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How Much Do I Need to Save for My Daughters' College in 16 Years?

Ramalingam

Ramalingam Kalirajan  |7336 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Dec 06, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Asked by Anonymous - Dec 01, 2024Hindi
Money

I am 40, a single parent with 2 daughters aged 2 and 1. I have following assets that i have accumulated over my employment 1. 1.6 Cr in Indian equity 2. 60L in indian MFs 3. 2 Cr in EPF 4. 72L in PPF 5. 12L in NPS 6. 51 L in SGBs 7. 72L in Gold/diamond jewellery 8. 5Cr in company stocks. These are from the 2 employers i have worked for, almost equally distributed and are mostly vested (trading publicly) 9. Real estate - 3 houses worth 8.7 Cr. Primary house is 6 Cr 10. I have 4 term insurance schemed running, in around 7 years, they will start generating an average income of 60L annually till 2043 11. 60L in Bank/FDs 12. 8L in SSYs for girls While i feel i am doing well, at times with hugely inflation in medical and education fees, i feel its just so hard to estimate what will i need to plan for when my children are ready to go to college in 16 odd years. I keep on hearing mind boggling college fees from my friends, so an approx assessment of education corpus will help. Also i feel keeping equity in single stock as in case with my 2 employers is highly risky, so any suggestion on how to systematically withdraw and invest elsewhere will help. Also looking at my portfolio, do you have any rebalancing advice. I am planning to work as long as possible so have another 18 to 20 years of work life left but given the volatile job market nowadays, want to be mentally and financially prepared

Ans: The cost of education, especially higher education, has been rising significantly. Assuming a 16-year horizon for your daughters, we need to estimate the corpus required for both domestic and international education.

Domestic Education Costs: Presently, premier institutions in India charge around Rs 25–50 lakh for undergraduate courses. Factoring an annual inflation of 8–10%, this amount may grow to Rs 1.5–2 crore per child for a 4-year course.

International Education Costs: For studies abroad, current fees range between Rs 1–2 crore for undergraduate programs. Adjusted for inflation, this could increase to Rs 3–5 crore per child in 16 years.

Considering both scenarios, you should aim for a total education corpus of Rs 6–8 crore. This amount provides flexibility for either domestic or international options.

Recommendations for Your Employer Stock Holdings
Your company stocks form a significant portion of your portfolio (Rs 5 crore). Holding large amounts in single stocks increases risk. Here's how to diversify systematically:

Gradual Divestment Plan: Avoid selling all shares at once. Instead, divest 10–15% annually over the next 5–7 years.

Reinvest in Diversified Assets: Allocate the proceeds into actively managed equity mutual funds, fixed-income instruments, and sovereign gold bonds. This ensures diversification across asset classes.

Tax Considerations: Plan divestment to optimise tax liabilities. Gains from these stocks may be subject to long-term capital gains (LTCG) tax at 12.5% after Rs 1.25 lakh.

Portfolio Rebalancing Advice
Your portfolio shows strong accumulation across multiple asset classes. However, rebalancing is necessary to manage risks and align with goals.

Asset Allocation Overview
Equity Investments:

You have Rs 1.6 crore in Indian equities and Rs 60 lakh in mutual funds. Including Rs 5 crore in employer stocks, equity dominates your portfolio.
Gradually reduce exposure to individual stocks and shift to actively managed equity mutual funds.
Fixed Income Investments:

Your EPF (Rs 2 crore), PPF (Rs 72 lakh), and NPS (Rs 12 lakh) provide stable, low-risk returns.
Keep these investments as a core part of your portfolio to ensure stability.
Precious Metals:

You have Rs 72 lakh in gold/diamond jewellery and Rs 51 lakh in sovereign gold bonds.
Jewellery has sentimental value but does not generate returns. Focus on financial gold like SGBs.
Real Estate:

Your real estate portfolio (Rs 8.7 crore) is substantial, with Rs 6 crore in your primary home.
Avoid adding further real estate investments due to low liquidity and high maintenance costs.
Cash and Bank Deposits:

