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Ramalingam

Ramalingam Kalirajan  |6625 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 05, 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 - May 04, 2024Hindi
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Dear sir, I am 52 and want to retire somewhere this year. Monthly expenses is around 30000/-. Having following savings: MF and stocks- 20Lacs, PPF: 25Lacs, EPF: 10Lacs, FD: 35Lacs. Are theses savings sufficient for post retirement life? Kindly guide. I don't any loan.

Ans: Based on the information provided, let's evaluate whether your savings are sufficient for your post-retirement life:

Monthly Expenses: Your monthly expenses are approximately 30,000/-. This is a crucial factor in determining how long your savings will last in retirement.
Savings Breakdown:
Mutual Funds and Stocks: 20 Lacs
PPF: 25 Lacs
EPF: 10 Lacs
FD: 35 Lacs
Assessment:
With a total of 90 Lacs in savings, and considering your monthly expenses, your savings can cover your expenses for approximately 30 months (2.5 years) without any additional income.
PPF and EPF provide a stable and secure source of income, but their liquidity may be limited.
FDs provide a relatively stable source of income, but the returns may not be sufficient to cover your expenses in the long run, especially considering inflation.
Next Steps:
Consider other sources of income, such as pension plans or annuities, to supplement your retirement savings and ensure a steady stream of income in retirement.
Evaluate your investment portfolio and consider diversifying to ensure a balance between risk and returns.
Explore options for reducing expenses or generating additional income streams to extend the longevity of your savings.
Consult with a Certified Financial Planner to create a comprehensive retirement plan tailored to your specific needs and goals.
While your current savings provide a foundation for retirement, it's essential to carefully plan and manage your finances to ensure a comfortable and secure retirement lifestyle. With proper planning and prudent financial decisions, you can enjoy a fulfilling retirement without financial worries.
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  |6625 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 19, 2024

Asked by Anonymous - May 18, 2024Hindi
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I am a working professional. I am 42 years old. I own a house and an office and a small residential flat currently and sip of 1.35 lacs per month since last 4 years, have investment in shares of around 10 lacs and 5-7 in FDR. I hav a son studying in 8 class. my expenses are around 1 lacskwhich are shared by my wife too. I can work for another 10 years. I need to understand whether the investment and saving are good enough for me to have a a secured retired life.
Ans: It’s wonderful that you’re thinking about securing your retirement. At 42, you’ve achieved a lot, owning multiple properties and having substantial investments. Let’s evaluate your current financial standing.

Investments and Savings Overview
Your SIP of ?1.35 lakhs per month is impressive. It shows commitment to long-term wealth building. Investing in shares and FDRs adds diversity to your portfolio. This is a strong foundation for future security.

Income and Expenses
Your monthly expenses are ?1 lakh, shared with your wife. This indicates a balanced financial life. With your current SIP and other investments, you’re on a good path.

Future Financial Needs
You plan to work for another 10 years. Considering your current savings and investment habits, you’re preparing well for retirement. Let’s break down your future financial needs and how to achieve them.

Education Fund for Your Son
Your son is in 8th class, so higher education costs are approaching. Start a dedicated education fund. This ensures his future needs are met without impacting your retirement corpus.

Retirement Corpus Calculation
Estimate your post-retirement monthly expenses, accounting for inflation. If your current expenses are ?1 lakh, this might double by retirement. Ensure your investments grow enough to cover these future costs.

Evaluating Your Investment Portfolio
Mutual Funds (SIP):

Continue your SIPs. They offer growth potential and help in wealth accumulation. Diversify across equity and debt funds for balanced risk.

Shares:

?10 lakhs in shares is good. Ensure it’s diversified across sectors. Avoid over-concentration in a single stock or sector.

Fixed Deposits (FDR):

?5-7 lakhs in FDRs provides stability. Keep these for emergency funds or short-term goals. They offer safety but lower returns compared to other investments.

Suggestions for Improvement
Review and Adjust Your Portfolio:

Regularly review your investment portfolio. Adjust based on market conditions and your risk tolerance. Consult a Certified Financial Planner (CFP) for personalized advice.

Increase SIPs Gradually:

If possible, increase your SIP contributions annually. This boosts your retirement corpus and takes advantage of compounding.

