Padma Srinivasan
Age : 86
Known affectionately as ‘Padma Aunty,’ 86-year-old Padma Srinivasan, a retired teacher from a prestigious private school, faces her golden years without a pension safety net. Her late husband was a high-ranking executive in the mining industry, and after extensive travels, they settled in Karnataka. Dealing with arthritis and a recent total knee replacement, she decided to join an assisted care facility, often stigmatised as an ‘old-age’ home in our society.
Padma Aunty believes that there comes a time to let go of managing assets. Recognising physical decline post-80, she opted to stop managing her substantial house, full of 25 years of retirement memories. While this choice is common in the Western world, it’s unconventional in India, where parents often preserve assets for their descendants. Selling her house brought tranquility and fortified her resources, a step uncommon yet liberating.
Concerned about scams, she discontinued online banking, preferring a tangible approach to managing her finances. With a single bank account, Padma Aunty consolidates her money and investments for clear visibility. She emphasises the importance of straightforward finances, setting up standing instructions for monthly payments to the assisted living facility, ensuring seamless transactions. While she possesses investment acumen, her lack of tech-savvy skills highlights the importance of simplicity in financial management, illustrating the role of ‘money management’ in bringing peace in the later stages of life. It’s a good idea to be organised with your money, especially as you get older and might face health challenges. You don’t need anything too fancy; keeping it simple, like Padma Aunty did, is a smart approach.
Takeaway
Empty nest syndrome, Debilitating chronic condition, Dejection and loneliness, Family conflict involving siblings