Rs 60 lakh in FDs and Rs 8 lakh in SSYs are good for short-term needs and children's savings.
Suggested Reallocation Strategy
Increase Mutual Fund Investments:

Channel proceeds from employer stocks into equity mutual funds. Use SIPs or STPs for a gradual investment approach.
Actively managed mutual funds offer better returns and professional management.
Diversify into Balanced Assets:

Allocate a portion of your equity proceeds into balanced advantage or hybrid mutual funds.
These funds reduce risk and provide moderate growth.
Build an International Equity Portfolio:

Explore international equity funds to benefit from global diversification.
Strengthen Fixed Income Investments:

Invest in high-quality corporate bonds or debt mutual funds for additional stability.
Emergency Fund Allocation:

Ensure you have at least Rs 30–50 lakh as an emergency fund in liquid instruments like ultra-short-term debt funds.
Optimise SSY Contributions:

Continue annual contributions to the Sukanya Samriddhi Yojana (SSY) for tax-free growth.
Planning for Income Stability
You plan to work for 18–20 more years, but the volatile job market can be unpredictable.

Term Insurance Payouts:

In 7 years, your term plans will generate Rs 60 lakh annually till 2043.
Use these payouts to fund living expenses and reinvest the surplus for long-term goals.
Passive Income Generation:

Consider creating a passive income stream through investments in dividend-paying mutual funds.
Avoid single stocks for dividends as they are riskier compared to mutual funds.
Retirement Corpus Growth:

Your EPF and PPF are excellent retirement tools. Avoid withdrawals to maximise compounding benefits.
Additional Financial Goals
Healthcare Planning:

Rising medical costs make comprehensive health insurance essential.
Ensure sufficient health coverage for yourself and your daughters.
Estate Planning:

Create a will to safeguard your assets for your daughters.
Consider setting up a trust for seamless asset transfer.
Tax-Efficient Withdrawals:

Use tax-saving strategies while withdrawing from investments. Consult a Certified Financial Planner for guidance.
Some Final Insights
Your portfolio is well-diversified across asset classes, but equity exposure to single stocks poses risks.
Focus on systematically reallocating from employer stocks to actively managed mutual funds.
Aim for a robust education corpus of Rs 6–8 crore to meet your daughters' future needs.
Strengthen your financial plan with proper healthcare coverage and estate planning.
Regularly review and rebalance your portfolio to ensure alignment with goals.
Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |7336 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Asked by Anonymous - May 08, 2024Hindi
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I am 40, a single parent with 2 daughters aged 2 and 1. I have following assets that i have accumulated over my employment 1. 1.6 Cr in Indian equity 2. 60L in indian MFs 3. 2 Cr in EPF 4. 72L in PPF 5. 12L in NPS 6. 51 L in SGBs 7. 72L in Gold/diamond jewellery 8. 5Cr in company stocks. These are from the 2 employers i have worked for, almost equally distributed and are mostly vested (trading publicly) 9. Real estate - 3 houses worth 8.7 Cr. Primary house is 6 Cr 10. I have 4 term insurance schemed running, in around 7 years, they will start generating an average income of 60L annually till 2043 11. 60L in Bank/FDs 12. 8L in SSYs for girls While i feel i am doing well, at times with hugely inflation in medical and education fees, i feel its just so hard to estimate what will i need to plan for when my children are ready to go to college in 16 odd years. I keep on hearing mind boggling college fees from my friends, so an approx assessment of education corpus will help. Also i feel keeping equity in single stock as in case with my 2 employers is highly risky, so any suggestion on how to systematically withdraw and invest elsewhere will help. Also looking at my portfolio, do you have any rebalancing advice. I am planning to work as long as possible so have another 18 to 20 years of work life left but given the volatile job market nowadays, want to be mentally and financially prepared.
Ans: Wow, it's commendable how diligently you've built your assets while balancing the responsibilities of being a single parent. Managing such a diverse portfolio shows your financial acumen and dedication to securing your family's future.
Navigating the uncertainties of inflation, especially in medical and education expenses, can indeed be daunting. But fret not, as a Certified Financial Planner, I'm here to help ease your worries and chart a clear path forward.
Let's address your concerns step by step:
Assessing Education Corpus:
Estimating future education expenses can be challenging due to inflation. However, we can create a rough estimate based on current trends and projected inflation rates. It's crucial to factor in not just tuition fees but also accommodation, books, and other related costs. With your assets and income streams, we can devise a systematic savings plan to build a robust education corpus for your daughters.
Managing Single Stock Risk:
Having a significant portion of your equity tied to single stocks can indeed expose you to high risk. Diversification is key to mitigating this risk. We can gradually liquidate your holdings in the single stock and reinvest the proceeds into a well-diversified portfolio of mutual funds or other suitable investment avenues. This approach will help spread risk and potentially enhance returns over time.
Portfolio Rebalancing:
Given the size and diversity of your portfolio, periodic rebalancing is essential to ensure it remains aligned with your financial goals and risk tolerance. We'll review each asset class's performance and make adjustments as needed to maintain the desired asset allocation. This will help optimize returns while managing risk effectively.
Preparing for Volatile Job Market:
With another 18 to 20 years of work life ahead, it's wise to prepare for potential job market volatility. Building a robust emergency fund equivalent to at least 6-12 months of living expenses can provide a financial safety net during uncertain times. Additionally, continue investing in your skills and staying abreast of industry trends to remain competitive in the job market.
You're already on the right track with your prudent financial planning and disciplined savings habits. Remember to review your financial plan periodically and adapt it to changing circumstances. Stay focused on your long-term goals, and don't hesitate to reach out whenever you need assistance or guidance. You're doing an incredible job, and I'm here to support you every step of the way. Keep up the excellent work!

