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Many of us remember this advertising campaign, which used a common phenomenon that occurs with every child anywhere in the world – my father has the better muscles, better body, better hair, better smile, better teeth, better job, better car, better voice, better moustache, better briefcase, or better anything that caught the child’s fancy at that time!  So with Father’s Day just here what have you planned for your Dad? Take our advice – irrespective of anything else you might have got for your father, do sit with him and go through the following checklist to help him lead a peaceful and tension-free retirement. That will be the best Father’s Day gift you can get him. 1. While a lot of fathers these days are quite savvy when it comes to online banking or tele-banking or simply using the ATM machine – there are still many fathers who are not comfortable with banking in any other way besides going to the branch. If already retired, this may be a good activity to pass time for your father, still show him the ropes of how he can make banking more convenient. Especially, how can he use the ATM for emergencies. 2. The body is after all a machine and goes through wear and tear, so ensure your father goes through his medical check-ups regularly, takes his medications without missing. Try and go along with him when he is going for a review. Ensure that your father has some funds kept aside for medical emergencies. Take a medical policy for your parents, you get a tax deduction over and above the policy you take for yourself and your family – a return gift! 3. Ensure that he has a Will and that is updated at least annually. 4. Get him to set his financial affairs in order. In most cases, we don’t have to tell their generation to get their paper work in order – they are more meticulous about such things than we can ever hope to be. But still verify details like addresses, nominees, beneficiaries, bank details etc are all correct. Make sure he and your mother has copies of all important documents in 2 or 3 places. 5. Whatever holdings your father currently has, ensure that they are properly invested keeping his profile, his needs and his goals in mind. Steady and safe is the priority in retirement. So verify if that is being maintained, and investments, whereever senior citizen rebates, deductions etc are possible, are being availed. 6. Check out the credibility of the advisor/banker whose services are being used by your father. Try this out and help your Daddy become stronger than strongest!
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