Plight of senior citizens
K. ANANTHARAMAN
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Property rich but cash poor
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The senior citizens in the country are facing a number of serious practical problems, in the evening of their lives. Neglect from all sides, children and relatives, Government, investment market and now the rising prices is making their lives not worth living at all. Some of them have reasonably good income from various investments and pension schemes but most of the senior citizens are not able to cope with the rising prices.
Some of the senior citizens own large apartments and bungalows and even vacant land but are confused as to whether they should continue to hold on to such currently high value assets. They know or are told that these assets even in small towns can fetch substantial values on sales, from Rs. 25-30 lakhs to 150 lakhs and even more. The problem is sentimental attachment to properties and parting with status related assets. Maintaining such assets are expensive and such costs will go up in the years to come. It would be advisable for them to sell off those residential or land assets and switch over to small apartments or even rented apartments. The balance sales realisations can be invested in long term bank or post office instruments which can at present fetch a 10% return. Small apartments of around 1000 sq. ft. with lift facilities are not expensive and will have lower maintenance or service costs. A number of senior citizens have already done this and feel much safer financially.
Reverse mortgage
Even the concept of reverse mortgage which can fetch a monthly income costing certain interest has not become very popular, as seniors feel they should not pledge their assets and take loans. This attitude also is sentimental in Indian situations.
Their children can be helped partly or fully from cash surpluses available from sale of houses and landed properties. Family politics and inheritance matters can also be amiably settled by such timely fund transfers to deserving children.
Senior citizens housing complexes are coming up in different parts of the country with conveniences of security, maintenance, medical help and even entertainment and prayer facilities. Service charges including cost of food may work out to Rs.3000 to 5000 per person in such complexes but there are problems like having a crowd of only elderly people all around and in some cases, over a period of 5 to 10 years, senior citizens become single when the spouse dies. Single senior citizens have loneliness, insecurity and sometimes develop psychological problems, specially, if children are not available in nearby areas. Some of the housing complex developers are now suggesting senior citizens homes as a part of a larger complex where children and young executives and businessmen also stay. This is a practical alternative as physically able seniors can enjoy the facilities which otherwise are earmarked for youngsters. Single seniors can spend their time in canteens, entertainment facilities and reading rooms, which are available in those complexes.
India today has the largest population of senior citizens and it is the duty of everybody to look after them by providing reasonable conveniences at costs they can afford.
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