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Ramalingam

Ramalingam Kalirajan  |7336 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jun 07, 2024

Asked by Anonymous - Jun 07, 2024Hindi
Money
Hello Sir, I am 34 years old. Married. As of now we don't have any child. Now below is my asset. 1) Salary 90 k average. 2) post office scheme (1.6 crore as of now) 3) 17 lakh and it's growing.maturity 2031. 5) share plus mutual Fund almost 20 lakh 6) own a house. Want to take off from work at the age of 40. What should be my planning so that it goes smooth after that. Job is not secure one point to be noted.
Ans: Planning for Financial Security and Early Retirement

Understanding Your Financial Situation

At 34, you have a strong financial foundation. Your average salary is Rs 90,000 per month. You have a significant amount invested in a post office scheme, totaling Rs 1.6 crore. Additionally, you have Rs 17 lakh growing with maturity in 2031, and Rs 20 lakh in shares and mutual funds. Owning a house adds to your financial stability. However, you are concerned about job security and want to take a break from work at 40.

Evaluating Early Retirement Viability

Retiring at 40 is an ambitious goal. It requires careful planning and significant savings. Given the current financial landscape and potential uncertainties, early retirement may not be viable. Instead, consider upskilling to increase your employability. This can provide financial security and flexibility.

Upskilling for Financial Security

Upskilling can enhance your career prospects. Invest in courses and certifications relevant to your field. This can help you secure a higher-paying job or transition to a more stable industry. Continuously updating your skills can also make you more competitive in the job market.

Enhancing Your Employability

Consider pursuing advanced degrees or professional certifications. Networking with industry professionals can provide job leads and career advice. Stay informed about industry trends and developments. This can help you identify opportunities and make informed career decisions.

Diversifying Your Investments

Your investments are currently diversified, but there is room for optimization. The post office scheme is a safe investment but may not offer high returns. Consider reallocating a portion of these funds to mutual funds for potentially higher returns. Actively managed mutual funds can outperform the market and offer better growth prospects.

Advantages of Actively Managed Funds

Actively managed funds have professional fund managers who make strategic investment decisions. They aim to outperform market benchmarks. These funds can offer higher returns compared to passive index funds. This can be beneficial for long-term growth and wealth accumulation.

Investment in Mutual Funds

Mutual funds can provide diversified exposure to various asset classes. Consider investing in equity, debt, and hybrid funds. This can balance risk and return, and provide stable growth over time. Regularly review your mutual fund portfolio and make adjustments as needed.

