Home > Money > Question
Need Expert Advice?Our Gurus Can Help

Planning for Retirement at 41: Am I on the right track?

Ramalingam

Ramalingam Kalirajan  |6997 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Sep 09, 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 - Sep 08, 2024Hindi
Money

I am 41 years old working in a Public Sector Organization. I have corpus of around 75 lacs in mutual fund and 5 lacs in NPS. I have two house properties against which my home loan outstanding is Rs 50 lacs. My net monthly income from all sources after paying EMIs is Rs around Rs 170000. My monthly SIP is around Rs 90000/-. My monthly expenses is around Rs 60000/-. I am planning to retire after 5 years. After 5 years, I would have around 2.5 cr after repaying all loans. I would earn Rs 60000/- as monthly pension and that would increase by around 5% per year due to dearness relief. I have 10 years old son. Is my planning correct. With this would I be able to lead a good life. Please suggest me

Ans: Assessing Your Current Financial Situation
You are 41 years old, employed in a public sector organisation, and have a solid financial foundation. Your Rs. 75 lakh corpus in mutual funds and Rs. 5 lakh in the National Pension Scheme (NPS) reflect your diligent savings habits. Additionally, with two house properties and a net monthly income of Rs. 1,70,000 after paying off EMIs, your financial discipline is clear.

Your current monthly SIP of Rs. 90,000 showcases your commitment to growing your investments, while your monthly expenses of Rs. 60,000 leave you with a significant surplus for further investments. You also have the ambitious goal of retiring in 5 years, with the plan of having Rs. 2.5 crore after clearing your home loan of Rs. 50 lakh. Additionally, you expect Rs. 60,000 monthly pension, which will increase annually by 5% due to dearness relief.

Given your situation and goals, let’s break down and assess each area in detail.

Loan Management and Repayment Strategy
You currently have an outstanding home loan of Rs. 50 lakh, which you aim to clear within 5 years. This aligns well with your retirement timeline and ensures that by the time you retire, you will be debt-free.

Advantages of clearing the home loan: Once your home loan is fully paid off, the burden of EMIs will be removed from your financial planning. This will significantly free up your monthly cash flow.

Focus on increasing the principal repayment: If possible, you should consider making lump-sum payments toward your home loan principal. This will reduce the overall interest burden and help you clear the loan faster. The earlier you are debt-free, the more flexible your post-retirement plans become.

Investment Growth and Corpus Management
Your existing investment portfolio, with Rs. 75 lakh in mutual funds and Rs. 5 lakh in NPS, is on track. With five more years to invest, your SIP of Rs. 90,000 is expected to grow significantly.

The benefit of actively managed funds: Your focus on actively managed funds through SIPs is a great strategy. Actively managed funds offer the potential for higher returns compared to index funds. Index funds are limited by their market-linked performance and may not adapt well to market changes. Actively managed funds, on the other hand, benefit from the fund manager's expertise in navigating market conditions, providing more growth opportunities.

Avoid direct funds: You might be tempted by direct mutual funds because they have lower expense ratios. However, regular mutual funds, when invested through a Certified Financial Planner (CFP) and a Mutual Fund Distributor (MFD), provide significant advantages. You receive expert advice, portfolio reviews, and ongoing support that can lead to better overall portfolio management. This service is especially valuable as you approach retirement, where regular portfolio management becomes crucial.

Diversification of investments: It is essential to maintain a well-diversified portfolio. Given your strong SIP contributions, it is advisable to ensure a balanced mix of equity and debt funds. Equity funds will drive your portfolio growth, while debt funds will provide stability. As you approach retirement, consider gradually shifting a portion of your equity holdings to debt funds for added security.

Pension and Post-Retirement Income
You are fortunate to have a guaranteed pension of Rs. 60,000 per month, which will increase by 5% annually due to dearness relief. This stable income source will cover a significant portion of your post-retirement expenses.

