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Financial Planning

5 Important Factors to Consider While Planning Your Finances at 60

Financial Planning

A new chapter of life unfolds when you enter your 60s. It can be a newfound freedom for people with a financially secure future. Having a realistic vision and a well-planned financial portfolio could be your key to a successful retirement. Making a major life change at the age of 60 can be stressful. Here are some tips for streamlining your finances.

Imagine waking up in the morning without the hustle and bustle of a monotonous life and enjoying the beauty of little things that spark joy in your life. That’s what a financially secure future is all about. A financially secure future gives you the freedom to live life to the fullest. So, are you financially prepared for your new beginning? Begin your financial planning with Shriram Finance now.

Understanding Taxes

The benefits of planning your finances early is much needed. While planning your finances for your 60s, it is necessary to consider the benefits of investing during your 60s. Senior Citizens can avail tax exemption benefits with an investment. In India, Senior Citizens have a higher exemption limit than regular taxpayers. The exemption limit is the amount of income above which a person is not required to pay tax. A resident Senior Citizen's exemption limit for the fiscal year 2023-24 is ₹3,00,000. Normal citizens can have exemption up to ₹2,50,000. As a result, a resident senior citizen receives an additional benefit of ₹50,000 in the form of a higher exemption limit when compared to regular taxpayers. Plan for a profitable future by segregating funds so that you can invest during your 60s and reap the advantages of additional Senior Citizen Interest Benefit.

Regular Returns

Having a regular income in your 60s can be extremely helpful in leading a financially independent lifestyle. The true essence of financial planning lies in the ability to have a stress-free and risk-free investment plan during your 60s. One of the safest investment avenues with assured income can be investing in a fixed deposit. By investing in several non-cumulative fixed deposits at a time for a longer tenure, one can earn an attractive regular income. Investing in an FD at NBFCs can prove to be more beneficial, as NBFCs offer higher interest rates than banks.

Long Term Financial Investment

Investing in a long-term financial investment can be an ideal choice for financial planning in the 60s. A flexible long-term financial investment can also come in handy in times of financial emergency. Instead of letting one's savings sit idle in the savings account, one can invest them in a zero-risk and high return investment avenue like a fixed deposit. Having funds that grow gradually with assured returns can be the safest and most beneficial investment idea.

Also read: 3 Risk-free Tax-saving Investment Plans for Senior Citizens

The Risk Return Spectrum

The risk-return spectrum is the most significant factor that one needs to consider while planning a financial investment in the 60s. Investing in a high-risk investment can sometimes lead to the loss of whole principal amount. Therefore, opting for a low-risk investment option with attractive returns would be the ideal choice. Investing in fixed deposits at a reputed and trusted NBFC like Shriram Finance can help you get higher returns at zero risk. Shriram FD interest rates are as high as up to 9.20%* p.a. inclusive of the 0.50%* p.a. additional benefit for Senior Citizens and 0.10%* p.a. for women depositors.

Emergency Financial Funds

While planning your finances at 60 having a lump sum set aside for financial emergencies is extremely important. It is advisable that one needs to have at least 6-7 times their salary amount in the form of emergency financial funds during retirement. You can also opt for investing in flexible fixed deposit plans. By investing in a fixed deposit plan, one can grow their funds with assured returns and in times of financial crisis, one can avail a loan against their FD without having to break their savings. In worst-case scenario one can even opt in for a premature withdrawal of their FD which is subject to a nominal and reasonable penalty.

Advantages of a Shriram Unnati FD

  • Flexible Tenure: Shriram Finance allows investors to choose from a diverse range of tenures. The duration ranges from 12 to 60 months.
  • Hassle-free Process: Investors can open a fixed deposit at the comfort of their own home or by visiting the nearest Shriram Finance branch.
  • Higher Returns: Shriram Finance offers the highest interest rates in the industry, up to 9.20%* p.a. (including the 0.50%* p.a. senior citizen benefit and the 0.10%* p.a. women investor benefit).
  • Easy Premature Withdrawals: Shriram Finance provides investors with flexibility in times of financial crisis. Premature withdrawals by investors are subjected to a nominal penalty.
  • Loan against FD: Shriram Finance offers a loan against FD that allows investors to borrow money based on the amount of FD they have invested.

Secure Your Financial Future with Shriram Finance

Being financially independent boosts your confidence and prepares yourself for the transition that occurs during retirement. The best gift during your 60s would be a stress-free and relaxed retirement life. Invest in Shriram Fixed Deposit today and enjoy the advantages of a well-thought-out financial future.

Pro tip: Before deciding which FD plan is best for you, use the Fixed Deposit Interest Calculator to determine your maturity amount and interest rates.

Key Highlights

  • The exemption limit for a resident Senior Citizen for fiscal year 2023-24 is ₹3,00,000.
  • Investing in long term plans that provide assured returns can be an ideal choice.
  • When investing during the 60s, it is necessary to understand the risk return spectrum of the investment.
  • Investing in a fixed deposit can be highly beneficial as it is a zero-risk, higher return and flexible investment option.


1. How should one's investment portfolio look like at 60?

It is advisable to maintain a 40:60 ratio. 40% of one's portfolio should comprise equities and the rest 60% should comprise relatively safe investment avenues such as fixed deposit, certificate of deposit, etc.

2. What is the age of retirement in India?

The age of retirement for a citizen of India is 58 to 60 years, which differs depending on the employment sector (private or government).

3. How much money should I have post-retirement?

A general rule of thumb for retirement savings by the age of 60 is to save 7 to 8 times your current salary.

4. Which scheme offers the highest interest rate to senior citizens?

Investing in a Senior Citizen FD at Shriram Finance, one can avail an additional 0.50%* p.a. senior citizen benefit and get an interest rate up to 9.20%* p.a.

Shriram completes 50 years of service!

To mark this momentous occasion, we have launched Shriram Jubilee Deposit - a 50-month investment scheme.
Invest now and earn up to 9.20%* p.a. (including 0.50%* p.a. for Senior Citizens and 0.10%* p.a. for Women)

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