Judicious planning of assets not only secures the future, but also provides a good return on investment. Senior citizens should plan and select financial schemes way in advance to receive monetary benefits. These financial schemes and plans are offered by banks, fund houses and financial institutions. Proper planning of available income options leads to better management of expenses.

Financial planning allows you to achieve various goals such as buying a new car, paying for health expenses, going on foreign vacations and living a financially secure life after retirement. The process and various steps that lead to the proper management of finances are called financial planning.

You may have received money from your voluntary retirement scheme or saved up money over the years from salary and pension. There are many avenues where you can invest this money. This includes stocks, bonds, gold, real estate, Unit Trust of India, mutual funds, fixed deposits and post office schemes.

Apart from this, senior citizens may also go for tax–free bonds offered by the Reserve Bank of India. This scheme provides financial security to their lifelong savings. What’s more, the interest earned on these tax–free bonds provides a regular source of income.

However, selecting the right mix of schemes according to your needs for profit, liquidity and safety can be a daunting task. You may spend time reading up on different schemes available for information before choosing the most suitable one. This can take a lot of time and prove to be quite a hassle. You also have the option of hiring a financial planner.

A financial planner is someone who takes an overall view of your financial situation, your commitments and your family responsibilities and evolves the appropriate financial recommendations for you. These planners have exhaustive knowledge about the various financial instruments and tools available. They help you select a portfolio that is just right for you.

Financial planners are available at certain financial companies, banks, mutual fund offices and share brokers. Some planners receive commissions from third parties for selling you products that may be unsuitable to your needs. Always hire a reputed financial planner and read the fine print of recommended schemes carefully before signing on the dotted line.