Inflation-adjusted pension: The fact that your pension will grow by 5% each year is a significant advantage. It will help you keep pace with inflation, ensuring that your purchasing power remains intact as living costs rise over time.

Post-retirement withdrawals from corpus: In addition to your pension, you will need to strategically withdraw from your Rs. 2.5 crore corpus. A well-planned Systematic Withdrawal Plan (SWP) from your mutual fund investments can provide you with a steady income stream. The SWP can be tailored to provide monthly or quarterly withdrawals, ensuring you meet your expenses without dipping too much into your principal. This way, your remaining corpus can continue to grow and support your long-term financial security.

Monthly Expenses and Surplus Allocation
Your current monthly expenses are Rs. 60,000, and after paying EMIs, you have Rs. 1,70,000 left from your net income. This provides you with a substantial surplus of Rs. 1,10,000 every month, part of which you already allocate to your SIPs.

Surplus utilisation: You are already investing Rs. 90,000 into SIPs, which is commendable. The remaining Rs. 20,000 can be utilised for increasing your emergency fund or for making occasional lump-sum investments. It’s also wise to keep a small portion of this surplus in liquid funds to handle unexpected expenses.
Planning for Your Son’s Education
Your son is currently 10 years old, and you need to plan for his higher education expenses. With education costs rising, it is important to ensure that you have a dedicated investment plan for this goal.

Education planning strategy: If you haven’t already, consider setting up a separate investment plan for your son's education. You could increase your SIP or allocate a portion of your surplus to a child education-focused mutual fund. These funds are specifically tailored to accumulate wealth for long-term education goals.

Balancing education and retirement goals: While education expenses are a priority, ensure that they don’t compromise your retirement plans. Continue to prioritise your retirement corpus while setting aside enough for your son’s education. This way, both goals can be met without straining your finances.

Retirement Timeline and Lifestyle
You have set a target to retire in five years at the age of 46. Let’s evaluate whether your corpus of Rs. 2.5 crore and monthly pension of Rs. 60,000 will allow you to maintain your current lifestyle.

Post-retirement expenses: With Rs. 60,000 as your pension, you will need to assess whether this amount, along with any income generated from your corpus, will be sufficient to cover your post-retirement expenses. Since your current monthly expenses are Rs. 60,000, your pension may cover the majority of your living costs. However, inflation will increase these costs over time, so it’s important to have an additional source of income from your investments.

Retirement lifestyle adjustment: During retirement, your expenses may change. Healthcare costs tend to rise, while some discretionary expenses may reduce. Make sure to account for rising healthcare costs and any other lifestyle changes when planning your future expenses.

Insurance and Risk Management
As you approach retirement, securing your family’s financial future through adequate insurance is crucial.

Health insurance: Ensure that you have comprehensive health insurance that covers you, your spouse, and your son. As healthcare costs rise, having adequate coverage will prevent any financial strain in case of medical emergencies.

Life insurance: You should review your life insurance coverage to ensure that it’s sufficient to provide financial security for your family in case of any unforeseen circumstances. If you have any endowment or ULIP policies, consider surrendering them and reinvesting the proceeds into mutual funds for better returns. Term insurance should be the main focus for life coverage.

Estate Planning and Will
It is important to ensure that your financial assets are smoothly transferred to your heirs without legal complications.

Will creation: Drafting a will is essential to clearly outline how your assets will be distributed. Ensure that all your assets, including your house properties, mutual funds, and other investments, are accounted for in your will.

Nomination updates: Make sure that the nominations for all your bank accounts, mutual funds, and insurance policies are up to date. This will ensure a smooth transition of assets to your beneficiaries.

Final Insights
You are on the right path with your financial planning. Your current savings, SIPs, and pension ensure a strong foundation for your retirement. Clearing your home loan and managing your investments wisely will leave you in a comfortable financial position.

Your focus should be on balancing your investment portfolio, planning for your son's education, and securing insurance for healthcare and life coverage. With careful planning, your Rs. 2.5 crore corpus and Rs. 60,000 monthly pension should allow you to lead a good life post-retirement.

