones who have to fend for themselves even if their children are good enough to send money home. Although many adult children request and want their parents to come and live with them, it is not always possible as one gets older to make the transition to another culture and setting. Many elderly want their own independence rather than living with sons and daughters in law and not having their own privacy and freedom.
But what does one do as the years catch up and one needs greater medical attention, household chores become difficult, going out is an effort and after the death of a spouse loneliness sets in? This is where a new concept revolutionizing the country comes in. Retirement communities like Manasum Avighna provide a solution to many of these problems, without older people having to sacrifice their independence and move in with their children.
Here are 6 reasons for seniors to consider living in a retirement community:
1. Save money on living expenses: This is especially true for people who currently own homes that they can sell and then buy something else in a retirement community. Many retirement communities are far more affordable than people think – offering options of flats and cottages of studio, 1 and 2 BHK – and in the price range of approximately 30 lakhs and above. Many middle and upper class senior citizens in urban areas own homes that are more expensive and hard to maintain. Many of them choose to downsize by selling their property and moving to a smaller home in a retirement community that is more manageable at an older age. They can use the money they save to maintain a better lifestyle or travel. Besides purchase, there are lease and rental options available in many communities too.
Retirement homes like Manasum Avighna offer freedom from household chores and the joy of comfortable living
2. Freedom from housekeeping and other chores: All retirement communities, besides offering facilities that good housing societies offer (plumber, electrician, etc. on call), provide housekeeping services as well. Imagine what that means – freedom from finding maids and servants and constantly wondering when they will up and leave you in the lurch! It also means freedom from household chores like cleaning, laundry, maintenance of garden, and cooking! Community dining with healthy and nutritious food, keeping elderly diets in mind, is provided at all retirement communities. All this for a monthly maintenance fee that is usually only slightly more than what housing societies charge.
3. Age friendly homes: Most independent homes and flats in buildings are not age friendly. Doorways are not wide enough for wheelchairs, elevators not big enough for stretchers and many housing societies do not even have ramps for easy movement of disabled people. Retirement communities provide all these facilities because they are designed keeping the elderly in mind. Besides this, the insides of the units have anti skid tiles, grab bars and toilet rails in bathrooms. They also have better lighting and arrangements for transporting the elderly around the campus to visit friends or the clubhouse so there is no need for much walking. Alarms connected to the main office are mounted in bathrooms and bedrooms that the residents can pull in case of an emergency. This is very important because if, for instance, you fall down in your own home, there may not be any way of reaching out for help.
Spacious senior living spaces likes Manasum Avighna come with age-friendly amenities and support of trained staff at hand
4. Safety and security: Given the increasing number of crimes against the elderly around the country, especially against those living by themselves in independent homes, retirement community living can be a blessing. The communities are securely guarded, with CCTV cameras around the campus, guards at the gate, and alarms in the living units.
5. Reduced isolation and increased socialization: This is perhaps the biggest plus of community living. As children leave home and people become generally more infirm with age, isolation hits them in a big way – it is often exacerbated with the loss of a spouse. Studies have shown that loneliness is a leading cause of early death and socialization with peers is associated with better quality of life and higher energy levels. Living around other senior citizens of around your age means you can go for walks together, play cards, dine in the same hall, sit comfortably across each other at the library and read, etc. All communities offer a clubhouse and some have swimming pools. Besides, most retirement communities organize events and workshops around festivals and other occasions for their residents so they can lead active wholesome lives. This is much better that sitting at home alone and watching hour upon hour of television with no social interaction.
6. Ease of availability of medical care: This is the biggest concern of the elderly as well as their children who have to leave them behind. Who will they call in case of a medical emergency and how will they get to a medical facility? Retirement communities are almost always located close to good hospitals, have an ambulance on their premises, have round the clock nursing staff and a doctor on call. In addition, some communities keep health records of their residents on their premises and offer periodic physical checkups. Some have physiotherapy rooms and ayurveda facilities too. They understand that health is the uppermost concern for the elderly and make sure they prioritise it too. Additionally, there are many new communities coming up that offer assisted living and palliative care for those in an advanced age of ill health who need constant physical care and attendance and don’t have any family to take care of them.
Eventually, living in a retirement community is a choice one has to make based on one’s circumstances, finances and in consultation with loved ones. For some it is an easy decision, for others it is harder to leave their own comfortable home and make the move. However, there is no doubt about the fact that retirement communities is an idea that is now here to stay in India and, with time, can only improve and grow.
Note for readers: This is a promotional feature
Technology can help senior citizens lead an independent and active life. The newly launched service Empowerji shows how.
How can I send photos to my son from my phone?
How do I make a video call?
How can I pay my electricity bill online?
If the questions sound familiar, it’s probably because they are common technology issues that many senior citizens face. While paying the electricity bill online definitely works easier than standing in queue under the hot sun, many senior citizens are uncomfortable with the idea of online transactions or unsure how to go about it. The same goes for ordering groceries online or downloading an app like Ola or Uber that could make commuting easier.
Tech-solutions can add a lot of ease to the lives of senior citizens who are increasingly living on their own or have children who are extremely busy to sit and patiently explain everything to dad or mum. It’s this idea that motivated Aparna Thakker to start Empowerji, a service that empowers older adults by educating them about technology.
“The idea for having services for our parents was long embedded in my mind from the days I used to live overseas and my mom was in Mumbai,” Thakker says, adding, “From personal experience and interactions within social communities, I observed that there is a gap between older adults and technology adoption.”
The solution was to start workshops and instructional content to educate seniors. Empowerji started with pilot workshops in March 2018 and started developing learning content shortly after. The workshops are offered free to senior citizens currently.
The Empowerji team thinks it’s important for seniors to get comfortable with technology.
“The fact is that tech is here to stay and will get bigger and better. The sooner the older generations adopt it the better their lives will be,” Thakker believes.
How Does Empowerji Educate Seniors?
Empowerji conducts Stay Connected workshops for senior citizens across Mumbai. Their older participants are taught how to use apps, pay bills online, do online shopping and informed about cyber security and how to stay safe online. The team has also built free learning videos which includes simple steps on how to use apps and sites in multiple languages. These videos and more can be accessed on the free Empowerji Mobile App available on the iOS App Store and Play Store.
What’s Special About the Workshop & Videos?
The Stay Connected workshops by Empowerji cover everything from mobile basics to using everyday apps and websites to make life easy. An advanced version of the workshop gives hands-on learning on five everyday apps. Empowerji can also cover topics based on what a group of seniors may want. The typical duration of a workshop is 1.5 to 2 hours.
The Empowerji videos on their App touch upon tech troubles that senior citizens typically face. You can learn about various tech-friendly services that could really help in your daily life, such as ‘How to pay your MTNL bill online’; How to use Google Maps; How to order food from Swiggy; How to renew your passport online; How to buy grocery online; How to add money to an Ola account, to name just a few.
The videos are in English, Hindi and Marathi and soon will be available in other languages thus making them understandable for a wide range of older adults.
How different is it from the standard YouTube instruction video?
“Although there are a bunch of Tech videos on YouTube, they do not talk the language of seniors. At Empowerji, we have tried to explain each and every step in the process with written subtitles to ensure easy understanding,” says Thakker, explaining why their videos are different and work well for seniors.
The videos and workshops make a good learning combination. The Empowerji team has conducted several workshops in Mumbai with more in the pipeline from October 2018 onwards. The response has been good with many seniors acknowledging that the workshops helped them find different uses of technology and understand it.
How to Attend the Workshops & Access the Videos
Senior citizens can register for Empowerji workshops on http://empowerji.com/workshop-information/ or even request one to be conducted for their group or community by connecting with support@empowerji.com or on social media www.facebook.com/empowerji.
Seniors with mobility issues can access their videos on the Empowerji Mobile App. Seniors can also signup for their Tech Support service which will be a subscription-based model projected to be launched soon.
All photographs courtesy: Empowerji
Note for readers: This is a promotional feature
What is Reverse Mortgage? Financial experts from ithought Financial Consulting present a detailed guide.
What would you ideally need to retire? A steady flow of income, a sizable corpus, and a sense of financial security. Imagine you saved consistently but invested predominantly in real estate. Upon retirement, you would find that while you were still well off you might be strapped for cash. Today, young people aspire to own their own homes and buying a house is easier with higher disposable incomes and better access to home loans. So, rental income may not be as lucrative or reliable as it was before. Investments in property are capital intensive and they tend to skew asset allocation in their favour. While owning real estate imparts a sense of financial well-being it does not offer liquidity. But, financial independence is integral to a financial security. So, could a reverse mortgage be the solution for someone who is heavily invested in real estate?
What is a Reverse Mortgage?
Think of it as the opposite of a home loan. Under a reverse mortgage, you pledge your house to the bank, who in return offers to pay you in regular intervals over a period of time. The advantage of a reverse mortgage is that you and your spouse own the house through your lifetimes.
This means that you remain responsible for the upkeep, insurance, and taxes due on your property.
Depending on the payment structure you use, you may receive an inflow for a fixed term (Regular Reverse Mortgage Loan – RML) or throughout your lives (Reverse Mortgage Loan Enabled Annuity – RMLeA).
Reverse mortgages are typically offered only to senior citizens.
Structuring Income
Banks allow you to structure your payments regularly or as a lump sum. You can also do combination of both through either a normal reverse mortgage loan (RML) or one that is converted to an annuity (RMLeA). It’s important to understand the features of each option.
RML: The RML offers payments for a fixed term. You would receive no income if you survive the term of the loan. The maximum term that RMLs offer is twenty years but it could also be lower depending on the bank. The payments made by the bank are linked with the principal borrowed. The income you earn from the bank under an RML is currently not taxable.
RMLeA: In the RMLeA, the bank transfers the loan payment to an insurance company who would purchase an annuity on your behalf. You would continue to receive annuity payments (pension) until your death. The income you earn from the annuity is taxable.
The Fine Print
For starters, the loan issued will not be equal to the value of the house. Banks issue a loan based on the LTV (loan to value) percent, and not the actual market value of the property. The LTV depends on various factors such as the location of the property, the borrower’s credit history, the bank’s policies, etc. The LTV normally ranges between 40 per cent to 60 per cent of the value of the house.
Additionally, RML have higher interest rates (11 per cent per annum currently) than housing loans (8.3 per cent-8.7 per cent). Since the title is never transferred to the bank, at the time of settlement, the tax liability will fall on to the legal heirs.
The RML can be settled in two ways. Either your legal heirs buy back the house by settling dues with the bank (principal and interest payment). In this case, they would be eligible for only one year of tax benefits (at present the maximum deduction is Rs. 1.5 Lakhs of principal and Rs. 2 Lakhs of interest) on the home loan payment. Or, the bank could sell the property. The legal heirs would be entitled to any profits but would be liable to pay capital gains on the sale. This is applicable to both RMLs and RMLeAs.
There are restrictions on what you could do with the lump sum that the bank pays you – for instance you cannot invest in equities. Over and above this, you would have to pay a processing fee and there may be other associated charges.
Reverse mortgages are expensive financial products. They limit your investment options considerably and are tax inefficient. They could also be cumbersome for your legal heirs.
What Are Your Alternatives?
If you are keen on financial independence, you could liquidate your real estate assets and downsize to a smaller apartment. Contrary to popular belief, renting makes more financial sense than buying real estate. The problem with annuities is that you don’t have access to your entire capital. If you like the concept of a reverse mortgage, you could directly enter into an informal agreement with your children instead of using an intermediary like a bank. Financially speaking this might be a better solution for the family.
A fixed source of income is hard to come by as you grow older and discounts and special offers certainly help. Here?s a quick look at some travel concessions and discounts for senior citizens in India.
While our transport system may still have a long way to go when it comes to the best of facilities, it does offer travel concessions and discounts for senior citizens in India.
Railways: Indian Railways offers 40 per cent concession in all classes for men who are either 60 years old or above. Women who are either 58 years old or above can avail 50 per cent concession in all classes. You need to carry an identity proof of age while travelling. This concession is also available in Rajdhani, Shatabdi and Duronto trains. You can see their concession rules here.
