Senior Citizens: Need to do Sound Financial Planning Backdrop: For a person who is just retired say, at the age of 60, financial independence becomes crucial. This is because there is no fixed recurring future income or cashflow whereas he / she has to take care of him / her and may be spouse too, for remaining period of life say, for another 10 to 15 years considering the average life expectancy in India. Even if one has children, dependence on them on a continuing basis is not a viable option. Absence of any social security mechanism or health care system in India makes the situation more precarious for many elderly people particularly from lower income group. Stress of financial dependence is one of the primary causes of mental anxiety among many elderly people.