Diversify Further:

Consider adding balanced funds and large-cap funds. They offer stability and steady growth, crucial for long-term goals like retirement.

Avoid Over-Reliance on Real Estate:

While real estate is a solid asset, diversify into other financial instruments. This reduces risk and ensures liquidity.

Creating a Comprehensive Financial Plan
Emergency Fund:

Ensure you have an emergency fund covering 6-12 months of expenses. This protects against unforeseen events and provides financial security.

Insurance:

Have adequate health and life insurance. This safeguards your family’s financial future in case of medical emergencies or unforeseen events.

Retirement Planning:

Estimate your retirement corpus considering inflation. Use retirement calculators and consult a CFP for precise planning.

Tax Planning:

Optimize tax savings through appropriate investment choices. Utilize tax-advantaged accounts and investments to maximize returns.

Conclusion
You’re on a strong path with your investments and savings. Continue your SIPs, review your portfolio, and adjust as needed. Diversify your investments and ensure you have adequate insurance and emergency funds. With disciplined savings and strategic planning, you’ll achieve a secure and comfortable retirement.

Genuine Compliment:

Your dedication to investing ?1.35 lakhs monthly is commendable. It shows foresight and commitment to securing your financial future.
It’s impressive how you’ve balanced multiple investments and properties while planning for your son’s education and your retirement.

Final Thought
Keep up the disciplined approach. Regular reviews and adjustments will ensure you’re on track for a secure retirement. Consult a Certified Financial Planner for personalized guidance.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |6625 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 30, 2024

Asked by Anonymous - May 30, 2024Hindi
Money
My age is 49 and has a monthly salary of INR 291000 and expect yearly hike of 5%. Want to retire by 55 years. Has Current loan of 60K and Current savings monthly are 50K SIP, 20K life insurance, 62K PF my contribution, 25K PPF(mine and wifes), Currnet asseats are own house, 35lacs in PF, 25lacs in SIP and 40lacs in FD. I have one daughter 9 yrears. How much corpus should be enough at retirement and is this savings good enough to achieve that.
Ans: Understanding Your Retirement Goals
Retirement planning is crucial to ensure a comfortable and stress-free life after you stop working. You aim to retire at 55 years, which gives you six more years to build your retirement corpus. Your current salary is Rs 2,91,000 per month, with an expected annual increment of 5%. Your monthly savings include Rs 50,000 in SIPs, Rs 20,000 in life insurance, Rs 62,000 in PF contributions, and Rs 25,000 in PPF contributions. Your current assets include a house, Rs 35 lakhs in PF, Rs 25 lakhs in SIPs, and Rs 40 lakhs in FDs. Additionally, you have a loan of Rs 60,000. Understanding these details helps in assessing if your savings are adequate for your retirement goals.

Evaluating Current Savings and Investments
Your disciplined approach to saving and investing is commendable. Consistent contributions to SIPs, PF, and PPF are effective ways to build a retirement corpus. Additionally, your current assets are well-diversified across various instruments, which is prudent. However, it is important to assess whether these savings and investments are sufficient to meet your retirement needs.

Systematic Investment Plans (SIPs)
SIPs are a popular choice for many investors due to their potential for high returns over the long term. They offer the benefit of rupee cost averaging and compounding. Actively managed funds, compared to index funds, can potentially provide better returns because they are managed by professionals who actively select stocks. However, it's essential to review the performance of these funds regularly and ensure they align with your risk tolerance and financial goals.

Provident Fund (PF) and Public Provident Fund (PPF)
Your contributions to PF and PPF are great for ensuring a stable, risk-free portion of your retirement corpus. PF offers a stable return with tax benefits, which is an excellent way to secure a part of your retirement income. PPF, with its tax-free interest and principal, is another safe investment that complements your riskier investments like SIPs.

Addressing the Loan
It is good to note that your current loan is Rs 60,000, which is relatively small compared to your overall financial picture. Paying off this loan should be a priority, as being debt-free at retirement is ideal. The sooner you clear this loan, the better your financial health will be.

Retirement Corpus Calculation
To determine how much corpus you will need at retirement, several factors need to be considered:

Expected Monthly Expenses: Estimate your monthly expenses post-retirement, considering inflation.

Life Expectancy: Plan for at least 30 years post-retirement.

Inflation Rate: Assume an average inflation rate of 6-7% annually.

