Will I Ever Achieve Financial Stability at 51?

Ans: I hope that your job loss has not affected you emotionally. I see that you are close to your retirement age! One good thing to know is that you do not have any loans outstanding. On the other hand, you still have some responsibilities in your kid’s education apart from taking care of monthly expenses. Ideally, your investments should have covered your kid’s education expense annually given you have 1.30 cr in FD’s. However, if you continue to significantly depend on FDs, you may not be able to achieve your goals- as your returns would not beat inflation on a post tax basis.
At the same time, you are nearing retirement age, which makes you ideally risk conservative. As a first step, I would suggest you move some of your FDs to dynamic asset allocation funds like ICICI Balanced Advantage Fund. Part of your portfolio you can use Large Cap and Flexicap/Multicap funds. Second step is if you can look at some sources of earning to at least cover household expenses for a few years. Your can get it reviewed and see if it is delivering returns in line with managed funds. If not, you can move some of this also to managed funds.
A combination of looking for sources of income, and improving your returns will help you in this journey. One backup you have is that of a reverse mortgage on your house to take care of your expenses.

Ans: Hi Mukesh,
Please share your skills and experiences. I will advise accordingly.

Ans: As only 1 subject is pending, try and clear that subject and get MBA degree. Simultaneously check what area you are interested in doing your career, do short term courses and look out for relevant jobs..