Long-Term Investment Planning

Investing for the long term can provide significant growth. Compounding can enhance your wealth over time. Set long-term financial goals and create an investment plan to achieve them. Regularly contribute to your investment portfolio to build wealth consistently.

Importance of Emergency Fund

Maintain an emergency fund to cover unexpected expenses. This fund should cover at least six months of living expenses. It provides financial security and peace of mind. An emergency fund is crucial, especially considering your job security concerns.

Creating a Retirement Corpus

Calculate the amount needed for retirement. Consider your current lifestyle, future expenses, and inflation. Create a retirement corpus that can sustain your desired lifestyle. Factor in healthcare costs, travel, and leisure activities.

Regular Savings and Investments

Consistently save and invest a portion of your income. Automate your savings to ensure regular contributions. This can help you build a substantial retirement corpus over time. Regular investments can benefit from rupee cost averaging, reducing the impact of market volatility.

Tax Planning

Effective tax planning can optimize your savings. Utilize tax-saving instruments and strategies to reduce your tax liability. This can increase your post-tax returns and enhance your overall savings. Consult with a Certified Financial Planner (CFP) for personalized tax planning advice.

Reviewing Your Financial Plan

Regularly review and update your financial plan. Life circumstances and financial markets change. Adjustments may be necessary to stay on track. A CFP can help you navigate these changes and ensure your plan remains aligned with your goals.

Healthcare and Insurance

Ensure you have adequate health insurance coverage. Healthcare costs can rise significantly with age. Health insurance can protect your savings from medical expenses. Consider additional insurance for critical illnesses and long-term care.

Estate Planning

Plan for the distribution of your assets. Create a will and consider setting up a trust. This ensures your assets are distributed according to your wishes. It also helps in minimizing potential legal complications for your heirs.

Debt Management

Manage and reduce your debts before considering early retirement. High-interest debts can erode your savings. Aim to be debt-free or have manageable debt levels. This can provide financial stability and reduce stress.

Sustainable Withdrawal Rate

Determine a sustainable withdrawal rate from your savings. Financial planners often recommend a 4% withdrawal rate. This means withdrawing 4% of your retirement savings annually. This helps ensure your funds last throughout retirement.

Inflation and Its Impact

Inflation erodes purchasing power over time. Consider investments that offer returns above inflation. This helps maintain the value of your savings. Regularly review and adjust your investments to stay ahead of inflation.

Creating a Retirement Budget

Develop a detailed retirement budget. Include all potential expenses. This helps in understanding your financial needs. Adjust your budget periodically to reflect changes in your lifestyle or unexpected expenses.

Retirement Lifestyle Planning

Consider how you want to spend your retirement. Factor in hobbies, travel, and leisure activities. This helps in estimating lifestyle-related expenses. Planning for a fulfilling retirement lifestyle is as important as financial planning.

Professional Advice

Seek advice from a CFP. They provide personalized financial planning. A CFP can help you navigate complex financial decisions and ensure your retirement plan is on track. Professional guidance can enhance your financial security and peace of mind.

Final Insights

Early retirement at 40 requires significant financial planning and savings. Given the current financial landscape, it may not be viable. Instead, focus on upskilling to increase employability and secure a stable income. Diversify your investments to optimize returns. Regularly review your financial plan and make necessary adjustments. Seek professional advice from a CFP for personalized guidance. With careful planning and strategic investments, you can achieve financial security and a comfortable retirement.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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Asked by Anonymous - Dec 17, 2024Hindi
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Hello, i have 26 yrs of experience in the IT industry, and currently working as a consultant technical manager for important projects in several drdo labs in Hyderabad for the past few years. Despite being handson in coding, system design, I am also responsible for team management, deliverables, requirement analysis, and stakeholder management. I have an executive MBA from xlri and certification from pmi. Being 54 years of age, what are my options? Are there opportunities for people in the 50s? How about remote work or freelancing opportunities? I kind of find myself stuck and would like to explore opportunities. Any ideas? how to stay relevant in this ever changing world of technology?
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