Bus: The Karnataka State Road Transport Corporation offers 25 percent concession in basic fare to residents of the state above 60 years of age. Senior citizens need to carry a proof of identity/age proof. It could be Voter ID, Aadhar Card, Passport, Driving License, Senior Citizen Identity Card issued by KSRTC or even government department issued ID card. You can see more details here.
In February, the Delhi Government made travel for all senior citizens free in DTC buses. While the order is to be implemented soon, Delhi Transport Corporation (DTC) at present issues passes to senior citizens on concession for both air-conditioned and non-AC low-floor buses. Senior citizens are issued passes worth Rs. 250 for travel on non-AC buses and Rs 350 for travel on AC buses. To know more details of how to obtain a pass, click here.
In Maharashtra, senior citizens aged 65 and above can get a 50 per cent concession in ticket fare in simple and Nim Aram buses. The BEST in Mumbai does not offer any senior citizen concession. Senior citizens also get a 45 per cent concession for a seat and 30 per cent concession for sleeper coach in Shivshahi buses that ply between cities in Maharashtra. To know more, click here.
In Chandigarh, senior citizens of age 65 and above get a 50 per cent concession for travel within Chandigarh. To know more, click here.
Haryana Roadways offers 50 per cent discount to senior citizens (Women above 60 and men above 65) in the fares of state roadways buses to any destination, including those in other states. Details can be found here (PDF in Hindi)
The Himachal Pradesh Road Transport Corporation offers a 20 per cent concession to senior citizens aged 60 years and above, under the Smart Card scheme. Details can be found here.
Holiday: The West Bengal Tourism Development Corporation offers 20 per cent discount to senior citizens in their properties. Details here.
Airlines
Air India wins hands down with its 50 per cent discount in Economy class for senior citizens above 60 years of age, with Indian citizenship and permanently residing in India. Discount is valid for domestic travel within India. Most other airlines offer only a six to eight per cent discount to senior citizens on booking of domestic flight tickets. Details here
IndiGo provides a six per cent discount to senior citizens on the base fare and this can be availed only by booking tickets from the airline?s website.
GoAir is offering an eight per cent discount on booking of domestic flight tickets and the discount offer is applicable on base fare. You need to make the booking on the company?s website to avail the discount.
Vistara offers up to 10 per cent off on adult base fare for passengers booking under Economy Standard and Economy Flexi fares. View details here
On Jet Airways too, senior citizens above 60 years are entitled for an 8 per cent concession on the adult basic fare in Economy Class across domestic sectors. Tickets need to be purchased 15 days in advance. Details here .
SpiceJet also offers a six per cent discount on base fare to senior citizens.
Do you know of more travel concessions and discounts for senior citizens that we may have missed? Send us an email on connect@silvertalkies.com and tell us. We shall try to keep this updated as much as possible.
Inspired to travel? Here are some senior-friendly travel tips!
Once a young widow who struggled hard to raise her children, senior entrepreneur Geeta Chandrashekhar now runs a sari business and is an example of living life on her own terms.
Life may throw many challenges at us but how we deal with them is entirely our choice. Senior entrepreneur Geeta Chandrashekhar too made her choice. She chose to look life in its face and with her indomitable spirit took every hurdle on.
Married at 21, Geeta was a simple girl from Delhi who loved to study and joined Syndicate bank after college. All was well until life dealt her a rough blow and she lost her husband to an illness while in her 30s. The young mother suddenly found herself single-handedly responsible for raising two children. Unfazed and determined to be both “father and mother” to her children and with the support of her parents, she continued to work at the bank. Her work also helped her cope with loss. “Having a job and that too one that required me to deal with clients on a daily basis, sometimes difficult ones since I was in the advances department, helped me cope with my loss to a great extent,” says Geeta.
Two years after her husband’s death, Geeta moved to Bangalore along with her parents to be closer to her brother. It was an unfamiliar city for her and the new language, local clients and an office away from home didn’t make life any easier. But Geeta’s determination to create a good life for her children didn’t waver. She not only learned the language and interacted with the locals, she also stayed away from home because of her job six days a week only to return on Saturday nights to be with her children. This continued for three long years! “I was a joint custodian at the Mysore branch of the bank, so I would leave work only at 4-4.30 pm every Saturday to travel to Bangalore by bus or train so I could spend a day with my children.”
After toiling for a long time, Geeta decided to take voluntary retirement once her daughter turned twenty and moved back to Bangalore for good. She was 44.
Sarees from Geeta’s collection
Photographs: Geeta Chandrashekhar
New beginnings, new revelations
Having quit her professional career, Geeta was now looking for new avenues to keep herself engaged. She started by joining the local chapter of the Laughter Club in her locality. While attending the one hourly exercise sessions, Geeta started unravelling the latent talents of fellow members of the group. She soon decided to mobilise them to be more than just an exercise group, with help from other like-minded people. Led by Geeta’s nimble mind, the group was soon organising and attending quiz sessions, participating in bhajan singing and shloka chanting competitions and even winning trophies at various cultural and sports meets meant for senior citizens. The group holds the rolling trophy for winning the maximum number of prizes at the Bangalore edition of Laughter Clubs’ convention, for the last two years. Women of the group participate in the annual competition held at ISKCON temple in Bangalore. Most of the members are retirees from the University of Agricultural Sciences and are active at events and workshops organised by the Gandhi Krishi Vigyan Kendra (GKVK). Geeta is also member of the Lalbagh Horticulture Club and is a gardening enthusiast. “The idea behind all the activities is that one should continue learning whatever be the age or reason. We encourage everyone to participate,” says Geeta.
But this is not all. There is more to Geeta’s story.
Some more…
A self-sustaining entrepreneur
Geeta is a thriving entrepreneur too. She runs a saree business from her home catering to the dressing needs of all senior women in her locality, who though fond of shopping, are unable to visit the markets due to various reasons. “All the women in my group used to appreciate my choice of sarees and would wonder at the economical prices of the same. They would also lament about their inability to shop for themselves, being dependent on others for their shopping needs and having to accept other people’s choices as their own,” recalls Geeta. This gave her an idea to cater to their needs by starting a saree business and bringing it closer to the women in her group. “Hence the start of my venture Vinayana sarees (named after her grand-children Vivan and Nayana),” says Geeta proudly.
Today, you can find Geeta happily chatting away with her women friends over a cup of coffee while showcasing her collection of sarees. She is fiercely independent and proud that she could make her two children stand on their feet of her own accord and via her own savings. Her struggle through their growing years has paid off. Her daughter works at a leading software company and her son is a pilot at a leading airline. “I established my business too on my own,” says this proud entrepreneur signing off.
You can check Geeta Chandrashekhar’s saree collection at https://www.facebook.com/vinayanasarees
Retirement homes are fast becoming a growing trend across India. We speak to experts and take a look at the different options available in terms of facilities and financing that would help you make an informed choice. By Nidhi Chawla
Retirement homes, a concept borrowed from US and Australia, seems to be a trend catching up fast in India, evident from the multiple queries that we receive from the readers of Silver Talkies. The Jones Lang Lasalle (JLL) report on Senior Living in India says there are about 30-35 senior living projects across India, in various stages of development. Most of these are concentrated in the South and West of India with North India catching up fast. However only three lakh units are on offer through these projects that will serve only 0.0001 per cent of the country’s senior population, signifying a huge market potential.
With increasing purchasing power and rise in nuclear families, there is a shift in the mindset of seniors too. They now want to be self-reliant and spend their retirement years pursuing their interests, while being comfortable and secure. Many leading real estate developers are looking at serving this need and are foraying into the senior living space. Mostly set up as independent living spaces catering to physically active and independent seniors, few real estate developers who are serious about catering to this segment are also looking at developing assisted living spaces to serve the seniors in need of assistance with activities of daily living.
So if you too share this thinking and want to opt for a retirement home, it is imperative that you look at few aspects of this flourishing space before choosing one. We bring you a ready reckoner of sorts to help you decide, with inputs from Mr. Adarsh Narahari, Managing Director, Mantri Primus Lifespaces. Mantri Primus has two senior living projects in Bangalore – Primus Eden (ready to move-in) and Primus Reflection (under construction).
Some important aspects to consider while choosing a retirement home:
Type of retirement home
There are mainly two types of senior living projects in the market – independent living and assisted living. Depending upon your physical condition you could choose any of the two models. While both models are adapted to suit the needs of seniors, with features like anti-skid tiles, grab rails in the bathroom, low-height shelves etc. and come with many on-campus facilities like primary healthcare, housekeeping, cafeteria and engaging activities, the main difference lies in the kind of assistance available. Assisted living homes provide you with attendants to help you with activities of daily living while independent living homes are meant for physically fit and active seniors.
Few skilled or nursing care projects are available too for those requiring continuous nursing care.
Primus Eden is an independent senior living project that comes with a health centre, well-equipped cafeteria with menu designed by qualified nutritionists, facilities like swimming pool, gym, library and indoor and outdoor games, etc.
After you have decided on the type of retirement home you need, you need to look at the finance model that suits you. There are three models to choose from, each with its pros and cons.
Outright Buy –Charged on a per sq ft basis, the title of the property is in your name allowing you to use it for financing purposes if needed and also gives you the benefit of capital appreciation.
Pure Rental – You need to pay a monthly rent along with a nominal deposit at the beginning of your stay. While this eases out the capital burden and gives you the flexibility to exit any time, you do not benefit from any of the advantages related to capital appreciation available to a house owner.
Long Lease – You need to pay a high initial deposit and a regular monthly rental. While this option eases the initial investment needed in case of an outright purchase the benefits of capital appreciation are limited and refund options for the deposit can sometimes be unclear.
Talking about Mantri Primus’ projects, Adarsh Narahari tells us, “For Eden there is a refundable deposit of Rs 25 lakhs and Rs 25,000 per person per month as the monthly fee. This includes facilities of food and beverage (F&B), medical, concierge, housekeeping, all activities, utilities, etc. At Reflection we are selling apartments starting from Rs 40 lakhs onwards. Monthly cost here varies from just Rs 2,000 per month onwards depending on the services availed.”
While deciding the finance model you also need to keep in mind the aspect of inheritance and resale.
The self-owned senior house can be transferred or resold like any other house, however the retirement home can be occupied by only senior residents. So in case you are bequeathing the property, your heir would need to wait till they are senior citizens to move into this house or resell it to another senior citizen. This makes these properties less liquid.
Size of unit
Various options are available when it comes to sizes of the unit – studio, 1 BHK, 2 BHK, 3 BHK and even villas, with sizes ranging from 500 sq.ft studio apartments to 2500 sq.ft 3 BHKs and villas, as per the JLL report. You can choose the size you need as per your requirement.
Primus Eden has the option of studio and 1 BHK homes.
Budget
Senior homes usually come at a premium vis-à-vis regular homes. However the good news is that the price range is really wide, from 35 lakhs to over a crore, hence you should be able to find something to suit your pocket. While considering budget you also need to factor in monthly maintenance charges for the use of on-campus facilities, besides the outright purchase costs.
Facilities
Most of these projects come with on-campus facilities to keep you physically and mentally active – swimming pool, gym, library, indoor games, etc. Doctors and nurses on call, security and cafeteria taking care of your meals and tie-ups with third parties to facilitate well being, both mental or physical, are common.
Primus Eden has tie-ups with Nationwide for medical, Superseva for concierge and VAR for housekeeping services in addition to other on-campus facilities highlighted earlier.
While all the above are important, Adarsh Narahari also asserts the importance of checking out the credibility of the senior living developer/ operator and their track record for care and passion.
So next time you go house hunting in a senior living project do weigh in the above aspects while arriving at a decision. Wishing you happy living!
Do grandchildren have a right to grandfather’s property? Thinking of leaving your property behind for your grandchildren? Here’s what you should know.
A grandchild’s right to his or her grandfather’s property depends on the nature of the property the grandfather has – whether it is self-acquired property or ancestral property.