By continuing to grow your investments and managing expenses, you can confidently look forward to a secure and financially stable retirement.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
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.
Money

You may like to see similar questions and answers below

Ramalingam

Ramalingam Kalirajan  |6997 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 25, 2024

Listen
Money
I am 36 years old, married. I am investing 45k per month on SIP ( 22k Nifty 50 UTI, 10K parag parekh, 8k SBI small cap, 5k Mid cap) , 10k in PPF, 7k NPS, 5k on stocks as investment. I have EPF as well 16k per month. I am planning to buy a house and I also I pay rent of 16k currently. I have a small flat of home loan 14k. Sir plz do let me know if my investment choice is fine or not. Also I want to have a pension of 70k-1 lac when I retire in my home town.
Ans: It's commendable to see your commitment towards saving and investing at such a young age. Let's delve into your current investment strategy and future goals.

Your SIP investments across different categories indicate a diversified approach, which is good. However, it's essential to review the performance of these funds periodically and ensure they align with your risk tolerance and financial goals.

The allocation towards PPF and NPS reflects a mix of long-term savings and retirement planning, which is a prudent move.

Considering your plan to buy a house and current home loan, it's crucial to balance your investments with your liabilities. Also, with rent and EPF contributions, ensuring sufficient liquidity for short-term needs and emergencies is vital.

For your retirement goal of having a pension of 70k-1 lac, you might want to consider increasing your NPS contributions or exploring other pension-oriented investment avenues.

A Certified Financial Planner can provide personalized advice tailored to your financial situation, goals, and risk tolerance. They can help you optimize your investment portfolio, guide you on balancing investments with your future home purchase, and align your retirement savings with your desired pension.

Remember, financial planning is a dynamic process, and it's essential to review and adjust periodically to stay on track towards your goals. Best wishes for your financial journey ahead!

..Read more

Ramalingam

Ramalingam Kalirajan  |6997 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jun 14, 2024

Asked by Anonymous - Jun 14, 2024Hindi
Money
Sir, I am 32 years old. I have retired to stay with my parents with a corpus of 4cr, Out of the income generated from my corpus which i have distributed among my elderly parents mainly in FDs I am able to do a SIP of 80K monthly apart from depositing 1.5 L in PPF and 50k in Nps. I also have about 15 L exposure in shares and 60 L in Mutual Funds and 20 L in savings account for emergency apart from having Mediclaim for the family. My present family expenditure is 75 k per month I plan to remain single and have no loans. Want to know whether my financial planing will be able to see me through my life.
Ans: Understanding Your Current Financial Situation
Firstly, congratulations on your disciplined approach to financial planning. With a corpus of Rs 4 crore and strategic investments, you’ve established a strong foundation. Let’s take a closer look at your financial plan and its sustainability over your lifetime.

Corpus Allocation and Safety Net
Your corpus of Rs 4 crore is a significant amount. It's wisely distributed, offering both security and growth potential. Fixed Deposits (FDs) provide safety, though they often yield lower returns compared to other investment options. Your distribution of funds, especially the Rs 20 lakh kept as an emergency fund, shows foresight. Having Rs 20 lakh in a savings account ensures liquidity and readiness for any unforeseen expenses.

Monthly SIP and Investments in PPF and NPS
You are contributing Rs 80,000 monthly to Systematic Investment Plans (SIPs), Rs 1.5 lakh annually to Public Provident Fund (PPF), and Rs 50,000 annually to the National Pension System (NPS). These are commendable strategies. SIPs, especially in equity mutual funds, can provide substantial long-term growth due to compounding and rupee cost averaging. PPF and NPS offer tax benefits and a secure retirement corpus.

Equity and Mutual Fund Exposure
Your Rs 15 lakh exposure in shares and Rs 60 lakh in mutual funds indicate a balanced approach to risk and return. While direct equity investment can be rewarding, it’s also risky and requires diligent monitoring. Your mutual fund investments, managed by professional fund managers, offer diversified exposure and reduce individual stock risk.

