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Father's Day Gift Ideas for Your Super Dad
Our parents go through a lot of challenges and sacrifices to ensure a secure and happy future for us. In most traditional households, fathers assume the role of the primary provider and mothers are the primary caregivers. Although things are changing regarding these societal norms, fathers are still considered superheroes sans the cape. Conventionally, dads find it difficult to express themselves. And there are only a handful of occasions when we can explicitly convey our love and gratitude for them, Father’s Day is one. This Father’s Day, rather than gifting him the usual shirt, tie, or wallet, surprise your dad with a unique gift. One of the best gifts for your father would be financial freedom for his post-retirement life. There are many financial tools suited for parents that ensure life-long financial stability as well as mental and physical well-being.
Why do Financial Gifts make for a great Present?
Whether it is a birthday gift for your father or a Father’s Day gift, buying something off the rack is the easiest thing to do. But shouldn’t a special day be marked with something smart and sensible? Our fathers won’t have the same energy, health, and fitness as he grows older. With a decrease in income in the later years and increasing medical costs, a prudent financial plan will be the best gift for your father. This Father’s Day, move over the conventional and surprise your father with a gift that appreciates in the long term.
Best Financial Gifts for your father
If you were to be asked “what’s one thing that you wish for your father?”, the most likely answer will be to see him healthy and happy always. However, life is unpredictable and so it is better to be prepared for surprises. And situations that involve finances are one of the trickiest to get out of. The main objective of any financial gift that you choose for your father should be high liquidity, steady returns, or value appreciation.
This Father’s Day, here are a few ideas for getting the best financial gift for your father.
Health Insurance: Medical care needs increase with increasing age. Research for health insurance plans that cover age-related ailments and hospitalization. Rather than going for an individual health plan, take a family floater plan that covers both your parents. Many plans offer additional benefits like OPD visits. Make sure your father is aware of the empanelled hospitals near him.
Contribute to his Retirement Corpus: Although your father might have already made investments for his retirement, a surplus amount can help him tremendously. As part of his retirement plan, you could start a Systematic Investment Plan (SIP) and contribute every month. Find out the best SIPs to invest in that have the potential to generate good returns and build a steady corpus over a period of time.
Develop a Steady Income Source: Post retirement, your father’s income shall take a hit. To avoid a situation of financial stress, it is advisable to put in place a passive income channel. It could either be developing a property for rental purposes or investing in Monthly Income Schemes (MIS) offered by banks and the post office. Pradhan Mantri Vaya Vandana Yojana is another retirement plan that provides regular income to retirees and has a tenor of 10 years. It offers assured returns on the monthly option at the end of 10 years, and the principal amount accumulated is returned to the policyholder.
Senior Citizens’ Savings Scheme account: It is a government-backed retirement benefit program for senior citizens. The Senior Citizens’ Savings Scheme offers assured returns and has a tenure of five years. The interest rate offered is usually higher than bank FDs.
Gold Coin: If you are someone who wishes to see your father’s eyes light up immediately, a gold coin could be the perfect gift for your father. Not only the value of gold shall appreciate over time, but also he can get can the best gold value if he decides to sell it off to generate cash.
The best father’s day gift ideas are the ones that amalgamate your father’s financial sensibilities with your modern outlook. And a well-thought-out financial plan for your dad to enjoy a healthy and happy life is the best gift for your father.
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