Ancestral property
Property inherited by a Hindu from his father, grandfather or grandfather’s father, is ancestral property. Any property that passes undivided down four generations of male lineage is called ancestral property. The grandson’s right to a share in this property accrues by birth itself. This is different from other kinds of inheritance, where inheritance opens only on the death of the owner.
Ancestral property rights are determined on the basis of per stirpes and not per capita. Therefore, first, each generation’s share is determined and then successive generations sub-divide what has been inherited by their respective predecessors. In an ancestral property, grandsons have an equal share on the same.
According to a Supreme Court ruling, a daughter can only claim ancestral property if her father died after the amendment of the Hindu law. The apex court said that a daughter’s right to ancestral property does not arise if the father died before this amendment, which came into force in 2005.
Making a will is one of the best things a senior citizen can do for their loved ones. Here’s a detailed guide
Self-acquired property
Indian law concerning Hindus is very clear that self-acquired intestate (no will made) property only of the deceased male/female Hindu is inherited by his/her sons and daughters in equal proportion along with the surviving spouse. The grandsons or granddaughters have no right to inherit or claim any share in the property of the grandfather or grandmother if their own father or mother are alive. The grandchild does not have a birthright on the self-acquired property of the grandparent. The grandparents can transfer the property to whoever they wish in a will.
We asked our legal expert Shiv Kumar to shed more light on this and here is what he had to say: Whether grandchildren have a right to their grandfather’s property depends upon whether such property is joint family property or the self-acquired property of the grandfather. If the property is joint family property (HUF property) the grandchildren would also be entitled to a share depending upon the number of members or coparceners of such joint family. However, in the case of self-acquired property of grandfather, no such right vests in any person much less grandchildren to inherit the grandfather’s property. The grandfather would have absolute rights to dispose of his property in any manner of his choice, including by Will.
(The above guideline is based on the Hindu Succession Act. There may be some differences in some states and/or different religions. This guide does not constitute legal advice and is not a substitute for a lawyer.
An upcoming senior living project in Bangalore, Manasum Avighna, plans to offer peaceful and relaxed retirement living to its future senior residents. We take a look.
The retirement years could be the best time of your life. With some of life’s important commitments taken care of, this could be the time to truly put your feet up and indulge in doing things that you have always wanted to do. Perhaps you could restart indulging in your favourite hobby or learn a new language? Go travelling with your better half or volunteer for a cause close to your heart.
However, wouldn’t it work best if you could live the rest of your retired years free from the worries of managing your daily living requirements and activities? Managing medical needs that increase with age such as regular health check-ups, doctor visits and medicine purchase often becomes cumbersome as we grow older but what if you could live in a place where these things are taken care of?
Manasum Avighna, a new project coming up in South Bangalore, close to Electronic City, is one such. A venture by people passionate about senior housing and with the requisite experience in the field, the company is promoted by Mangal Chand Jain, Anatharam Varayur & Sumathy Anantharam. The developers have utilised their learnings from their five years of experience in retirement homes, with an existing project Sukh Shanti in Bagalur, Tamil Nadu (near Sarjapur).
Retirement homes are the new buzzword in India and we read about them every day. So what sets Manasum apart from other retirement communities? Is it the open, green space? The age-friendly amenities or the opportunity to live your retirement years in a community that promises to encourage active senior living?
The Environment
For most Indian senior citizens, moving to a retirement home is a significant decision. One of the key reasons many choose to do so is to live in a space that is away from the hustle and bustle of the city and peaceful. With 110 luxury homes on a one acre land, Manasum Avighna, which is coming up near Jigani Circle in Bangalore, includes 50 percent open space, with unspoilt greenery all around. Living in a fairly pollution free environment can be extremely beneficial at an older age and that is something this project offers in abundance. With 20 per cent of the construction done, the completion is expected by October 2019.
The concept of openness extends to other parts of the project as well, with a huge courtyard and large corridors with excellent seating, natural lighting and ventilation. These areas are meant to serve as social and community areas for the elderly residents at Manasum. One of the key highlights of most retirement homes is also the peer interaction and social aspect. The open, airy design at Manasum is geared towards encouraging this.
What’s In Store For Senior Residents
Health is an important factor when it comes to active ageing and Manasum Avigna offer a state of the art clubhouse that comes with every kind of health and exercise facility. There’s a senior friendly gym with equipment and instructors to help you work out extra calories and a walking track. If you would rather exercise your mind, there’s a library and games centre with snooker and other indoor games.
Since this is an upcoming project, there are plans for tie ups with Narayana Health City, Vijayashree multi speciality hospital and S-Vyasa yoga university. In-house nursing facilities are there for immediate assistance with regular visits by doctors and physiotherapists. There’s also an ambulance service for emergency situations, so that senior residents and their families do not worry about critical care in an emergency situation. Interestingly, while most amenities in the project are for active seniors, they also plan to offer assisted living facility, however on a case to case basis.
Senior residents have a lot of activities in store for them, to help them live their days in a fulfilling, active way. Some of these would include daily meet up for meditation and exercise; monthly picnic; weekly movie watching; workshops and seminars on interesting topics. Several seniors wish to volunteer for a good cause but are not sure how. The residents here would get a chance to involve themselves with corporate social responsibility (CSR) activities organised by the company towards charitable causes.
The Amenities
The project comes equipped with standard luxury retirement living amenities such as SOS button, anti-skid tiles, grab bars, open living area and kitchen plan to ensure ease of movement, Stretcher Capable Lifts, CCTV cameras, 24X7 nursing care, daily housekeeping and laundry facilities, among others.
Convenience is the buzzword here. The food and dining area serves healthy vegetarian fare with a spread that ranges from the North of India to the South with continental fare also included. Tea and coffee is available in the morning and evening, as are evening snacks. If you wish to cook in your own unit, the option is available too.
Retirement doesn’t always mean retirement from work in the strictest sense and many seniors are actively involved in a second career. The Manasum campus comes equipped with a wi-fi enabled business centre ensuring that you can smoothly go about your business. The campus also has a utility store for residents to pick the groceries of their choice and banking services so that senior residents can rest easy and stop running around banks.
Would investing here work for you
While only time will tell that, the options that the Manasum Avighna project offers are quite attractive. A 620 sq. ft. 1 BHK would be priced around Rs 28.4 lakhs and a 750 sq.ft 1 BHK around 33.4 lakhs, inclusive of basic price and GST and exclusive of registration, car park and interior charges. Currently, the promoters have loan approvals from ICICI and PNB, with other banks in the pipeline and a 90 % funding availability. Going by their previous experience with Sukh Shanti, the developers feel there are chances of high rentals if you invest here. With their Sukh Shanti project fetching rentals in the range of Rs 10,000 to Rs 12,000 per month, the expectation from a premium project like Manasum Avighna is around Rs 13,000 to Rs 15,000.
To know more about this upcoming project, visit http://www.manasum.com/
Note for readers: This is a promotional feature
A draft Bill termed “MAINTENANCE AND WELFARE OF PARENTS AND SENIOR CITIZENS (AMENDMENT) ACT, 2018 is pending consideration. The Act proposes to amend the existing Act. The salient features of the proposed Amendment Act are detailed below:
(1) The concept of the right to “live with Dignity” recognised and introduced into Act.
(2) The concept of “Well being” of parent/senior citizen recognised.
(3) The definition of ‘children’ has been expanded to include a biological or adoptive/step son/daughter, son-in-law, daughter-in-law, grandson, granddaughter and a minor through his/her legal guardian.
(4) The term “Maintenance” to include “safety and security, provision for food, clothing, housing, medical attendance, treatment”.
(5) The age for availing facilities and benefits extended by the Central and/or Stage Government, Semi Government and private organisations has been uniformly fixed at 60 years.
(6) “Welfare” has been defined to mean provision for food, housing, clothing, safety and security, health care, recreation and other amenities for the “well being” of parents and senior citizens.
(7) Provisions have been made for establishing Multi-Service Day Care Centres and Senior Citizens Care Homes for senior citizens.
(8) The concept of partnership (PPP) with voluntary agencies and non-Governmental organisations for implementation has been given recognition and made permissible.
(9) The time limit for completion of proceedings before the Maintenance Tribunal namely 90 days to be computed from the date an application for maintenance is received by the Tribunal and not from the date notice of the application is received by the children or relative.
(10) Parameters for the Tribunal to determine the quantum of maintenance would be:
• to ensure a “reasonable standard of living” for a senior citizen or parent;
• source of income/earnings of the senior citizen/parent and children;
• requirement of the senor citizen/parent;
(11) The limit of Rs.10, 000/- per month as maintenance is sought to be removed and determination is to be based upon needs of the senior citizens.
(12) The Maintenance Officer is made liable to enforce orders of the Maintenance Tribunal.
(13) The right to file an appeal against any orders of the Maintenance Tribunal is sought to be conferred also upon the children and/or relatives. However, in case of appeal by children/relative, it would be a precondition that the maintenance allowance that has been ordered is infact paid to parent/senior citizen.
(14) The concept of “Old Age Home” has been substituted by the concept of “Senior Citizens Care Home”.
(15) Recognizing the changing social scenario and value systems, provisions have been made for establishing Multi-Service Day Care Centres and Senior Citizens Care Homes for senior citizens.
(16) Minimum standards for senior citizens care homes and multi-service day care centres to be prescribed by the Central Government.
(17) Section 23 of the existing Act, which provides for cancellation of instruments of transfer is sought to be amended to make it more effective. The proposed amendment would be that if a senior citizen or a parent has transferred his or her property by way of gift or otherwise, subject to the following conditions:
(a) that the transferee would provide basic amenities and physical needs such as food, clothing, residence, medical attendance, treatment, recreation etc., to the senior citizen or parent to lead a life of dignity;
(b) that the transferee shall not further transfer or sell the said property without the consent of the senior citizen or a parent and if the transferee refuses or fails to provide such amenities, the instrument of transfer be declared void by the Tribunal.
…And if the transferee refuses or fails to provide such amenities, the instrument of transfer could be declared void by the Tribunal at the instance of the parent/senior citizen.
(18) A definition of the word “abuse” has been introduced. It has been defined to mean negligence in such a manner which causes physical or mental suffering, assault or injury to a parent or senior citizen, by children or relatives who are obliged to take care of them leading to a decreased quality of life.
While some steps have been taken to promote elder welfare the Elder’s community in India needs a far greater degree of attention and care. Substantial and far reaching measures are required to ensure the emotional well being of Elders. One hopes that in the near future Elders will be given their fair share of rights to ensure that the dawn of their lives is made happy and joyful.
— By Shiv Kumar
Have your children moved out leaving you lonely in a big empty house? Do you find time hanging on your hands post-retirement? Here’s a step by step guide to running a homestay from the very comfort of your own home.
Homestays are the new global trend that is transforming the way people take vacations all over the world and India is not an exception. Exciting and interesting for both the visitor and the host, homestays are economical, interactive and provide the best way of experiencing the local flavor of a place compared to impersonal and expensive hotels.
What is a Homestay?
Wikipedia says: “Homestay is a popular form of hospitality and lodging whereby visitors stay in a house or apartment of a local of the city to which they are traveling.” The Indian government classifies an establishment as a homestay or bed & breakfast (B&B) if the owner/s of the property is physically residing there and has a minimum of one and maximum of five rooms available to rent.
What Makes Running a Homestay an Attractive Option For Seniors?
It’s a dream job for many – young and old alike – to run a homestay or B&B and host travellers from around the world. But it may be a particularly good option for active seniors who:
• Have at least a couple of rooms to spare in their home, perhaps because their children have moved out
• Have time on their hands post retirement
• Like to socialize and interact with new people
• Could use some extra income
• Do not have much money to invest in starting a new entrepreneurial venture
But the most important thing to know is that a homestay is different from a hotel. You will be sharing your home, food and lives with the people who come to stay with you. It is the personal touch and interaction that differentiates a homestay from a hotel. So right off the bat, if you are not a people person, reject the idea of running a homestay.
The interiors of the homestay Svarg
Where Should You Set Up Your Homestay?