Family Expenditure and Lifestyle Choices
With a monthly family expenditure of Rs 75,000, your expenses seem well-managed within your means. Planning to remain single without any loans further reduces financial strain and obligations. Your mediclaim policy is a crucial safety net, covering potential health-related expenses and ensuring your corpus remains intact.

Assessing Long-term Sustainability
Now, let’s evaluate whether your current financial planning can sustain you through your lifetime. We will consider various factors such as inflation, investment returns, and life expectancy.

Inflation and Its Impact
Inflation erodes purchasing power over time. Historically, inflation in India averages around 6-7% per year. While your current expenses are Rs 75,000 per month, they will likely increase over the years. It’s essential to ensure that your investments grow at a rate higher than inflation to maintain your lifestyle.

Investment Returns and Growth
Your investment strategy includes a mix of FDs, equity shares, mutual funds, PPF, and NPS. Historically, equity mutual funds in India have delivered returns between 12-15% annually, significantly outpacing inflation. PPF provides around 7-8% returns, which is close to the inflation rate, and NPS, depending on the asset allocation, can yield around 9-11%. Your FD returns, though secure, may not beat inflation, but they provide stability.

Future Income Generation
To sustain your lifestyle and grow your corpus, it's crucial to focus on investments that offer inflation-beating returns. Your SIPs in equity mutual funds will likely be the primary growth driver. Given your Rs 80,000 monthly SIP, you are investing Rs 9.6 lakh annually in mutual funds. Over the long term, this could significantly grow your corpus, assuming average returns of 12-15% from equity mutual funds.

Reassessment and Diversification
It’s important to periodically reassess your financial plan. Given your current exposure, it might be beneficial to review the performance of your shares and mutual funds annually. Diversifying your mutual fund portfolio across large-cap, mid-cap, and small-cap funds can balance risk and returns. Avoiding over-reliance on FDs and ensuring a greater portion is in high-growth potential instruments will help.

Importance of Active Management
Actively managed funds often outperform index funds in emerging markets like India due to market inefficiencies. Fund managers can make strategic decisions to capitalize on market opportunities. While index funds mirror market performance, actively managed funds strive to beat it, which can be advantageous in a dynamic market environment.

Potential Drawbacks of Direct Funds
Direct funds may seem attractive due to lower expense ratios, but they require a deeper understanding and continuous monitoring. Investing through a Certified Financial Planner (CFP) can provide professional guidance, ensuring your investments align with your goals and risk tolerance. Regular funds, despite higher fees, offer the benefit of professional management and advice, which can be invaluable.

Emergency Fund and Liquidity
Your Rs 20 lakh emergency fund is substantial and provides a solid safety net. Ensure it remains easily accessible and consider keeping it in a high-interest savings account or a liquid fund for better returns. It's crucial to maintain this fund to cover at least 6-12 months of expenses.

Health Insurance and Contingency Planning
Your mediclaim policy is essential. Regularly review it to ensure adequate coverage, especially as medical costs rise. Consider critical illness insurance if you don't already have it. It's also wise to have a will in place to ensure smooth succession of your assets.

Evaluating Future Goals and Adjustments
As you age, your risk tolerance might change. It's essential to adjust your investment strategy accordingly. Consider shifting to more conservative investments as you approach retirement age. Reviewing and rebalancing your portfolio annually can help maintain the desired risk-reward ratio.

Financial Planning Tools and Resources
Utilizing financial planning tools can provide insights into your future financial position. These tools can simulate different scenarios, helping you make informed decisions. A CFP can offer tailored advice based on your unique situation and goals.

Legacy Planning and Philanthropy
If you have philanthropic goals or wish to leave a legacy, plan accordingly. Setting up trusts or charitable foundations can ensure your wealth benefits future generations or causes you care about.

