After retirement, senior people depend on their accumulated corpus to meet their financial needs. However, it’s important that seniors take special care of their money and wealth, or else they may put themselves into a financial mess.

Individual responsibility towards financial planning extends beyond personal gain to contribute to the well-being of the family, society, and the nation, says Bagchi. 

Before purchasing a life insurance policy, you must consider your financial obligations, future expenses, and family needs, and based on your current stage and expectations, pick the right one for you.

It becomes difficult to recover from your money mistakes once you cross the age of 50, and almost a Herculean task once you are in your 60s. So, it’s important to be aware of some of the important money mistakes lest you too end up making one