Do you want to sell your city home and reinvest in setting up a homestay outside the city because you’re tired of the pollution, traffic and noise? Or do you want to stay where you are and host visitors who may enjoy the many attractive sights your city has to offer? As for the kind of property needed, take a look at some of the homestay listings on the internet – people are running homestays from their homes, bungalows, farmhouses and even flats.
Namita Bhatia, 55, shuttles between Delhi and Naggar in Himachal Pradesh where her partner Shams Kabir stays full time to run their homestay called Svarg. On the other hand there is the very successful Granny’s Inn, run by Aruna and Asha, both in their 60s, in the bustling city of Varanasi. They wanted to maintain the mansion one of them inherited and thought setting up a homestay would be the ideal way to do it.
How Much Money Do You Need To Set Up?
Nagesh Hodachalli, 71, who runs a homestay on a coffee plantation in Sakleshpur, Karnataka, says, “All you need is 2-3 spare rooms and hardly any investment.” Adds Praveen Khanna of Silver Oak Farm homestay at Nandi Hills, Bangalore: “You’ll need money to buy some good linen and invest in updating the bathroom fittings, and you should be all set!”
Besides these basics, your costs will also depend on the amenities you want to offer and the staff you hire. Says Nagesh, “Ours is a real homestay, not the resorts that young people are building these days and calling homestays. At our place, guests stay in the main house and we barely have any staff. My wife and I serve the food ourselves in our own dining room, not in a separate hall. These days people are providing all kinds of fancy things like dancing and campfires in the name of homestays. That is not what they are meant to be – serving varieties of foods like in resorts. Homestay means living with the family and eating what they eat – good food.”
While this may be true if you are converting an existing property into a homestay, the cost can run into crores if you are buying land and putting together the infrastructure. For example, Praveen and Meera Khanna bought Silver Oak Farm and designed and constructed their residence to serve as a homestay. They had to spend on getting the infrastructure up and running, hire and train staff, and furnish the guestrooms comfortably.
Silver Oak Farms, at the foothills of Nandi Hills
But What About The Paperwork?
Based on the facilities they provide, homestays are evaluated and classified into different categories by the different states in India. For instance, homestays in Kerala are classified as Silver, Gold and Diamond but in Rajasthan there are only Silver and Gold categories.
Rules have changed since the early days now when homestay applications were handled at the state level; district level offices will accept and process applications, cutting time and cost for those in small towns and villages looking to set up homestays. After the application is submitted, district government officials arrive for a surprise visit and evaluate and rate the facilities being offered. Most states (there are some exclusions like Tamil Nadu) do not consider homestays to be commercial establishments and therefore do not levy commercial, luxury or service taxes. Since a homestay is considered a private residence there are no extra electricity charges or water tax either.
Although the application and registration take only a couple of months and you can start running your homestay, the entire paperwork completion process can take longer. Some states like Karnataka allow application papers to be uploaded online.
How To Spread The Word and Market Your Homestay
Set up a website with a good description and pictures of your property. Then get friends and influencers – like journalists and travel bloggers – to come try it out. It will help put the word out`
You can also get in touch with sites like AirBnB and Stayzilla and Homestays of India and have yourself listed on their sites. However, although this will mean higher occupancy, you may not be able to pick and choose the guests you decide to host. It also means sharing what you earn with these sites.
“We rely on word of mouth, no marketing. Why should I pay others a commission when I can get enough guests through word of mouth?” asks Nagesh.
But, says Namita, “We prefer word of mouth only so we can have an exclusive clientele. I don’t need people here who eat their food and use the curtains to wipe their hands. But word of mouth has its drawbacks compared to advertising. You get fewer clients obviously so you need deep pockets to tide you over the low season.”
Praveen Khanna says Silver Oak Farm received a huge launch because a respected Bangalore newspaper wrote a half-page article about it. So it would do well to invite some local journalists over to stay and check the place out personally.
The marketing for Granny’s Inn is handled by Asha’s daughter Shilpi and son-in-law Manish. For seniors who feel technology challenged, it may not be a bad idea to enlist the help of some young family member or marketing expert. The payback from having full occupancy most of the time may make the investment worth it.
How a homestay is different from just renting a room and how to run the perfect homestay
“It is your unique hospitality and the quality of your home cooked food that make the homestay experience different from a hotel. We treat everyone who comes here as our personal guest and make friends with them and their children,” says Praveen. His wife Meera is known for her excellent cooking, the jams and jellies and pickles she whips up (and which they sell too), and everything they serve is fresh and organic from their own farm. They also offer farm tours to their visitors.
Granny Asha pampers and takes care of her guests in ways that no resort owner would. One of her guests from Spain came down with the flu and Asha whipped up her signature turmeric milk with herbs. The sisters, especially Asha who’s more active among the two, make great role models for senior entrepreneurs. They supervise every aspect of Granny’s Inn, making sure that the rooms are clean, the laundry done, small details taken care of and the food cooked to everyone’s satisfaction. They even take their guests shopping for Benarsi sarees sometimes!
Challenges and how to deal with them
As with any business there are some challenges to running a homestay. If you’re located in a remote area you will need a system in place to get your supplies. Says Namita, “You can set up a homestay in a place like ours in Himachal as long as you are really fit and healthy. But as you get older, there will be many challenges. For example, we are 20 minutes from the main road and have to climb up and down through the jungle to get our daily needs every day. But I do know other people, like a 70-year-old in Palampur, who runs a beautiful homestay – so it’s not impossible if you’re organized and have good help.”
Other challenges could be:
1. Security. Make sure you have a CCTV at the reception. Keep records of guests’ identity proofs as a precautionary measure.
2. You may have unexpected visits from local bodies that are unaware of government rules. So be very clear about official procedures and keep all permissions and paperwork with you at all times.
3. If you have to deal with unruly guests and troublemakers, remember that you have complete right to ask them to leave – a homestay is a private property, not a hotel.
Asha and Aruna of Grannys Inn
However, the most common challenges people associate with seniors running a homestay are that the elderly will lack energy, not be able to handle the pressure because of health issues, be old fashioned in their thinking, and face technology challenges in handling marketing and promotion, etc. But the super grannies of Granny’s Inn, Varanasi, have proved everyone wrong with their zeal. They make up for their lack of youthful energy and compensate instead with their compassion, perspective, mental strength and wisdom. They don’t let small ailments stand in the way. In fact, they advocate Ayurveda and have made it a life style, ensuring the food their guests eat is healthy.
But it is not as if age does not take its toll when it comes to running a large and busy homestay. Praveen Khanna, who is 76-years old now, says 55-60 was the perfect age to begin. Now, he feels he is losing steam and consequently the couple has made adjustments to the running of their homestay by accepting guests only if they come as a group of minimum 10 adults.
Rewards of running a homestay
From bringing purpose to one’s life, broadening one’s horizons, keeping one active and engaged, running a homestay can be ideal for seniors.
Nagesh says: “If you can do it, go for it. It is a pleasure for us to serve guests, give them good local food, show them our traditions. It is just like having guests at home, except that you charge them money and make some income in the process.”
And finally, as Praveen says when wrapping up his conversation with us, “The biggest benefit is that you never feel lonely. We have had the finest people come by here, we have built relationships, and very often they leave, giving us a hug.”
Here are options to keep in mind while doing your retirement planning.
The steps for retirement planning are by themselves pretty simple. You need to estimate your post-retirement cash flow requirements, and thereby the corpus you need. You need to think about what kind of investment mix (debt, equity, real estate) you will be comfortable with. Once you have done these two, you need to identify investment opportunities and begin investing.
However, the difficulty lies in envisaging a future that is decades away. You don’t know how much inflation will erode your savings, and you don’t know what risks lie over the horizon. Not least among the risks are regulations and government policies. The last 3-4 union budgets, for instance, have made debt mutual funds far less attractive than they were. Those who relied on them have been hit and have had to review their plans. Here are a few things to keep in mind while planning:
Your Lifestyle: One primary consideration to keep in mind is the kind of lifestyle you wish to lead after retirement. For instance, do you plan to travel extensively? If so, you need higher cash flows, as travel is expensive. Are you planning to move to a Tier-3 or Tier-4 town? Rents may be lower but you may need to travel often to a larger city, especially for medical needs.
Health Factors: This is another thing you need to consider – your state of health and family history. These can vary considerably from individual to individual. While general averages are useful, you need to look specifically at your situation and that of your spouse.
Review Regularly: Finally, bear in mind that retirement planning is just that – planning. You need to review your plan regularly. And after you retire, you need to review it every year. Some of the assumptions you may have made might no longer be valid. Or, the tax laws might have changed. Actual inflation may be higher or lower than anticipated. Maybe an attractive investment opportunity may come your way – like the tax-free bonds that were offered a few years ago.
The Right Age to Start Planning
A good time would be between 40 and 45. This is when salaries would have grown to healthy levels, and the children would still be in school. As a result, couples would have investable surplus at this stage in life. Even modest investments made at this stage, driven by the power of compounding, will grow handsomely over the next 15-20 years, and will help immensely in building the corpus you need.
But keep in mind that while incomes will continue to grow after 45, two things tend to happen. First, you may need to fund your kids’ college education, which could be expensive. Second, you will have fewer years for your investment to grow before you begin tapping into it.
If you have the luxury of doing so, it will be very useful to finish paying off your loans by the time you hit 55.
Investment options for an ideal retirement portfolio
It is best to have a mix of equity, debt and real estate. The return on debt investments tend to hover only marginally above the inflation rate. As a result, they don’t grow significantly in real terms. While debt generally tends to be safer, the value of bonds can fall as well.
This is where equity comes in – it can boost your corpus and can provide a rate of return that is higher than inflation. It can make your portfolio grow in real terms. But it comes with a downside risk too. However, in the long term, equities (especially large cap stocks and mutual funds) tend to perform well. At an earlier stage, equities can be very useful when you are building your corpus. Bull markets and bonus issues can really boost your corpus in a way that debt investments cannot. And you can always prune your equities exposure as you approach retirement.
Within equities, investing in stocks will call for deeper understanding of specific companies, and may be difficult. Fortunately, mutual funds (especially large cap schemes) offer a more practical alternative. Mid cap and small cap stocks tend to be more volatile that large cap ones.
Real estate has an important role to play too, even though it is illiquid. Although the annual returns from real estate (in form of rent) seldom exceed 2% of the current market value, it is the piece of your portfolio you will turn to in the event of an emergency. If you – God forbid – suddenly find yourself in need of tens of lakhs or a crore, real estate can help you.
As far as annuity is concerned, I am not a fan. That is because of the way it works:
The fund manager takes your money and invests it in debt and equity. Let’s say that he generates a return of 8.5% (it could be more) from your money. He keeps 2% for his expenses and profits, and gives you 6.5%. On the other hand, if you were to manage your own portfolio prudently, you could generate 8% to 9% from it. Why give away that precious margin to the annuity fund manager? Besides, the 6.5% you receive from your annuity investment is likely to be inefficient from a tax perspective.
It is therefore critical to construct a good portfolio and to review it from time to time. There is no alternative to doing the research yourself, as financial advisors are often influenced by the commissions they get. Advisors are a good source of information and opinion, but you must make your own choices. In this context, websites like Moneycontrol, Myiris and Value Research can be useful. There are several independent websites where you can look at performance of funds and stocks. They also offer good comparative analysis.
Estimating your post retirement cash flow
Given the way inflation has been eroding the value of the rupee, this is the most difficult part. Also, because a 6% inflation, just to use an example, does not necessarily mean that your expenses will also grow at 6% too. It could rise faster, and for a good reason.
The official inflation rate is based on a typical basket of goods and services. As you grow older, the basket of goods and services you consume may change. Take doctor’s fees, for instance, which takes a larger share as you age. A specialist to whom I was paying Rs 400 per visit a couple of years ago is now charging Rs 700. This increase is far higher than the inflation rate.
On the other hand, the prices of large televisions and nice-to-have appliances might not have risen very much. But the frequency at which I buy such appliances reduces with age. Thus, the inflation rate a retired couple actually experiences may be different from the government’s rate.
While you certainly must prepare a spreadsheet of your best estimate of your cash flow requirements, it would be useful to compare your estimate with what senior citizens and retired people you know actually spend.
