Father's play a pivotal role in a child's upbringing, though a special accolade is given to mothers but father have their own way out to nurture and bring out the best in their children. In fact some school of thought has even referred fathers as 'Life School'. And with Father's day just around the corner and falling on June 18 this year here are some important financial reminder which you can gift your loving father.
In order that your father's finances do not jeopardize given the handful of responsibilities he needs to shoulder, as a gift to your father you can remind him on these financial matters such that he is well prepared to meet any uncalled for emergency:
1. Remind him regarding his health insurance policy needs: Above all other look out's your father's health is crucial to you and hence you need to remind him on this front. Well it always pays to have a health care policy in early years due to the cost advantage, nonetheless, the dedicated policy to cover your health care can be availed at any time with all the stipulated check-ups. So, do ensure that your father has a comprehensive medical policy in place to meet any untimely health hazard situation. Also, as a reminder you also get tax advantage u/s 80D against health insurance premiums and the limit for the same has been increased to Rs. 50,000 for senior citizens.
2. Advice on Pre-payment of loans: If you are known to any borrowing plan of your father, you can ask him to service it if possible through a pre-payment with some surplus cash if any. As the move, will release the stress of the entire family as the interest outgo by this could be decreased to an extent.
3. Ask of portfolio rebalancing: To enable your father have a strong financial footing, you as a millennial with access to better technologies and know-how can ask your father to spread his portfolio across investment classes. At the same time, you also need to put forth the importance of contingency fund and other liquid investment options.
4. Help him deploy his money to fetch good returns: It may be a time that your father might be living his retired life and must have kept some good corpus idle. So, with prowesss on the matter, you can remind him of the numerous investment options that carry low risk and at the same time fetch good returns with liquidity benefits.
So, these reminders will serve him with financial happiness which though is a deep concern for many given the current times.