Current Savings and Future Contributions: Calculate the future value of your current savings and ongoing contributions.

Estimating Monthly Expenses
Your monthly expenses in retirement may differ from your current expenses. Some costs may reduce, like work-related expenses, while healthcare and leisure costs might increase. It is vital to have a clear understanding of your expected monthly expenses. Let's assume your current monthly expenses are Rs 1,20,000. Considering inflation, these expenses will increase by the time you retire.

Inflation and Life Expectancy
Inflation significantly impacts retirement planning. Assuming an average inflation rate of 6-7%, your expenses will grow over time. Additionally, planning for a longer life expectancy ensures you do not outlive your savings. For example, if you retire at 55 and plan for 30 years, your corpus should support you until 85.

Future Value of Current Savings
Let's project the future value of your current savings and ongoing contributions. This projection helps in understanding if your current strategy will meet your retirement goals.

Evaluating the Sufficiency of Your Savings
Given your disciplined savings approach, you are on a strong path. However, ensuring these savings are enough requires careful planning. Regularly reviewing your investment portfolio and adjusting as necessary will keep you on track.

Benefits of Actively Managed Funds
Actively managed funds have the potential to outperform index funds, as fund managers make strategic decisions based on market conditions. This active management can lead to higher returns, although it often comes with higher fees. Nonetheless, the potential for greater returns can justify the cost, making actively managed funds a compelling option for growth-oriented investors like yourself.

Disadvantages of Direct Funds
Direct funds require a hands-on approach and deep market knowledge. Investing directly means you are responsible for all decisions, which can be risky if you are not well-versed in market dynamics. Regular funds, managed by Certified Financial Planners, offer professional expertise and monitoring, which can lead to better risk management and potentially higher returns. This professional guidance is invaluable, especially as you approach retirement and seek to secure your financial future.

Prioritizing Education for Your Daughter
Your nine-year-old daughter’s education is another critical goal. Education costs are rising, and planning for her future expenses is essential. Setting aside dedicated savings for her education, such as a child education plan, ensures that you are prepared for these costs without compromising your retirement corpus.

Importance of Insurance
Your current life insurance policy is a good step towards securing your family's financial future. Adequate insurance coverage is crucial to protect against unforeseen circumstances. Evaluating whether your current insurance is sufficient or if additional coverage is needed is advisable.

Conclusion
Your current savings and investment strategy reflect a strong commitment to financial planning. By continuing to save diligently and reviewing your investment portfolio regularly, you can build a robust retirement corpus. Paying off your loan and ensuring adequate insurance coverage further strengthens your financial position. Planning for your daughter's education and considering the benefits of actively managed funds over direct investments are also crucial steps.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |6625 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 16, 2024

Asked by Anonymous - Jul 09, 2024Hindi
Money
I am 44 years old. I have 34 lac in MF, 4 Lac in NPS, 1.06 Cr in PPF, 50 Lac in PF, 1 Lac in stock and 22 Lac in post office Fixed deposit.Monthly income 1.2 Lac. I am investing 26500 Monthly in MF SIP and 15000 towards post office RD, also in VPF 21000 and PPF yearly 450000 (In 3 account). My monthly expense is 60000 and planing to retire at 50. I have school going child studing in class 7. Is my investment is sufficient for retirement planning.
Ans: Your current financial situation shows a strong foundation, and your disciplined approach to saving and investing is commendable. Let’s dive deeper into your investments and see if they align with your retirement goals at age 50, while ensuring your child's education and other expenses are covered.

Evaluating Your Current Financial Status
You have a diversified portfolio, which is excellent for mitigating risks and optimizing returns. Here’s a summary:

Mutual Funds (MF): Rs 34 lakhs
National Pension System (NPS): Rs 4 lakhs
Public Provident Fund (PPF): Rs 1.06 crores
Provident Fund (PF): Rs 50 lakhs
Stocks: Rs 1 lakh
Post Office Fixed Deposit (FD): Rs 22 lakhs
Monthly Income: Rs 1.2 lakhs
Monthly Investments: Rs 26,500 in MF SIPs, Rs 15,000 in post office RD, Rs 21,000 in VPF, and Rs 4,50,000 annually in PPF
Monthly Expenses: Rs 60,000
Financial Goals and Challenges
Retirement at Age 50: Ensuring a comfortable lifestyle post-retirement.
Child’s Education: Saving for higher education expenses.
Emergency Fund: Maintaining liquidity for unforeseen circumstances.
Health Insurance: Securing health coverage to avoid high medical costs.
Assessing Retirement Corpus
Calculating Required Corpus
To retire comfortably at 50, you need to ensure that your investments can sustain your lifestyle. With your current expenses at Rs 60,000 per month, let’s consider inflation and increased medical costs as you age.