Another way is to compute the required corpus based on your cash flow requirements if you were to retire today, and then to double it. Why? Because, one half of the corpus will generate the cash flow you need, while the other half ensures that your corpus continues to grow with inflation.
Let’s say you estimate that you will need Rs. 1 lakh a month if you retire today. That makes it 12 lakhs per year. At 8% returns, this works out to a corpus of 1.5 crores. If you double this to 3 crores, you will generate 24 lakhs in the first year. From this, you draw 12 lakhs the first year, and the remaining 12 lakhs goes back into the corpus.
Next year, you will draw 12 lakhs plus 8%. This goes on year after year, and your cash flow will grow by 8% every year. Even if inflation touches 8%, you will continue to receive the same amount every year in real terms. Healthcare cost is a major concern in the senior years and can lead to unexpected expenditure. This is where equity and real estate come in. With above-inflation returns, equity can help you navigate surprises. And in an emergency, you have the option of liquidating your real estate.
Rent from property is an important component of your cash flow. If you peg the rent to inflation, your rental income will not be eroded by inflation.
Bequeaths & wills
Bequeaths tend to be more expensive than settlements. They have higher transaction costs (which your heirs will have to bear). Settling properties in the heirs’ names when you are alive, reduces the transmission cost significantly. But then, the income arising from the flat will no longer come to you. As is obvious, there are moral hazards here. A key consideration will be the outlook of your heirs and their disposition towards you.
Comparing Options
I believe we should compare options only on a post-tax basis. Pre-tax comparisons can be misleading, and you could find yourself short of money because of it.
As far as reducing risk is concerned, it should primarily be to the extent of eliminating speculative and high-risk investments. It should not go to the extent of eliminating all equities (be it shares or mutual funds). Some amount of equities would help beat inflation and meet emergencies.
The Employee Provident Fund Organization has launched a new pensioners’ portal and an enhanced Track eKYC facility.
Retirement fund body Employee Provident Fund Organization (EPFO) has launched a new pensioners’ portal in a bid to give easier access to pension related information. The portal will help users with details like pension payment order number, payment order details, passbook information and other related information, such as date of credit of pension, submission of pensioner’s life certificate, etc. It will also help pensioners know the status of their life certificates. Further, It will provide details and reason for stoppage of pension.
Please click here to go to the pensioners’ portal: https://mis.epfindia.gov.in/PensionPaymentEnquiry
EPFO has also launched an enhanced “Track eKYC” facility for the convenience of members. This will help them check the status of Aadhaar seeded against their UAN (Universal Account Number) and to figure out the specific mismatch details. To avail of this facility, subscribers can go to EPFO’s website https://iwu.epfindia.gov.in/eKYC/trackUan
Earlier, EPFO made it mandatory to file online claims or provident fund withdrawals above Rs 10 lakh. Under the pension scheme, there is a provision of part withdrawal of pension, commonly known as commutation of pension money. Before the decision, EPFO subscribers had the option of filing online as well as manual claims for provident fund withdrawal as also for pension. The EPFO has over six crore subscribers and manages a corpus of Rs 10 lakh crore.
Here are four savings options for senior citizens that are popular and safe.
After retirement, senior citizens often look at safe and well-regarded investment schemes to put their retirement corpus in and meet their regular income needs. We put together four savings options for senior citizens that are considered safe bets.
1. Post office monthly income scheme (MIS): This is a popular investment scheme where you can invest a particular sum and get an assured monthly income in the form of interest. The maximum investment limit is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account. An individual can invest maximum Rs 4.5 lakh in MIS (including his share in joint accounts). The interest rate is 7.3 per cent per annum. The maturity period the scheme is five years and it can be prematurely closed after one year. To know more, read https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx
2. Senior Citizen Savings Scheme (SCSS): Senior Citizen Saving Scheme is available to senior citizens only. It is a five-year deposit plan with nationalized banks and post-offices. An individual of 60 and above can invest in it as can early retirees between 55 and 60 years of age, who have opted for the voluntary retirement scheme. The interest rate is currently at 8.6 % per annum. A senior citizen can invest in this scheme by opening either an individual or a joint account with a post office or a scheduled commercial bank and invest up to Rs 15 lakh (in multiples of Rs 1,000) only. The amount invested in the scheme also cannot exceed the money one receives on retirement. In others words, you can invest either Rs 15 lakh or the amount received as your retirement benefit, whichever happens to be lower. Read more at https://www.sbi.co.in/portal/web/govt-banking/senior-citizens
3. LIC’s Varishth Pension Beema Yojna: Launched in 2017 the maximum amount that can be invested in this scheme is limited to Rs. 7.5 Lakh per senior citizen. The finance minister has proposed to increase this amount to Rs.15 lakh per senior citizen during the 2018 budget. The scheme does not need a medical check-up requirement and is an immediate annuity plan. You can find more details here: https://www.licindia.in/Products/Withdrawn-Plans/VARISHTHA-PENSION-BIMA-YOJANA-(UIN-512G291V01)
4. Varishth Mediclaim Policy: This has been launched by National Insurance Company for providing health Insurance coverage to senior citizens between 60-80 years. Maximum coverage for hospitalization expenses is Rs. 1 lakh per senior citizen and extends to Rs. 2 lakh for critical illness per senior citizen. The policy can be renewed till the insured senior is 90 years of age. Plan benefits include cost of medicine, drugs, blood, oxygen, diagnostic charges and emergency ambulance charges up to Rs.1,000. To find more details read: https://irdai.gov.in/ADMINCMS/cms/Uploadedfiles/NATIONAL15/VARISTHA%20Mediclaim%20for%20Senior%20Citizens%20Policy.pdf/
The government has launched the Pradhan Mantri Vaya Vandana Yojana, a new pension scheme for senior citizens. Here’s what it is all about.
The Pradhan Mantri Vaya Vandana Yojana was launched on 21st July by the government and is considered a good option for senior citizens who fall in the lower tax bracket or have a small retirement corpus, going by the reports we have been reading. Here are more details on it:
1. This is a pension scheme offered by Life Insurance Corporation of India (L I C).
2. The pension scheme is open to senior citizens of 60 years andabove. There is no maximum age for entry.
3. You can invest in the scheme till 3 May 2018.
4. You can purchase it online or off-line through L I C.
5. The scheme provides an assured return of 8% to 8.30% per annum depending on the mode of payment you choose — Monthly, quarterly, half yearly and yearly.
6. The minimum purchase price for receiving pension is Rs.1.5 lakh and the maximum purchase price to receive monthly pension is Rs.7.5 lakh.
7. The minimum pension available under the scheme is Rs.1000 per month and the maximum pension available is Rs.5000 per month.
8. Premature withdrawal from the scheme is possible in case money is required for an emergency. In this case, 98% of the amount invested will be refunded.
9. In case of the death of the pensioner during the policy term of 10 years, the purchase price will be refunded to the beneficiary.
10. On maturity, The pensioner will get back the amount invested along with the final instalment of the pension.
11. You can also avail a loan of up to 75% of the purchase price after policy completion of three years.
To find out more about the scheme, see here:
http://www.licindia.in/Products/Pension-Plans/Pradhan-Mantri-Vaya-Vandana-Yojana
Featured Image: Silvertalkies
Dr. Pavan Soni continues the series on connecting senior citizens & startups with an insight into the various roles and areas where they could offer their experience and wisdom. If you are a retiree looking at second innings options, we suggest you read this.
In my previous article, I offered the thought of seniors actively sharing their wisdom with entrepreneurs, and while doing so, create a win-win situation across the age and experience continuum. Now is the time to offer some anchoring to the proposal. This article attempts to offer a working model on how interested seniors can offer their time and expertise to upcoming entrepreneurs on various aspects of running a business.
THE CONNECTING MODEL
The core of the model is that of any double-sided market, such as BookMyShow or MakeMyTrip, where on the one hand, there are firms selling their inventory of movie tickets or airlines tickets, and on the other hand, are buyers who seek a wider choice. The listing of inventory happens at various price points and offerings, and then buyers reveal their choices. An online presence eases the transaction between the two parties and makes it sustainable with ever growing traffic. The same is proposed for the exchange between seniors and entrepreneurs.
There are three components to the model. Firstly, the listing of competencies of seniors; secondly, task listing by the startups; and thirdly, matchmaking that engages with mapping the skills to the requirements. In an ideal state, the aspect of matchmaking could be automated as the model picks the pace and have sufficient talent and tasks listed. Let us discuss each of these elements in detail.
LISTING OF COMPETENCIES BY SENIORS
SO WHAT DO WE MEAN BY COMPETENCIES: Competencies stand for the individual’s abilities honed over time and which lead to a repeatable and reliable outcome. With time, several competencies become dormant. The notion of the platform is to give fuel to the long honed competencies which, owing to lack of opportunities, have withered away with time. Let’s talk about a few of these.
Some of the core functions within any organisation include product development, sales and marketing and process management, amongst others, and the support functions constitute of finance and accounting, human resources, training and development, and facilities management, amongst others.
HOW TO PUT THESE TO USE: Competencies in demand within human resources could include conducting recruitment interviews, designing job descriptions for new roles, negotiation, personality assessment, in-boarding, induction programme, goal and objective setting, and performance appraisal, just to name a few. Let’s talk about the human resources related competencies. One of the most critical functions in a startup is right hiring. The founding team has to look for people who share the vision, are passionate, and bring about complementary skills. Getting such people to work for a startup is not trivial, for if they have talent, they may demand more money, and vice versa. That’s where the wisdom of the senior would come in handy, where she can identify the right fit in just a few interactions. A senior can similarly list out a range of areas where he or she has a relatively superior subject matter appreciation and working knowledge, and shows an expression of interest. The imperative is to look at competencies in a wider manner, and not be limited by the typical organisational function. Equally important is to keep in mind areas which the individual is already good at and those where he/ she has an interest in honing further competencies. Better still, if the senior could substantiate the interest with a brief on the relevant work experience, or knowledge.
HOW STARTUPS COULD ENGAGE SENIORS
The key different between a startup and an enterprise is the level of process maturity and overall uncertainty. Startups offer a far more unstructured work environment than a large firm, which could be because of low levels of process definitions, role assignments, capital unavailability, and other social factors. While this general uncertainty helps the setup make rapid strides in learning, the same environment, if continued, can lead to the implosion of the setup. One must appreciate the importance of bringing discipline and robust processes for a startup to scale and become a more predictable setup. That is precisely where seniors, with their enormous work experience and sound work ethics, contribute to the startup.
FIGURING OUT ROLES & TASKS TO SUIT SENIORS: Here, the imperative for the startups is to identify the conventional and the not so conventional roles that could be taken up by the seniors. Certainly, there are roles and responsibilities which, more than others, suit the seniors.
* Some of the key identifiers of such roles would be, high level of repeatability, low levels of error tolerance, process oriented, and where the startup is needing to scale to an enterprise size. To name a few, the roles could include employee engagement and motivation, setting up processes to reconcile and manage inventory, payment process, vendor registration and vendor relationship management, and skill training, amongst others. In certain industries, say educational services, the seniors can even play a lead role in customer facing engagements, such as teach children and adults, offer counselling to parents and students, and help instil discipline in fragile or ailing processes.
THE REAL MATCHMAKING
Finally, the component of connecting the two sides of the market comes. How do you being seniors and startups together? Being an new concept, the market of seniors engaging with upstarts remains largely uncertain. Some of the uncertainties come from the identification of competencies, getting the right skills, shaping the roles that could be taken up by seniors, arriving at the win-win engagement model, and managing systematic interventions regarding competence enhancement, performance management, and compensation and benefits, amongst others.
That is where Silver Talkies will work with both the parties in making a working model run where there is a value add for both the sides. As for the upstarts, they would be able to address their talent problems and infuse the much-needed discipline in the ways of managing the processes in their ambition of scaling up. For seniors, they get another innings to make an impact while being engaged with the sunrise sectors of the industry. Needless to say, the social and economic impact would be enormous, for now, the dormant talent is put to productive use, and through the entrepreneurial activities, more jobs and economic activities are created.
