Father’s Day is a special day for all of us. This is the day when we show our love and appreciation to the most important man in our lives, our Father. The first thing that comes to our mind when we hear the word “Father” or “Dad” is an Anchor. Dad is the person who provides for the family, takes care of the family members and protects them from all things evil. The sacrifices he makes to ensure that the family gets only the best in life is unparalleled and worth many a mention.
Many of us buy gifts for our Dads on Father’s Day like a watch, wallet, tie, belt, etc. We have come up with 4 gifts that you should gift your Dad this Father’s Day:
Ensure He retires rich
Your Dad has worked really hard to raise you up and to make you independent. He has always put you before himself, be it continuing to use his old scooter to ensure he is able to buy you that swanky bike, or to ensure you have an Air Conditioner in your bedroom so that you can study well while he sleeps with a fan on, he has sacrificed many things for you. Now, he is at a stage of life where he would be retiring soon and would no longer have a steady income. But when it comes to investments, Dads usually rely on traditional investment tools like FDs and RDs which typically do not give adequate returns that cover for inflation adjusted expenses over a period of time. Off the shelf Retirement plans also do not give adequate returns. Only a well-diversified portfolio will be able to give sufficient returns that would take care of his post-retirement needs. Hence, one of the best things that you can gift your Dad this year is to help him invest in a diversified portfolio which gives him better returns and ensures he retires rich.
Ensure He is adequately covered on medical front
Call it irony but it is a fact that medical expenses shoot up in the twilight of our lives. Your Dad would have to spend a lot of money on his health as he nears retirement. Many available health plans are not so senior-citizen friendly, as they do not cover a lot of high-end medical procedures which happen to be chronic in nature. This Father’s Day, gift your Dad a well-thought out and well researched Medical coverage. Put the same amount of research that you did when you bought your beautiful car or your awesome home. Your Dad would love you for this.
Help him overcome his personal finance myths
Personal Finance as an industry was always held as a taboo subject because of the aura around it. The general impression among people about personal finance is that it is complicated. But the last decade has seen a transformation not only in the way personal finance industry is perceived but also how it works. It has become a lot more user friendly and client-centric. In case your Dad carries carry some of these personal finance myths, they need to be overcome. Gift him a subscription of financial magazines that publish relevant material on personal finance.
Gift him his own Financial Advisor
Just as we would see a doctor if we are unwell and take the help of a lawyer in case of a legal problem that we are facing, it is the wisest thing to do to appoint a Financial Advisor who would watch your back when it comes to your personal finance. Your Dad would need a Financial Advisor at his age since he would be receiving retirement benefits shortly. Unless this corpus is invested in a proper asset way in a diversified portfolio under different asset classes, it would lead to unproductive and low returns-yielding investments. But with a Financial Advisor to watch his back, your Dad would be grateful to you for all the right reasons.
Father’s day is an emotional day where we all want to keep our Dads happy. But maybe it is time that you should bring a paradigm change in terms of personal finance and gift him financial security.