Inflation Impact
Inflation will erode the value of your savings over time. Assuming an average inflation rate of 6%, your current monthly expenses of Rs 60,000 could significantly increase by the time you retire. Planning for a higher monthly expense post-retirement, say Rs 1 lakh, will be prudent.

Estimating Corpus
For a retirement period of 30 years (assuming a lifespan of 80 years), a rough estimate suggests you might need a corpus that can generate Rs 1 lakh per month. Considering inflation and a conservative withdrawal rate, a corpus of around Rs 6-7 crores would be required.

Strengthening Your Investment Portfolio
Mutual Funds
Your current SIP of Rs 26,500 in mutual funds is a strong commitment.

Actively Managed Funds: Actively managed funds can outperform index funds, especially in emerging markets like India. They offer potential for higher returns due to professional fund management.

National Pension System (NPS)
NPS provides a good mix of equity and debt, which is beneficial for long-term growth.

Continue Contributions: Consider increasing your contributions to NPS if possible. NPS also provides additional tax benefits under Section 80CCD(1B).

Public Provident Fund (PPF)
PPF is a safe and reliable investment.

Regular Contributions: Your substantial investment in PPF is good, considering its tax-free interest. Continue maxing out your contributions annually.

Provident Fund (PF) and Voluntary Provident Fund (VPF)
Your PF and VPF contributions ensure steady and safe growth.

Maximize Contributions: Continue maximizing VPF contributions, as they offer higher interest rates and tax benefits.

Stocks
While your current investment in stocks is minimal, direct equity investments can offer significant returns.

Consider Equity Mutual Funds: If you’re not comfortable picking individual stocks, consider equity mutual funds for diversified exposure.

Fixed Deposits and Recurring Deposits
Your investments in post office FDs and RDs provide safety but offer lower returns.

Shift to Higher Returns: Gradually shift a portion of these funds to higher-return investments like debt mutual funds or balanced funds for better growth potential.

Planning for Child’s Education
Education Corpus
Your child is in class 7, and you have about 5-6 years before college expenses start. Higher education costs can be substantial, so planning early is crucial.

Education Funds: Consider dedicated education funds or balanced funds, which provide a mix of safety and growth.

Systematic Investment Plan (SIP): Continue or increase SIPs in diversified mutual funds earmarked for education.

Health Insurance
Health insurance is crucial to protect your savings from medical emergencies.

Family Floater Plan: Ensure you have a comprehensive family floater plan that covers all members adequately.

Critical Illness Cover: Consider adding a critical illness cover to safeguard against severe health issues.

Emergency Fund
An emergency fund acts as a financial buffer for unforeseen expenses.

3-6 Months Expenses: Ensure you have 3-6 months’ worth of expenses set aside in a liquid fund or savings account for easy access.

Tax Planning
Effective tax planning helps maximize your savings.

Section 80C
Maximize 80C Benefits: Your investments in PPF, PF, and life insurance already provide tax benefits under Section 80C. Ensure you’re maximizing these benefits.

Section 80CCD
NPS Contributions: Contributions to NPS provide additional tax benefits under Section 80CCD(1B).

Diversification and Rebalancing
A diversified portfolio minimizes risks and maximizes returns.

Asset Allocation
Diversify Across Asset Classes: Allocate your investments across equities, debt, and fixed income instruments. Consider a mix of 60% equity and 40% debt for balanced growth.

Regular Rebalancing
Periodic Review: Review your portfolio periodically and rebalance to maintain your desired asset allocation. This ensures your portfolio remains aligned with your financial goals.

Professional Guidance
Consulting a Certified Financial Planner (CFP) can provide personalized advice and help you stay on track.

CFP Benefits
Expert Guidance: A CFP provides expert advice on investment strategies, tax planning, and retirement planning.