If you are a senior citizen, a retiree interested in the concept and looking at a second innings, do write back to us on connect@silvertalkies.com on how would you like to make a contribution and we shall send you the relevant details.
We look forward to your support in taking this idea forward!
To read the previous article on this topic, click here
In an attempt to bridge the gap between youth, innovation, experience and wisdom, Silver Talkies, in collaboration with Innovation Evangelist Dr. Pavan Soni, aims to bring interesting second innings opportunities to retirees wishing to associate with startups and other organisations. We would be happy to be a conduit for connecting the two and could conduct interactive sessions with Dr. Soni for interested retirees on the scope and nature of the association.
So, if you are retired and think you have time at your hand, with a passion for sharing your insights with those who need it, do join in, and we can look at second career opportunities alongside budding entrepreneurs. Write to connect@silvertalkies.com to know more.
Entrepreneur Radha Kunke shares her tips for running a green business from home, that many creative silvers entrepreneurs can take a cue from!
Radha Kunke’s handmade soaps, sold under the brand name ‘The SoapNut’ are works of art. With swirls and dots, patterns and motifs, they come in myriad colors and fragrances, crafted lovingly with the purest of ingredients. Made with wholesome oils, medicinal essential oils, lye and sometimes even yoghurt and milk, these soaps take anywhere from 30 minutes to three days to make, depending upon the design. “I make different kinds of soaps with 10 to 35 in every batch,” says Kunke, who got interested in soap making, when she was working for an NGO where this was taught as part of a livelihood project.
“I made a small batch myself and was hooked,” says this soap aficionado from Pune, who has been learning from online tutorials ever since and devotes a few hours every day to soak up more soap making skills. “There is no dearth of information and you can learn from ‘master soapers’ from across the world,” quips Kunte, who shares her process of starting an artisanal soap making business, which is environment-friendly and very satisfying for those who enjoy working with their hands.
Research & Learning Helps: For Kunke, it was soap making that hit the bull’s eye. For you it could be something else. What started as a way to create a product that was good for the skin and for the environment, soon turned into a business with customers buying up every batch that came out of her kitchen. “I didn’t follow any blueprint and to-date, I don’t have a strategy,” admits this soap entrepreneur, who follows her muse and backs it up with plenty of R&D and learning. There are lots of forums online that can help crafters and creative souls get unique ideas. Explore and experiment.
Find Your Unique Spot: She advises green entrepreneurs to determine their USP. For Kunke, it’s about combining aesthetics, quality, purity and affordability – a combination that’s attractive to anyone who treasures good quality, skin and environment friendly products. Packaging is another area that she urges those who want to start a green business to think about and come up with options that are eco-friendly. “With every soap that’s hand-packed, it will eventually add up to a lot of work and time. So budget your time accordingly.”
Use Social Media: For marketing one’s wares, Kunke shares her own tip. “I have used Facebook to market my soaps, and have kept my friends in the loop with stories of struggles and triumphs.” Also, if your product is unique and creative, people do buy out of curiosity and then fall in love with it, if it’s good. Check out Kunke’s FB page here at The SoapNut.
Figure Out Distribution Strategy: Retailing and distribution is another facet that you need to think about if you have a market for your product across the country. From debating whether to sell via online marketplaces like Etsy or Kraftly, or to send out packages via the local courier or the Indian Postal Service yourself, it makes sense to plan this out in advance. “Online aggregators add 15-30% to your cost and I didn’t have the bandwidth for this,” shares Kunke, who packs and sends out soaps herself to her clients across the country.
Creating a brand: If after reading about Radha Kunke’s soapmaking business, you’re all geared up to start your own artisanal and eco-friendly venture from home, here’s her tip on branding. While a catchy name and even a cute logo can help with branding, according to Kunke it’s not just about that. “It is the USP – the one thing that you will never compromise on and will always ensure no matter what. That gets built into a brand over time”
Stay Creative & Innovative: Kunke urges people to look around, learn new stuff and stay inspired. “Before long everything becomes an inspiration – the sunset, flowers, patterns and even designs from things like cakes and sweaters.”
So if you are a senior citizen who has a creative interest and are planning to launch a small business, these tips could be useful to get started.
What would happen if those with wisdom meet with those who are seeking insights? Can senior citizens with years of professional experience and expertise provide much needed vision and guidance for startups and help catapult them to greater heights? Innovation evangelist and research scholar from IIM Bangalore, Pavan Soni, thinks this is an area worth exploring. Read on to know more…
There are two unignorable trends in India today. Firstly, people are retiring early in their careers or retiring from the formal job market even with a massive headroom to contribute, and secondly, a growing restlessness amongst those in their 20s and 30s to start on their own. Add to this the growing life expectancy and standards of living, and the democratization of knowledge and ideas. No longer can it be said that only the most well educated could start, or that only the most well-endowed could lend advice.
While the average life expectancy in India has grown in recent decades, thanks to improved access to healthcare and awareness of lifestyle changes (at least in pockets), the formal retirement age remains stuck at 60. It leads to a massive workforce, which is still eager and competent to contribute in significant ways, but which is not offered avenues. They either resort to doing some pro bono assignments or settling for jobs that only tap into their good selves marginally.
On another hand, we have a growing population which has got disillusioned from the formal job structures and have realised that starting on their own is not that bad an option after all. So instead of yearning for the best pedigree or the ‘requisite years’ of work experience, these kids (if I may) are ready to plunge. Much thanks to the celebration of the startup culture in urban India, epitomised by Bangalore, and the support institutions that have come up, entrepreneurship now seems to be doable.
How about connecting the dots here? What would happen if those with wisdom meet with those who are seeking insights? We have a Medici Effect waiting to happen here!
As the co-founder of Mindtree, and the famous author Subroto Bagchi noted – ‘startups fail because they often fail to scale’. The failure of scaling could be largely attributed to the inability of the setup to move away from a personality or people-centric style of management to process-oriented workflows. In following the process, and doing things well and for long is precisely where the seniors have excelled in over all these years. They have the right prognostics and insights to know when and how things work and don’t, and for a young entrepreneur that would be a great boon. So instead of spending the requisite time to hone processes and bringing the discipline, why not seek guidance from the disciplined? Remember, startups are not all about ideas and fancy technologies, it is mostly about good old ways of executing small things well, and having a grit. That is where the seniors have a significant contribution to make.
I propose a case for the seniors to work with the entrepreneurs in sharing their insights from industry, work, and life, such that we effectively circulate the hard-earned wisdom back into our societies and economy, and to help the entrepreneurs grow. That would be a great gift and is worth a shot.
Let me deliberate a bit on the model. Think of it being a two-sided market. On one side the startups list out their requirements for consultation, short and long term advisory, and even employee requirements for specific jobs. On the other side are the interested seniors presenting themselves as experts in specific disciplines, such as accounting, human resources, production, planning, and other functions. They can even share their preferences, such as time availability, travel or locational constraints, qualifications, degree of sophistication, and of course, expected honorarium. This would be very similar to a job market, except that the engagements would range from one-time to semi-permanent in nature.
For instance, there is a Bangalore based K-12 education startup by the name BrainSTARS. The company offers Maths Labs for children between grade one to eight and adopts a methodology that focuses on multiple intelligence while developing kids’ understanding of mathematics and other scientific concepts. One of the advisors on the board is Prof. VSS Sastry, who is well into his retirement years now and has a passion for designing maths games and puzzles. His penchant for maths is infectious, and his years of experience handy in knowing how some of the most complex maths concepts could be taught using simple puzzles and games. In fact, the startup is looking for several seniors who love learning and teaching, even in vernacular languages and Prof Sastry is a great example of the kind of insight that can benefit a startup.
In an attempt to bridge the gap between youth, innovation, experience and wisdom, Silver Talkies, in collaboration with Innovation Evangelist Pavan Soni, aims to bring interesting second innings opportunities to retirees wishing to associate with startups and other organizations. We would be happy to be a conduit for connecting the two and could conduct interactive sessions with Mr Soni for interested retirees on the scope and nature of the association.
So, if you are retired and think you have time at your hand, with a passion for sharing your insights with those who need it, do join in, and we can look at second career opportunities alongside budding entrepreneurs. Write to connect@silvertalkies.com to know more.
The super grannies of Granny’s Inn, Varanasi, have proved everyone wrong when it comes to the usual definition of a laid back and relaxed retired life. Here’s how their wisdom and enterprise have busted all the myths about starting a silver startup! By Manisha Panwar
Vanaprastha, or the stage of retirement as explained in the Hindu Vedic Ashram system, starts at an approximate age of 50. This is generally the time when individuals decide to hang their boots. But even the Vedas did not clearly define the perfect age to retire, marking the stage from the age of 50 to 75 before one renounces the world.
While most senior citizens choose to ‘enjoy’ life post retirement, many cannot fathom the time when they can no longer go to work. As much as a person looks forward to a time of relaxation, they still want to be ‘productive.’ So they rejoin the workforce at various capacities. However, there is another breed of enthusiastic seniors who decide to begin something new at an age when others generally decide not to take risks. And these are the breed of seniorpreneurs who give birth to Silver startups.
Asha and Aruna Grannies of Grannys Inn, Varanasi. Do they look anywhere close to retiring?
Photo courtesy: https://www.facebook.com/grannysinn
So is it all easy for them? We chatted with Grannies Asha and Aruna, who started their Silver Startup, in December 2013 when they hit their 60s. They run a cosy homestay in Varanasi called Granny’s Inn and have slowly inched their way to becoming the No. 5 bed and breakfast place on Trip Advisor. Over a cup of tea, the grannies spoke about their journey beginning with their initial days. As much as they would want to, they cannot forget what the naysayers would say. Today, they gladly say that they have busted all myths about starting a silver startup!
Myth 1 : The elderly lack energy
What the elderly may lack in terms of youthful energy, they compensate with compassion, perspective, mental strength and wisdom all of which contribute to their energy field. Granny Asha of Granny’s Inn, Varanasi, never falls short in her pampering. One of her guests from Spain came down with the flu and Granny whipped up her signature turmeric milk with herbs. Lo and behold! She had the guest up and running in a day!
Granny Asha pampering a guest.
https://www.facebook.com/grannysinn
Myth 2 : Old is old fashioned
They may be old (by age) but definitely not in their thinking. They understand the current business scenario. Their work and life experience gives them an edge over others to quickly grasp and work with the business challenges they face. Interacting with guests is just one part of the business. The Grannies expertise in negotiation can be seen in plenty when they begin to negotiate with the local vendors and others involved in the upkeep of the homestay. This is not all, they began with hosting guests only through reference and now have their manager Mayur to manage bookings with major Online Travel Agents (OTAs). Check out the glowing reviews Granny’s Inn, Varanasi has got on Tripadvisor!
Myth 3 : Technologically challenged
Technology is a friend and not rocket science. They know enough and delegate the rest. Their hospitality business is anyways more centred on human psychology than technology. Technology for the grannies is a support and not a monster! They love to share and they also know that social media platforms like Facebook, Twitter and Whatsapp are the best media to share..so they get it done accordingly!
Myth 4 : It’s their time to rest
Rest is a relative term. Rest is to rejuvenate and come back to something that is productive. Rest helps to re-energize so that one can come back with increased vigor and recharged batteries. The grannies follow this mantra seriously. Once every quarter they travel or take time off to their daughter’s place to enjoy the company of their grand kids. Be pampered and play guest while others pamper them!
Myth 5 : The elderly can’t take the pressure
After going through the roller coaster of life with ups and downs in plenty, handling pressure is second nature to the seniors. The pressures of handling a startup is one of the many pressures they have already faced! The grannies have faced personal adversities of many kinds. Granny Asha has battled depression for a long time, decided to take control, came out in the open and built her life again with Granny’s Inn.
Myth 6 : Ailments can cause hurdles
A healthy body resides in a healthy mind! Ageing is natural and if taken care of properly, a lot of longevity can be added to one’s life. Positive attitude with a lot of laughter helps. The grannies advocate ayurveda and have made it a life style. They practice yoga daily, ensure that food is made of good produce and with Indian herbs that are not just essential but healthy.
