What about ELSS for retired people?

Should retired people engage in tax-advantaged mutual funds or equity-linked savings systems (ELSSs) because equities are risky? This is a question that many retired investors have. Under Section 80C of the Income Tax Act, mutual fund investments in ELSSs are eligible for tax deductions of up to Rs 1.5 lakh. As investors approach retirement, most investing gurus advise them to begin shifting their portfolio to safer investments. They also used to advise investors to avoid investing in stock after retirement, claiming that a retired individual would be unable to bear large losses. All of that changed when studies in other countries shown that too much safety makes pensioners poorer with each passing year. Safer options give low returns that can't keep up with inflation, particularly medical inflation. In the last year, the ELSS category has increased by 22.07 percent, 11.76 percent in three years, and 19.57 percent in five years. Bank FDs, on the other hand, may provide yields of between 6% and 7%. Following the budget, equities investors would be required to pay a 10% tax on long-term capital gains exceeding Rs 1 lakh in a fiscal year.

What about ELSS for retired people?