Regular Reviews: Regular reviews with a CFP can help you adjust your strategy as needed.

Final Insights
Your disciplined approach to saving and investing has put you on a solid financial footing. With your current investments and income, you’re well-positioned to achieve your retirement goals.

However, ensuring your corpus grows sufficiently to sustain your post-retirement life is crucial. By optimizing your investment strategy, managing risks, and planning for inflation, you can build a secure future.

Consider increasing your contributions to equity mutual funds and NPS for better growth. Ensure you have adequate health insurance and maintain a robust emergency fund.

With careful planning and regular reviews, you can achieve your goal of retiring at 50 comfortably and ensure your child's education expenses are covered. Keep up the good work and stay committed to your financial goals.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Latest Questions
Anu

Anu Krishna  |1201 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 15, 2024

Asked by Anonymous - Oct 07, 2024Hindi
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Relationship
Mam i am a 52 year ols women i have never had a secure relationship only who wanted to have s.Marriage in proposals too dint work for me. At late 40 age i met a guy it was all good till start 1 year but since 3 years we just fight my fault to as i have no family no friends and all i have to look after 2 aged parents and i am deep involved my life is just that. This relationship is good to talk on phone as all i do is talk my problems 24 by 7 365 days which i understands upsets him. But i see no effort too from him for meeting planning dates and if i do i pay for it all he never pays . I lost interest felt disappointed after going on saying he never tries to make plans talk future his family finance. I am not sure what i should do stay or live my life alone which i was always doing.
Ans: Dear Anonymous,
Start fresh and if you had a clean slate, what would you want to draw on it?
All your miseries or what you actually want from life?
When you meet someone new and you dump your set of issues on them, how exactly do you think they are going to be interested in taking you out on a date?
Your prospective life partner is not a dumping yard for your life's problems BUT a person that is going to marry you and support you and who you can trust. And will you start this relationship by actually talking only about your problems? Honestly, you need to ask yourself if you will be interested in a guy who keeps ranting about all things going wrong...
Establish a connection by being on a positive ground and showing the other person that you care and also are interested in knowing about them. This interest will let them lower their guard down and actually connect with you at an emotional level and then you can pursue this as a potential life partner association...somewhere down the line, they will be genuinely interested in being a part of your challenges and that's when you make them your strength to solve these challenges. Am I making sense to you?
Do you see how you have been sabotaging your own future? Dust yourself, become genuinely interested in people not to dump your problems on them but to make a genuine connection and watch how things change for you. Prioritize your life not your problems!

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

...Read more

Anu

Anu Krishna  |1201 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 15, 2024

Relationship
Hi, I am a 36yo guy. Married and have 2 beautiful kids. I am a naturally happy person in life and have achieved reasonable success through my hard work. From last 3 years i am in love with a married girl who works at an office near my workplace. We two believe that we are best suited for each other in every aspect i.e. mental, emotional and physical. We share a great chemistry that we never felt with our respective spouses. We decided that we both cant leave our spouses because of our kids. But very often she keeps on getting crazy and tortures and taunts me that i love my wife more and doesnt give value to her. She is mostly unhappy about this in her life and many times abuses me when she sees that i am a naturally happy and content person. I have even told her that if she wants we can take divorce from our spouses and move-in together. But she never accepts that also and keeps on making my life hard. But i do believe that we both love each other like crazy and my sexual life with her is just out of this world. I have a very high libido and she satisfies me like no other girl. My question is how can i make her sane and make her trust me that i am more inclined towards her?
Ans: Dear Avinash,
I am sure by now you realize that having parallel lives is not easy. Maybe you are at that stage where a decision must be made...
You owe at least that much to your respective spouses who have nothing to do this life of yours...

The lady in question wants the cake and wants to eat it too...obviously she needs to see that if she wants her marriage, then you are going to keep your marriage as well and with that all the insecurities that arise must also be accepted as this is something that the two of you got into willingly...did she not know that a relationship outside of marriage comes with its set of challenges like insecurities, doubts, fears, instability and more? I guess it's not about you making her sane and trust you BUT for the two fo you to come to some sort of a decision on where all this is leading?

Again, I say this...leading two lives in parallel ain't easy; especially on an emotional level!