Myth 7 : Lack of relevant experience
Relevant work experience probably but life experience in abundance! A start up is the beginning of a passion that was held back since a long time. Seeing it grow and flourish, nurturing it every day gives enough experience to handle the ride! The grannies epitomize the fact the learning happens at any age. While running the homestay they have never shied away from learning a new business concept or adapting themselves to the need of the hour
Myth 8 : No longer productive
Probably not as productive as one’s heydays, but not completely out of sync. A good rest, proper diet and like minded people to support brings out the efficiency and productivity required with apt amount! The Grannies nap in the afternoon, go for their strolls, have their regular medical check up and make themselves happy in the company of younger people.
The grannies with actress Diya Mirza during a shoot for a travel series.
Photograph courtesy: https://www.facebook.com/grannysinn
Myth 9 : Don’t understand the younger generation
Any generation does not understand the other! So what is the big deal? The idea is to communicate with an open mind, be transparent and clarify doubts. Understanding one another is the basic need for any relationship. They say they are happiest when they meet young entrepreneurs and have vowed to work together with rising Varanasi startups like Serenity Routes, Scrapshala and Shuru-Art.
Myth 10 : The Elderly are difficult to please
They are not here to be ego massaged! They mean business! Pleasing seniors is easy when you show them passion, sincerity, hard work and commitment to the job at hand. Else! Yes they are difficult to please! Ask people who work with the grannies. Kashi, the chef here, can tell how the grannies do not allow a meal for the guest to pass if it is not as per the taste they imagine it to be! And give them the meal that is healthy and delicious, they rave about it to everyone to the point of inviting random tourists from the Ghats to have a meal with them!
The Grannies are one of the many senior entrepreneurs who are slowly and steadfastly increasing their tribe. The sparkle in their eyes and the ‘josh’ in their voice is proof enough that senior entrepreneurs are here to stay!
Today, August 13, is Organ Donation Day. As awareness grows about Organ Donation and how simple the process is, here are few stories of Organ Donation by senior citizens, courtesy MOHAN Foundation.
Organ Donation is gradually getting acceptance among a section of aware and committed senior citizens in India. We bring you some inspiring stories of senior citizens who donated their organs and families that honoured their wish. The stories are courtesy MOHAN (Multi Organ Harvesting Aid Network) Foundation, a Chennai based not-for-profit, non-governmental organisation that has been working relentlessly in the area of organ donation. We are thankful to them for allowing us to share these stories from their Donor Memorial here.
Marie Therese Hampart Zoumain, 68 years
Marie’s story is a beautiful example of how humanity and noble deeds know no boundaries and how sometimes in the face of a tragedy, there emerge kindred souls amidst geographical variations. The story of this beautiful French woman stands testimony to this very fact. Marie and her husband Henri had come to visit their son Sebestien, who works with an MNC in Gurgaon and lives in Delhi. The family used this opportunity to travel and visit places like Jaipur, Agra etc. Little did anyone know that there was a much greater purpose behind Marie’s visit to India.
Marie was rushed into Max emergency on the evening of March 13th, 2014 in a state of unconsciousness. She was diagnosed with a subarachnoid haemorrhage which meant an irreversible damage had caused her brain to die. The son, Sebestien was approached by the doctors at Max along with MOHAN Foundation’s counsellor regarding donating her organs. Like any other offspring, he was fraught with the grief of suddenly losing his mother in a foreign country and was confused about taking a decision that involved her and people that did not belong to his nationality.
“My mother always talked about organ donation and ideally we would have preferred that she had died in her own country and helped save the lives of her fellow countrymen,” said her son, Sebestien. He was additionally burdened with the massive task of organising the logistics of taking her mother’s body back to France for her final rites. Hours of discussion with the counsellor helped him understand brain death, the laws relating to organ donation, ventilator, etc. In the end, he and his father were convinced that this is what Marie would have wanted them to do. Henri who only spoke French, later wrote to the counsellor. When translated the words were, ‘It was sad that I could not communicate with you but the expressions in your look & the sensitivity in your eyes always said it all?.’
The Hampart Zoumains hail from a quaint little picturesque village in France, 20 kms from Lyon called Sain-Bel. Everyone in this village knew Marie for she was an excellent cook and would always help her older neighbours with their outdoor chores. She had worked in the French finance ministry for most of her former life and was spending the latter travelling, trekking and dancing. France has an ˜opt out’ system of organ donation where every citizen is considered an organ donor unless he/she has opted out of it. Marie had spoken passionately about this to her family on many occasions.
While speaking to the Transplant coordinator from MOHAN Foundation, Sebastien reminisced Marie’s deep desire of wanting to die without suffering and burdening her family and said that though the incident was shocking, they were glad that she could keep her wish and in the process, give a couple of others the gift of life. He said that henceforth, India will be connected to their family history for eternity. Both her kidneys went to recipients at Max hospital. Her liver was given to an Army jawan at RR Army hospital.
Marie loved India. And as one looks at her picture against the majestic Taj, you can only marvel at the largeness of this lady who gave back more than what she had received and was immortalised through the lives of three other people.
Sunil Kumar Vohra, 63 Years
Mr. Sunil Kumar Vohra, 63, was brought into the Sir Ganga Ram Hospital critical care unit in an unconscious state. The CT scans revealed a Subdural Hematoma with Sub-arachnoid haemorrhage. The Doctors made futile attempts to save him by performing a decompressive craniotomy. Sadly no efforts worked as all spontaneous breathing efforts seemed to stop and the ventilator was all that was keeping his chest rising and falling and making him look merely asleep.
The brain death certification was impending but it was an evident outcome according to the critical care staff, hence one of the doctors approached the family and they readily agreed. “What better way to say goodbye to the man who was always the first one to come forward and help anyone who was in trouble or needed support?”? says his daughter Surbhi thinking back to that day.
No matter who was visiting Delhi -a distant relative or long lost friend – Mr. Vohra would always be there at the railway station to receive them. The sociable, happy go lucky gentleman that he was, he would religiously wish people on their birthdays. He was very tech savvy and would regularly send and receive text messages to bring a smile on the faces of his relatives and friends. Ironically, the message of his demise was also sent to his friends from his own phone.
He would often quote that when people mourn the dead, they mourn their loss and not the unknown plight of the dead, hence the living are the ones that matter, the dead move on. His family being familiar with this philosophy, knew that organ donation was the best alternative to preserving Mr. Vohra’s wishes. He was a great believer of Buddhist chanting and Soka Gakkai. He would join his friends and chant every single day the way he had that fateful day he was hospitalised. Mr. Vohra was also an ardent devotee of Shirdi Sai Baba.
Mr. Vohra was a deeply spiritual and religious person and true to his ideals he ended up being the altruist he was throughout his life in death as well by saving the lives of 3 people. His liver and kidneys were transplanted into three different people.
Mr. Tej Ram, 88 Years
It was not a routine day for the 88 year old Mr. Tej Ram. He had spent the entire evening shopping for a suit to wear for his grandson’s wedding due next month. What with all the walking around browsing stores, the nurse did not think twice before deciding to let him be when she saw him tired and asleep in his arm chair later that evening. He looked so naturally asleep with the remote in his hand, that in spite of her professional expertise, it took the nurse sometime to realise that something was wrong. He hadn’t even let out a whimper or a hiccup.
He was brought in unconscious and critical to the Sir Ganga Ram Hospital on the night of September 01, 2012, and immediately shifted to the ICU as his CT revealed a massive left gangliothalamic bleed to add to other complications. The doctors tried every possible treatment at their disposal, in fact they went the extra mile in this case as Mr. Tejram was one of their very own, their most beloved chairman. So the news of brain death came as a major disappointment to the family and the hospital authorities alike. He was much loved and respected by his hospital staff and colleagues and his own loyalty and commitment to the hospital was exemplary.
However, when the family was approached for organ donation, the consent by the daughter was instantaneous. The son who was abroad was contacted and he was equally willing. While some extended family members were not so much in favour of organ donation, both the son and daughter were determined as Mr. Tej Ram had all his life wished to be an organ donor after his death. If one knew Mr. Tej Ram well enough, he/she would also know him for his courage and righteousness. For he was the brave war veteran from the China War who was offered a ground job as he injured his knee but declined it as he wanted to fight for the nation that he called his own.
Even though the consent came easily, there was still skepticism regarding the health and suitability of Mr. Tej Ram’s organs for transplantation given his age. After the requisite tests were conducted, his liver and kidneys were found to be suitable for donation.
The friends and family still remember him ever so fondly as an honourable, straightforward man. He loved his annual fishing holiday, trekking trips, shooting trap and would not go a single day without a game of badminton. This evidently showed up in the condition of his organs, which were suited for donations at an age of 88 making him the oldest donor in India and the second oldest donor in the world.
Vinita Chopra, his daughter, speaking to a group of students at a school awareness talk said, “It is a privilege to be offered to take this decision to donate a loved one’s organs. Even though I lost my father, I look back at his death with pride and happiness that he could save the lives of others. It gives me a very good feeling.” Mr. Tej Ram lived a fulfilled life contributing to the society and in his death too he gave all that he could of himself to be of use to others.
In this ongoing series on Making a Will, we look at the common myth about a nominee vs beneficiary.
As a continuation of our series on Making a Will, we will focus on some common questions and myths regarding it. One of the common refrains we hear from people is, ?we have nominees on all our investment accounts and hence we do not need to make a Will.? While in practice, all financial institutions would make the payments to the nominees, there is a distinction between a nominee in the records of a financial institution and a beneficiary in a Will.
By law, nominees hold all assets that they receive in trust, and as a fiduciary (An individual in whom another has placed the utmost trust and confidence to manage and protect property or money), for all legal claimants under the laws of succession. Let us illustrate this by an example. Mr. A, a Hindu, has 4 Class I heirs as defined in the Hindu succession act of 1956, i.e.,
1) His wife Mrs A
2) Child 1,
3) Child 2.
4) His mother (a class 1 heir as defined in the Act)
He makes a nomination in his bank account in the name of his wife Mrs. A. On the death of Mr. A, in case he passes away intestate, i.e. without a Will, his wife will receive the money as a nominee. However as Mr. A has 4 class 1 heirs- by the Hindu succession act, his wife is legally entitled to only ¼ of the money from the bank, his mother and 2 children can lay claim to ¼ share each, even though Mrs. A receives all the money from the bank! However, if Mr. A makes a Will and names his wife as the sole beneficiary, only his wife and no one else will have a share!
Thus you can see the advantages of naming a beneficiary in a Will, rather than just naming a nominee in each financial instrument. The other advantage of making a Will is also that we name different nominees in different accounts at different stages of our investment cycle ? we have noted that in the early investments, we often name our parents as nominees, in some investments our children and in the rest of the cases, our spouses. Making a Will ensures that all the beneficiaries are named in one document and the assets are used for the benefit of the intended recipients of each investment. It is also critical to align your nominees at the time of making a Will with each financial institution so as to ensure that there is no confusion.
Nominations cannot be a super will: The legal view
The Honorable Supreme Court has consistently held the view that a nomination cannot be construed as another mode of succession or something capable of altering the course of succession under law. It has observed that several rigors of succession laws would be rendered inapplicable such as:
The courts have had the position that a nomination allows the financial institution a legally valid discharge so that they do not remain answerable to any claims of the successors or litigants and shifts the burden of answerability to the nominee. It under this capacity, that the nominee holds the assets. Hence it is clear that the nomination is a mere convenience but naming a beneficiary in a properly written Will is critical.
It was the desire to do something worthwhile that prompted senior citizens and cousins Asha and Aruna Singh to turn entrepreneurs with Granny’s Inn in their 60s. Reshmi Chakraborty hears their story.
Aruna (left) & Asha
When Aruna Singh, 64, inherited a mansion in Varanasi (Benares) from her father, she wanted to put it to use in a way that would keep her busy. Varanasi being a tourism hub, Aruna and her older cousin Asha, both senior citizens, decided to start a home stay, Granny’s Inn. It helped that Asha had already had some first hand experience in hospitality, courtesy her daughter and son-in-law. So the sisters, who say they have a “good understanding,” decided to join hands and convert the old mansion into one.