Monitoring and Adjusting Your Plan
Financial planning is not a one-time activity. Regular monitoring and adjustments are crucial. Life events, market changes, and personal goals evolve, necessitating periodic reviews. Staying proactive ensures your financial health and long-term sustainability.

Final Insights
Your current financial planning shows prudence and foresight. Maintaining a balance between growth-oriented investments and secure options like FDs provides stability and potential for wealth growth. Regularly reassessing and adjusting your plan ensures it remains aligned with your goals and market conditions. With disciplined investing, continuous learning, and professional guidance, you can confidently navigate your financial journey and secure a comfortable future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |6997 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Aug 13, 2024

Money
I am Swapnil Joshi. Age 43. I am working in Ad agency in Mumbai. I am from Mumbai.I own a house on Ghodbunder Road which is rented out at 15000 per month. Monthly maintenance 3700. My income is gross 12 lacs per annum. I have approx 1 cr Mutual fund portfolio with 52500 sip. 2500 cash sip and 50000 swp, via existing, funds in portfolio. I have few FD, around 3 to 4 lacs. Around 7 lacs in liquid fund, which is used as pledge for option trading. It gives me around 5.5% growth and also around 1500 to 2000 per month via options income. I have LIC policy, which will get matured by next 5 years. It will give me around 15 lacs as final sum assured. My monthly expense is around 50000. I had booked a home at Pune in 2015, but builder is in jail. Loan is on my and my wife's name. Loan is of 20 lacs but money paid to builder is 12 lacs. Since last 8 years work has stopped. So interest liability including principle for Loan is around 16 lacs by now. I have not paid any EMI yet as property is in dispute, but my cibil is affected due to the outstanding loan on my name. I am married and I have a son, who is in 8th standard. My wife is working as freelance with monthly income around 35000. Currently I am staying with my father. My current stay is owned by my father and eventually it will be owned by me. I have elder brother who is in US as a citizen. He owns his own house in nearby vicinity near me. I want to know, how much funds I need to have to maintain my life style when i am around 50 years of age and suggestions u would give to have better income via existing income.
Ans: Current Financial Situation and Analysis
Mr. Swapnil, thank you for sharing your detailed financial background. Your current situation includes a variety of assets and income streams, giving you a stable base. However, there are some areas where strategic adjustments could improve your financial health and future security.

Let's break down your financial picture:

Monthly Income: You earn Rs 1 lakh per month. Your wife contributes Rs 35,000 per month. Together, your total gross monthly income is Rs 1.35 lakh.

Mutual Funds: You have a Rs 1 crore mutual fund portfolio, with a Rs 52,500 monthly SIP, Rs 2,500 cash SIP, and a Rs 50,000 SWP.

Fixed Deposits: You have Rs 3-4 lakhs in fixed deposits.

Liquid Fund: You hold Rs 7 lakhs in a liquid fund, used as collateral for option trading. It yields 5.5% and around Rs 1,500-2,000 monthly from options trading.

Real Estate: You own a house on Ghodbunder Road, which is rented out at Rs 15,000 per month. After maintenance, you net Rs 11,300.

Loan Situation: You have an unresolved loan issue related to a property in Pune, with a total outstanding liability of Rs 16 lakhs. This affects your CIBIL score.

Insurance: You hold an LIC policy maturing in five years, with a final sum assured of Rs 15 lakhs.

Family: You are married with a son in the 8th standard, and you reside in your father's house, which will eventually be yours. You also have an elder brother living nearby in his own home.

Expenses: Your monthly expenses are around Rs 50,000.

Evaluating Your Income and Expenses
Your current income is sufficient to cover your expenses, but your savings and investment patterns need some fine-tuning to ensure long-term financial stability.

Mutual Fund Portfolio: Your Rs 1 crore mutual fund portfolio is a strong asset. However, you might want to reassess the funds you are invested in, especially if some are underperforming. Actively managed funds, especially those curated by a Certified Financial Planner, can often outperform passive funds in the long run, especially in the Indian market where the dynamics can be more volatile.

