Here are some old age issues which are presented in this presentation.

1. WHAT IS AGEING?
WHAT CHALLENGES DO
THESE PEOPLE FACE?
1. LACK OF
INCOME
2.Asset Rich, Cash
poor
3.Variable Income
4. Rising
Healthcare Costs
5. Lack of
Companionship
6. Increase in daily
living expenses
7.Increasing
Scams
Statistics
So, what are your
thoughts towards
your parents?

2. WHAT ISAGEING?
Everyone eventually experiences "ageing," a stage of life that is unavoidable. The admission of a person
into a group that has a longer average lifespan is one way some people define ageing. Others link
growing older to specific adjustments in their activities or social responsibilities (such as becoming
grandparents), the range and depth of social support at their disposal, and their access to financial
resources .Or there is vanaprastha, when people stop being active, pass on their obligations to the
following generation, and assume the role of advisors. India, the world’s second most populous country,
has experienced a dramatic demographic transition in the past 50 years, entailing almost a tripling of the
population over the age of 60 years (i.e., the elderly). This pattern is poised to continue. It is projected
that the proportion of Indians aged 60 and older will rise from 7.5% in 2010 to 11.1% in 2025 (United
Nations Department of Economic and Social Affairs. This is a small percentage point increase, but a
remarkable figure in absolute terms. According to UNDESA data on projected age structure of the
population India had more than 91.6 million elderly in 2010 with an annual addition of 2.5 million
elderly between 2005 and 2010. The number of elderly in India is projected to reach 158.7 million in
2025, and is expected, by 2050, to surpass the population of children below 14 years.

3. What challenges do
these people face?
2.Asset Rich, Cash
poor
1. LACK OF
INCOME
3.Variable Income 4. Rising
Healthcare Costs
5. Lack of
Companionship
6. Increase in daily
living expenses
7.Increasing
Scams

4. When you have money coming from a job or business, you have a sense of security. The survey
found that the financial impact on the elderly were mainly due to loss of family income, loss of
business / professional income, heavy medical expenses and inflation. Senior citizens who had
rentals coming in were also in a bad state as taking care of the property and remembering every
single aspect which need to be taken care of became difficult with old age.
1. Lack of Income

5. Senior citizens have created a lot of fixed assets over a period of time. Real estate was a very
popular form of investment back then but then what do they do with it now? Most of the time,
the elderly population don’t have enough liquid cash and won’t even be ready to sell off these
properties due to the emotional attachment that they have with it. Old age is supposed to be
stress free and living out all life’s earnings while not preserving them until death. Of course, a part
of it can be passed on to the next generation but how would all of that be possible without an
effective financial plan?
2. Asset Rich, Cash Poor

6. 3.Variable Income
In a country like India only a few people have planned for retirement from the
start and have a perfect balance between fixed assets and income generating
assets. This gives them the freedom to live a decent life but these income
generating assets give variable income. This income is not guaranteed nor has
a consistency of being the same amount every month. During covid , a lot of
people suffered because of this as they didn’t get their rent, and received
lesser dividends because the equity market crashed. So when you have a
definite goal you should also have a definite source of income. Make sure your
investments are in a place where you have safety and growth at the same
time.

7. 4. Rising Healthcare Costs
The rising costs of medical insurance and medical care can easily affect a
senior’s finances. With lack of medical insurance or expensive premiums for
senior citizens, health care costs have gotten expensive in the country. Unlike
other countries, India doesn’t provide free healthcare due to its massive
population but an effective and early financial planning can help to cut down
these future risks with right methods and strategies.

8. Most senior citizens who probably live alone suffer due to lack of
companionship. Older adults may find themselves at a loss when a life partner
passes away, particularly if the spouse was responsible for handling all of the
household’s financial matters, hence these people should always have a
financial advisor. Also, developing a strong bond with older parents and
involving them in your life could be quite beneficial for all.
5. Lack of Companionship

9. 6. Increase in daily living expenses
Statistics indicate that up to 91 percent of older adults don’t have a pension
or savings to use as resources. Most of them rely on their children to take
care of them in their old age without considering that their children may not
be in the best financial position or have other responsibilities that need
immediate attention. Some seniors have never given retirement planning
much thought, while others may have made poor investment choices that
didn’t yield as expected. With current inflation rate, the daily expense for
any individual has shot up.

10. 7. Increasing Scams
Many older adults are a target for these scams are they believe a lot in people and aren’t
aware much of technology and how it could be used to steal from them. To reduce these
risks it is always better to have a financial advisor handy incase of any suspicious activity
and safeguard them and their finances.
Retirement is supposed to be a period of joy and relaxation for senior citizens or even for
those who opt for early retirement, but financial challenges are spoiling that dream for
many. Based on a study, more than a third of the working population haven’t yet started
saving for retirement, the concept of YOLO (you live only once) has severely impacted
today’s generation. The ones above 50s have invested heavily in fixed assets which is giving
them a cash crunch in many ways.

11. Poor 20%
Very poor
19%
Better 13%
Good 26%
Average 22%
Rejection by
children
Family
disputes
No financial
support
Unavailability
of care taker
Percentage distribution of elderly as per the reasons
for coming to old age home.
Financial status of elderly in India as of February
2023.

12. So, what are your thoughts towards your parents?
The requirements and levels of wellbeing of each senior individual vary. The
elderly are given the life they deserve at care facilities. It is a useful idea that
offers support in carrying out daily tasks, maintaining hygiene, managing health,
and managing medications. Care homes play a significant part in raising quality
of life by providing individualised care. These residences offer a setting that
seems like home, making it ideal for the elderly.
For people who want their parents to be secured in Kolkata , then you should
check out these assisted living facility:
1) Aumorto - https://aumorto.in
2) Snehodiya Old Age Home.
3) The Golden Mile.
4) Jagriti Dham.
5) Godhuli.
6) Golden Age Care Homes.