“My cousin wanted the house to be maintained well and we felt this was the best way to do it,” says Asha, who is 67. What gave her more confidence was the experience her children had in running Cinnamon, one of the top rated B&Bs in Gurgaon. “My son-in- law Manish came to Varanasi to repair what was required and furnish the house in a very creative way.” Both sisters also liked the idea of meeting and interacting with people. While staying at the Gurgaon B&B with her daughter Shilpi, Asha had started talking to the guests. She felt it would be good to do something that makes one meet and interact with people and stay occupied. “We (Aruna and me) are both social people. When people come to stay here, we don’t make them feel like guests. We treat them as our own,” says Asha.
A standard room in Granny’s Inn
One look at the Granny’s Inn reviews on Tripadvisor and other travel websites and you know that she isn’t far off the mark. Most travellers have spoken about the warmth with which ‘the grannies’ treat everyone, including coming up with Ayurvedic formulas to ward of a nasty cough, cold or other ailments. It’s a tip in hospitality that many big names could take a thing or two from.
Asha laughs when this is pointed out to her, adding that they try to help out in every way they can, including going with guests to buy the famous Benarasi saris. “Benares is crowded and to visit most of the good sari places, you need to either go by foot or take a rickshaw. But I don’t mind and go along as it also helps the guests. That is how we have grown up,” she adds simply.
The warmth is reciprocated by most people who stay with Asha and Aruna. “One of our guests came from Kolkata and stayed with us for seven days. They loved the food so much that they still call us up saying aaj humane aapki tarah khan banaya hai (today we’ve cooked like you),” Asha adds with a hearty laugh.
The food is famous at Granny’s Inn with their cook Kashi getting lots of compliments from the guests. “It’s very simple food,”say the sisters humbly, “Only dal, chapati, one sabji, salad, curd and a sweet. What makes it different is probably that it is cooked just like home. It’s also pure vegetarian.”
Dining Area: Home to those delicious meals
The sisters make great role models for senior entrepreneurs. They supervise every aspect of Granny’s Inn, making sure that the rooms are clean, the laundry done, small details taken care of and the food cooked to everyone’s satisfaction. “I never feel tired,” says Aruna, and Asha echoes the same. “I just rest a bit in the afternoon, apart from that there is no exhaustion and we enjoy looking after the place,” she adds.
Granny’s Inn is located at Gowdolia and is a short walking distance from the famous Kashi Vishwanath temple and Dashashwamedh Ghat. it has guests checking in from India and all over the world. For Asha and Aruna, it means not just maintaining a property that would have guests coming back but also being a people’s person in more ways than one. The grannies seem to be doing that with aplomb. As Manish, Asha’s son-in-law says, “we don’t need to advise them on how to run the place. They are doing a great job on their own, assisted by their helpers.”
Asha and Aruna on the verandah
From bringing a purpose to their lives to bringing them independence in no small measure, Granny’s Inn has also been a learning experience for the two ladies. “We are from a Hindi medium background. I speak English but not very fluently. I’ve been getting good practice after speaking to the guests who come from all over the world,” says Asha. In fact, she recently learnt how to Zumba courtesy an an elderly lady visiting from USA!
“I love this,” says Aruna. “I love feeding the guests, improving upon what is not available and though there is a language problem sometimes, I manage. For me the learning is that we talk to the guests about so many different things. It opens up our minds.”
Coming from a zamindar background in Bihar, where girls mostly lived a protected life, Asha and Aruna both admit that they would have never thought of running a home stay in their 60s. While it was their family’s expertise in hospitality that gave them the confidence, the effort required in running it successfully has been entirely their own, with support from their small team. For Asha, who was dealing with a personal crisis when she started the homestay, it has also brought about a happy change in her personality. Both women had lost their husbands and always wished to do something that would keep them mentally occupied and satisfied in the later years. With Granny’s Inn, they have achieved all that and more.
To visit the Granny’s Inn, go to their website http://www.grannysinn.in/
All photographs courtesy Granny’s Inn
The elderly population is increasing around the world and is bringing with it economic, social and health related changes. Dr. Prof. Rameeza Rasheed analyses the economics of an ageing population around the world and how it could be used productively.
By 2020, the number of 65 plus people in Asia Pacific is set to rise to 396 million. China will account for 45.8 % of the world’s aged and India for 28.8%. Indonesia and Vietnam will have a share of 7%. Carl Haub, senior demographer with Population Reference Bureau in US says, “By 2050, population growth in Africa alone will boost up the world’s number of the aged by one billion. Eastern Europe too is facing this problem.”
USA fears that ageing will make social security and medical care unsustainable in the long run, because its 65 plus population is now 40 million and is likely to reach 68 million by 2050. As a solution, it has raised the retirement age to 67 years with the aim to raise it to 70 years in the future since most of their seniors live up to the age of 90 years.
For the first time in British history, the aged population in UK has outnumbered the under 16 population. By 2050 the ratio between workers and non-workers will be 2:5. UK is thinking on the lines of increasing the retirement age to 68 years, encouraging bridge carriers and asking the younger workers to pay for personal pension schemes.
Singapore has the fastest ageing population in the world with those over 65 plus estimated to reach 23% of its population by 2030.The government has long enforced individual savings through the mandatory Central Provident Fund (CPF), which mandates that the population save for old age. More recently, the government announced plans to pass a Re-employment Act to extend the standard retirement age from 62 to 65.
Japan’s working population is projected to shrink by 9.8% by 2020 while the aged population will increase by 21.5% by 2020. Japan’s pensioners would form half the population in 2055. By 2025, 27% of its national income would be spent on social sector. Longer life span of the elderly in Japan has put additional stress on the families as a third of the 85 plus elders are affected by Alzheimer’s and such patients have longer hospital stays, straining the health budget.
China started becoming an ageing society from 1999 and it didn’t have any Asian model to follow to cope with the new situation. China’s has 145 million people over 60 and about 67% of them live in the rural areas. But Chinese seniors are mostly engaged in business and not completely dependent on the government.
India at present has 81 million elders, i.e., 7.7% of the total population and it is projected that by 2050, quarter of the population will be elders. The overall life expectancy of Indians would be 69.89 years as per CIA World Face Book estimates of 2009. It is going to be a huge financial burden to the government and as well as to individual families. Moreover, 58% of the female and 45% of the male aged are fully dependent on their poor children and hence subjected to starvation, abuse and neglect (the 2011 final census data report may give a staggering number about the 60 plus population) The Rs 400 pension per month paid by many state governments to poor seniors is too low to meet their basic needs and hence they are forced to work and live in semi starvation. The 2011 census report reveals the real burden of supporting the elderly population, because in several states the retirement age is 58 years.
Do all the facts and figures presented above indicate that the growing number of the aged is bad for every country?
The answer is ‘no’ because the new global thinking is that every country can formulate a suitable strategy to convert the ageing population into human capital so that it does not cause strain to the economies struggling for recovery. It seems Singapore, Malaysia and China has already tested these strategies through an integrated approach. Many suggestions have emerged to convert the aged persons into human capital. Here are some of them:
The UNO has declared an action program for the member countries, who have framed policies and programs for the welfare of the aged. It should also to be understood that human ageing is the result of changes in lifestyle and advancement in medical science and it will pose challenges to all the countries of the world. The emerging market economies are nearly 25 key economies. These economies should not wait for the crisis to happen. Advanced strategies are the need of the time. No political party in a democracy can afford to ignore the demands of the seniors because of their ability to transform policies by their sheer number.
The new global concept about ageing.
According to scientists from Stony Brood University in USA, Institute of Applied Systems Analysis in Austria and the Vienna Institute of Demography, a new study suggests a different dependency measure which they call as Adult Disability Dependency Ratio (ADDR). It is based on the relationship between those who need care due to disability and those who are capable of providing it. This measure is sensible because it is putting only those who are disabled into the category of dependents and does not treat those elders who are physically, mentally and financially sound as dependents. Measured in this way, speed of ageing would be reduced compared to the figures arrived at through the existing method of measuring ageing on the basis of chronological age. The scientists strongly feel that treating, healthy, intelligent, productive elders as burden is not fair because they form a good source of human capital. If this argument is accepted by the UNO, the burden of the aged would be measured in a different way and ageing societies will have comfortable data on ‘ dependent elders’ and less worry.
Working after retirement can keep you active and engaged, happy and healthy. Radhika Madhavan tells you what you should be looking out for.
Work after retirement
Looking at the title of this article, you must be sarcastically asking, why would anyone want to get a job after retiring? Isn’t retirement about being idle, being relaxed, taking care of the grandkids, indulging in a hobby and moving ahead on the spiritual path? To some extent it is. But for many, retirement is also about work, an integral and ingrained part of their life. M. Basavraj, 59, who retired from a public sector bank and found work after retirement, joyously pronounces that “work is worship” and that he wants to enjoy working till his health permits.
Senior experts who are in their 50s, 60s and 70s, come from a different era of work ethics altogether. They are also extremely disciplined, dedicated and hard-working. After all, when one has been working for 30 or 40 years, it becomes a habit. And we all know how difficult it is to break a habit!
Work a day keeps the doctor away
Research backs up the claim that working, part-time or full-time, is extremely beneficial to a person’s overall well-being. The Journal of Occupational Healthy Psychology published research conducted over a six-year-period that states that working individuals ‘got fewer major diseases and were able to function better day-to-day’ than those who had stopped working completely. The only caveat they added was that it was more beneficial to work in the same area of expertise rather than shifting into a completely new realm of work. If all new skill sets need to be learnt, it might be more stressful than helpful to the senior expert.
Dr. Jitendra R. Raol, retired from NAL, who is a Professor Emeritus at M.S. Ramaiah Institute of Technology says, “being somewhat busy after retirement keeps me active and mentally healthy. Writing a technical book is a demanding exercise, but I do it because my knowledge and experiences would get recorded and will be available to a larger volume of the concerned readers.”
Money Matters
In this day and age of mass consumerism, heightened inflation and increased expenditure, it’s difficult to fall back upon savings. Even a part-time or free-lancing job can provide a senior expert with additional money. Balakrishnan Kunnath, working as a Quality Expert in his second innings, admits that in addition to being intellectually engaged, it makes sense monetarily. “A job after retirement is required to meet financial commitments,” he mentions.
Part time or full time
After retirement, many options open up. Senior experts need not work full-time, come home at 10 p.m. and deal with stress like youngsters today in India’s highly competitive business environment. They can instead work part-time. Dr. Raol prefers to work part-time. “I am planning on writing more books and also have plans on guest-editing a special issue of a technical journal. Working full-time does not allow me to indulge in all my interest areas. That is why I have chosen to work part-time only,” he says. On the other hand, Basavaraj is emphatic that he wants to work full-time because he wants to “live life fully”. Work timing options allow senior experts to go back to work on their own terms so that they lead a holistic, happy life.
Getting a job after retirement
How does one get a job after retirement? For some, networking plays a crucial role. If the senior expert has built up a strong business and social network, it becomes easier for him/her to find a new job. However, even if one does not have a network to lean on, one can search on job portals or even seek assistance from NGOs who specialize in assisting seniors. There are several on-line initiatives aimed at helping seniors find jobs. One such networking initiative is called ‘ExpertEase’ (www.seniorexperts.org) which helps Indian senior experts (Aged 50 and above) to find not only jobs but also volunteering opportunities across India.
Another one is from Dignity Foundation, which is currently hosting off-line job fairs in five cities across India. Fore more info, visit http://www.dignityfoundation.com/index.php/dignity-job-fair.html.
With a little effort, you can also find jobs for seniors on regular job sites like Naukri or Monster. It’s smart to register in as many places as you can to increase one’s chances of landing a new and interesting job.
With a myriad of options and help from many quarters, senior experts have a lot to look forward to after retirement. It means not just more work, but possibly even more satisfaction the second time around!
Radhika Madhavan is a consultant, author, entrepreneur and ardent supporter of senior citizens!