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

...Read more

Anu

Anu Krishna  |1201 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 15, 2024

Asked by Anonymous - Oct 01, 2024
Relationship
Hi Anu, I have been reading since long the advices you give to others expecting that there can be an identical issue which i am suffering, i am 48yrs and my wife 42yrs married for 22yrs & having grown up children, over period of time my wife has become more dominating expecting me to listen and follow everything what she says, everything was going fine for until last six years when she was following me as a dutiful wife, since last 6-7yrs she is disinterested in sex also, i sit and speak with her trying to address all the issues, but things get back to ZERO within days, she has turned very short tempered and egoistic, shouting and using foul language in rage at times, we both are highly educated and give lectures at college with limited reasonable income, the problem is she compares her life to others and disturbs our life, ours is a marriage against parents so both the side relatives are little indifferent and we are not extroverts or that persons who are outgoing to change all that, we just lead our life within ourselves and try to help the relatives whenever they come to us. My question is that is it not cruel for a wife to deprive the husband of sex and develop unreasonable expectations comparing the lifestyles of others. when at peace my wife suggests that i can look outside for sex and she is ok with it but i don't believe in it and in her words, at times in rage she keeps asking for divorce uttering foul language, i keep reminding her that emotions, anger and rage shall only aggravate the issues we should know what we actually want and seek it speaking to each other, i feel that my wife doesn't know what she wants from herself or from me or from life, Anu, Is this all that pre-menopause frustrations which is building up or is it some mental issues which are surfacing due to negligence from me or our relatives? Please suggest? Thank you
Ans: Dear Anonymous,
Let's understand it in 3 ways..

1) Whether your wife is in pre-menopause or perimenopause or menopause stage can be determined only by a doctor. A lot of material floats on the internet convincing people of one over the other BUT it's important to get it validated by a doctor that will help your wife understand what is going on with her body and how it impacts her mind...

2) It is also possible that the current sex routine maybe boring to her and infusing it with some spice can get things going? So, think out of the box here...

3) Also, you might want to think if the emotional bond between the two of you has broken down; women respond to sex easier when they feel emotionally connected and safe with their man...

What will be useful in your situation is: to reconnect with her and aim to connect with her emotionally. This will help her in conveying to you what might be the problem and then it gets easier to solve it or take necessary steps...

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

...Read more

Milind

Milind Vadjikar  |418 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Oct 15, 2024

Milind

Milind Vadjikar  |418 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Oct 15, 2024

Milind

Milind Vadjikar  |418 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Oct 15, 2024

Asked by Anonymous - Oct 15, 2024Hindi
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Money
Hi Milind I am 52 years old single woman, from small town and who has worked hard ro reach to level in corporate with good salary. I have a corpus of about 5 crores and small flat in tier 2 town. I dont enjoy yhis new job wirh reputed brand and at a senior level as i dont find ut engaging or doing justice to role. My parents are old and i worry for rhem ans want to spent rkmw with them. With this corpus can i take a call to leave job and get decent income of atleast 2-2.5 lac a month. I have been quite action oriented, but now my mind and body feel exhasuted and also fear rhat without a job i will become lazy. Also living with parents will be a joy, at the same time resteictive to eating or socializing. I am quite concious ,if i leave this well paying ,senior role job with a big renonwed corporate which many of my friends aspired for and whole lot of people congratulated me ,they will think i was not able to justify my role,hence left . I dont want that impression at last stage of career as whole life i have been seen as hard working ,passionate professional. Such rhoughts are taking toll on my mental health. Please advise what should be done
Ans: Hello;

With the corpus that you have (5 Cr) you may buy an immediate annuity from a life insurance company and can expect to receive monthly payout of 2.5 L (pre tax)from the very next month. 6% annuity rate considered, if you shop around and negotiate you may get a better rate.

You can opt for increasing annuity to account for inflation and return of purchase price to your nominee, after you.

Ensure good health insurance policy to cover yourself and your parents.

Think about some vocation which you would like to pursue passionately after retirement.

You are seeking retirement from regular 9 to 5 job not from pursuit of your passion/goals.

It could be in the role of an consultant, counselor or educator.

You should take the decision which you feel is appropriate for you irrespective of what people comment because they will comment in any case.

Learn to ignore such people.

Happy Retirement!!

...Read more

Milind

Milind Vadjikar  |418 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Oct 15, 2024

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.

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