Retirement Benefits for Elderly peoples: If you are a government service holder, you are fortunate enough where after your retirement you will get gratuity, provident funds, increment and many allowances etc. In some multinational or corporate organizations now a day offering many benefits with higher salary, house rent allowances, child allowance, medical fees, job security etc. But many of us those who are not doing such above jobs or doing only private job they are really in troubles for future, these type lacking such type of benefits may lead our self in a miserable conditions after retirement or when we’ll in jobless. You may wonder why I should think regarding retirement at this moment as because you may too young now and quite fit for work and earning money. Dear readers I am thinking about your future days, about your dependents. In some of development countries elderly citizens are getting retirement benefits, social security etc but for many developing countries or LDC’s (least developed countries) is still day dream to enjoy this type of facilities whatsoever it is. Here in our Bangladesh most peoples go in retirement before the ages of 69. At this point in this article I am going to figure out some major options from where you may get your retirement benefits if you prepare yourself to open up following plans:
1. Buy some lands and build your home: According to my knowledge, it is the best areas where peoples of Bangladesh want to invest for future benefits. You land value or price always increases as peoples are increasing in a large number. If you buy a land and build you home from taking bank or financial loans or go for negotiations with developers or real estate Company for 50:50 proportions if fund is limited. From that source you will get monthly rents or if you sell your land after few years, you will get huge profits from this investment. No loses ever I found in this land buying and selling or developing etc.
2. Open some life insurance policies: Some life insurances companies having retirement benefits products such as life insurance or saving plan. Invest or depositing in insurances means by that you will get retirement benefit and it will minimizes your risks or help you in protection of risks which may arises in futures.
3. Buy mutual funds: Mutual fund is a type of collective investment scheme which is pools money from investors for buying stock and bonds etc. Investing in mutual funds means guaranteed returns or income. It helps themselves who don’t understand financial market clearly.
4. Buy Bonds: In Bangladesh, Bangladesh Bank two bonds only where it offers this type of schemes for wage earners. So, in Bangladesh bond market plays a very inadequate role here. But neighboring countries peoples are getting more benefits from bonds.
5. Stock or share business: Investing in some good stocks for quite a long term basis from where they can earn lot of money for sure. Some pension funds are else invested in stocks or shares. Pure lacking of knowledge about stack market here in Bangladesh many peoples are facing unhappy condition like loosing their capital. And in Bangladeshi share market there are quick fluctuations or variations or up and downs in rates, so be careful before buying share.
5. Saving Certificates: It is a good savings scheme which is sales by the Government through general post office or banks. Now in Bangladesh Government is selling 5 years Bangladeshi Sanchayapatra which is profit taking but quarterly basis. Current interet rates are in between 8% to 11.55% it fully depending upon tenure. Anyone cay buy maximum amount of BDT. (Bangladeshi Taka as currency) 3000000 or a minimum 100000 where Tax source from profit is 10% is applicable.
On the other hand, the different product is, pensioner saving certificate, this type of schemes you may buy if you are retirement person from government or semi government, ages of 55 years, tenure of service at least 20 years. Minimum value of certificate is BDT.50,000, profits you can draw after 3 months , for BDT. 100000 you will get interest nearly BDT. 2752.50 only. Source tax is 5% will be considered there as curtailed. If you buy it before 30 June, 2011 then no source taxes will be curtailed as taxes.
There are another product is family savings certificate, if you adult you can buy it. You cay draw profits after each 3 months, for BDT. 100000 you’ll get 3 months interest BDT. 1005.83 only where 5% source tax will be curtailed. If you buy it before 30 June, 2011 then no source taxes will be curtailed as taxes.
6. Open your saving accounts (In Banks): Open a personal savings account in a bank and get debit card as well as account number against your saving account and deposit monthly amount of money or for a certain period of time, for the sake of your future usage. This is popularly used by Bangladeshis. Many commercial banks generally offer 12% interests against savings amount.
Take a look benefits for peoples over 60, provided by: http://www.adviceguide.org.uk/index/your_money/benefits/benefits_for_people_over_sixty.htm
Finally, you have to decide which plans or options are best or admissible or suitable for you. All of the above plans are beneficial for all individuals but come to a decision which plans are most appropriate or you are quite eligible to the institutions under conditions provided by them for the time being and then apply that particular plan for you to overcome your future financial benefit. So, meet with one of most trusted institutions for your investment.
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