SWP Strategy: The Rs 50,000 SWP is a good way to generate a steady income. But be cautious; withdrawing too much can deplete your corpus faster than anticipated, especially if market conditions are unfavorable. Consider reducing the SWP or ensuring that the funds you withdraw are from low-risk or conservative growth funds to protect your capital.

Fixed Deposits and Liquid Funds: Your FDs and liquid funds offer safety but limited growth. Given your risk tolerance and financial goals, you might want to reallocate some of these funds into higher-yielding debt instruments or even conservative mutual funds. The liquid fund used for option trading is a smart strategy for liquidity and income, but the returns are modest. You could explore other low-risk options that provide better returns without locking your money away.

Real Estate Rental Income: The rental income from your Ghodbunder Road property contributes Rs 11,300 per month after maintenance. While this is stable, it might not keep pace with inflation over time. Consider reviewing the rent periodically to ensure it remains competitive with market rates. Also, factor in potential property tax increases or additional maintenance costs in your future planning.

Addressing the Loan Issue
The unresolved loan related to the Pune property is a significant concern, especially as it affects your CIBIL score. A poor CIBIL score can limit your access to credit in the future and lead to higher interest rates.

Action Steps:
Legal Consultation: Consider consulting a property lawyer to explore legal options for resolving this dispute. Your goal should be to minimize further financial damage and possibly recover some of your initial investment.
Debt Resolution: If possible, negotiate with the lender to settle the outstanding loan. This could involve paying off the loan at a negotiated amount to clear your name from the dispute.
Future Planning: Income at Age 50
You’ve asked how much you’ll need to maintain your lifestyle when you’re 50. Here’s a broad framework:

Current Lifestyle: Your monthly expenses are Rs 50,000. Assuming a moderate inflation rate of 6%, your monthly expenses could double by the time you turn 50. You may need around Rs 1 lakh per month to maintain your current lifestyle.

Target Corpus: To generate Rs 1 lakh per month, you’ll need a retirement corpus that can provide this income without depleting your principal. Based on conservative estimates, you might require a corpus of around Rs 2-2.5 crores by the time you turn 50. This assumes a mix of safe investments with moderate returns.

Recommendations for a Better Income Stream
To improve your income streams and ensure long-term financial security, consider the following strategies:

Increase SIP Contributions: If possible, gradually increase your SIP contributions. Regularly review and rebalance your portfolio with the help of a Certified Financial Planner. They can help you optimize your returns by investing in funds that align with your risk tolerance and financial goals.

Review Insurance Policy: Your LIC policy will mature in five years, giving you Rs 15 lakhs. Consider whether this amount could be better utilized in a diversified investment portfolio. If the returns from the policy are low, it might be wise to surrender and reinvest the proceeds.

Explore Debt Mutual Funds: Since you have some fixed deposits, consider moving a portion into debt mutual funds. They typically offer better returns than FDs while maintaining a similar risk profile. This could be a good way to boost your income while keeping your capital relatively safe.

Reduce SWP if Necessary: If you’re relying heavily on your SWP, it may be wise to reduce withdrawals slightly to preserve your corpus. Consult with a Certified Financial Planner to adjust your SWP based on your portfolio’s performance.

Plan for Your Son’s Education: Given your son’s age, you should start planning for his higher education expenses. Begin by estimating the costs and then setting aside a specific portion of your investments towards this goal. Education inflation is high, and it’s crucial to have a dedicated fund.

Enhance Your Wife’s Income: If your wife’s freelance income is consistent, consider setting up a systematic investment plan (SIP) in her name. This not only helps with wealth accumulation but also provides her with financial security.

Final Insights
Mr. Swapnil, your financial journey is on the right track, but some strategic adjustments are needed. Focus on optimizing your current investments, resolving your loan issue, and planning for future expenses like your son’s education and your retirement. By doing so, you’ll be well-prepared to maintain your lifestyle at age 50 and beyond.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Latest Questions
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x