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Ramalingam

Ramalingam Kalirajan  |7593 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 26, 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
Abhi Question by Abhi on Feb 22, 2024Hindi
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Hello Guruji, Query regarding pension amount I joined a MNC private company in 1993 and resigned in2015 , I got a pension certificate which says I will get a pension of ?6500 pm. Post that I went abroad for 4 years and returned in 2019. I joined an Indian company for 1 year till 2020 with a salary of ?4L pm basic salary + other allowances. Post that I joined an MNC for 3.5 years , which ended last month at a basic salary of ?4.5 L pm. How much pension amount can I expect and from when ? I am 53+ years of age. Will it be both combined or how ? Please help regards Abhi

Ans: Maximizing Pension Benefits: A Comprehensive Guide
Navigating pension benefits can be complex, but with strategic planning, you can optimize your retirement income. Let's delve into your situation and explore the potential pension amount you can expect.

Evaluating Pension Eligibility
Assessing Service Duration

Determine your total service duration with your previous employer from 1993 to 2015, spanning over 22 years.
Confirm the pension eligibility criteria based on your service duration with the company.
Understanding Pension Certificate

Review the pension certificate indicating a monthly pension of Rs. 6,500, provided upon your resignation in 2015.
Understand the terms and conditions outlined in the certificate regarding eligibility and payment structure.
Considering Post-Retirement Employment
International Employment

Take into account your employment abroad for four years, from 2015 to 2019, which may impact your pension entitlements.
Assess whether your international employment affects your eligibility or pension calculation.
Subsequent Indian Employment

Factor in your employment with an Indian company from 2019 to 2020, followed by a tenure with an MNC until last month.
Consider how your post-retirement employment affects your pension entitlements and calculations.
Determining Pension Amount
Combining Pension Entitlements

Combine the pension entitlement from your previous employment with the pension from your subsequent Indian employment.
Evaluate if the combined pension amount aligns with the terms specified in your pension certificate.
Calculating Pension

Calculate the total pension amount considering both periods of employment and their respective pension entitlements.
Verify if the calculated pension aligns with the pension certificate's stipulations and your service duration.
Seeking Clarifications and Guidance
Seeking Clarifications

Reach out to the pension authorities or your previous employer to clarify any doubts regarding your pension entitlements.
Request detailed explanations regarding the calculation methodology and factors influencing your pension amount.
Consulting a Certified Financial Planner (CFP)

Seek guidance from a Certified Financial Planner (CFP) specializing in retirement planning and pension benefits.
Receive expert advice on maximizing your pension entitlements and optimizing your retirement income.
Planning Ahead
Retirement Income Strategy

Develop a comprehensive retirement income strategy considering your pension entitlements, savings, and potential sources of income.
Ensure your retirement plan aligns with your financial goals, lifestyle preferences, and long-term objectives.
Regular Monitoring

Regularly monitor your pension account statements and retirement income sources to track your financial progress.
Stay informed about any updates or changes in pension regulations that may affect your retirement benefits.
Conclusion
By assessing your service duration, understanding your pension entitlements, and considering your post-retirement employment, you can determine the pension amount you can expect. Seeking clarifications, consulting with a CFP, and planning your retirement income strategy will empower you to make informed decisions and secure your financial future.

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.
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I worked in Private company 1991 till 2007 after I stop working in india, since 2007 after me working in Abroad how much should I expect my pension amount after my age 55 as my Basic salary and D.A.that last period is as Basic 8510 and D.A 6051 .Pls can I know how much could I receive pension. At present date my age 53 now. Thanks
Ans: First, let me commend you for planning ahead for your retirement. Given your work history in India and abroad, understanding your pension can be complex. Let's break it down to make it simple and clear.

Eligibility for Pension
You mentioned working in a private company in India from 1991 to 2007. The Employees' Pension Scheme (EPS) of 1995, managed by the Employees' Provident Fund Organisation (EPFO), would cover this period. To be eligible for a pension under EPS, an employee must complete at least 10 years of service and attain the age of 50 for early pension or 58 for regular pension.

Service Period Calculation
You have worked in India for 16 years (1991 to 2007). This makes you eligible for the EPS pension since you meet the minimum requirement of 10 years.

Pension Calculation Method
The EPS pension is calculated based on the pensionable salary and the number of years of service. The pensionable salary is the average of the last 60 months of basic salary and dearness allowance (DA).

Understanding Pensionable Salary
From your information:

Basic Salary: Rs. 8,510
Dearness Allowance (DA): Rs. 6,051
So, your pensionable salary would be the sum of your basic salary and DA.

Early Pension at Age 55
Since you are currently 53 and considering early pension at 55, there is a reduction factor applied. The pension amount is reduced by a percentage for each year before 58.

Additional Considerations
Inflation and Future Value
It is important to consider the impact of inflation on your pension amount. While the pension might seem sufficient now, its value will decrease over time due to inflation. You might want to explore other investment options to supplement your pension income.

Savings and Investments
Since you have worked abroad, you might have accumulated savings and investments there. It's essential to factor in these amounts when planning your retirement. Diversifying your investments can help ensure a stable and sufficient income during retirement.

Health Insurance
Make sure you have adequate health insurance coverage. Healthcare costs can be significant in retirement, and having insurance can protect you from unexpected medical expenses.

Planning for Retirement
Given your current age of 53, you have a few more years to plan and save for your retirement. Here are some steps you can take:

Assess Your Financial Situation
Evaluate your current savings and investments.
Calculate your future income needs, considering inflation.
Diversify Your Investments
Invest in a mix of low-risk and high-risk options.
Consider mutual funds for long-term growth.
Review Your Insurance
Ensure you have adequate health insurance.
Consider a term life insurance policy if you don't have one.
Create a Retirement Budget
Estimate your monthly expenses in retirement.
Include costs for healthcare, travel, and leisure activities.
Final Insights
Your pension from EPS will provide a basic level of income. However, considering inflation and future financial needs, it's crucial to have a diversified investment portfolio. Planning now will help ensure a comfortable and secure retirement.

Thank you for your detailed query. Your foresight in planning for retirement is admirable. By following these steps and regularly reviewing your financial plan, you can achieve a financially secure retirement.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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Ramalingam

Ramalingam Kalirajan  |7593 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 26, 2024

Asked by Anonymous - Feb 23, 2024Hindi
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I worked in Private company 1991 till 2007 after I stop working in india, since 2007 after me working in Abroad how much should I expect my pension amount after my age 55 as my Basic salary and D.A.that last period is as Basic 8510 and D.A 6051 .Pls can I know how much could I receive pension. At present date my age 53 now. Thanks
Ans: Estimating Your Pension Amount from EPS
Understanding Your Financial Journey
First, it's commendable that you are planning for your retirement. Knowing the specifics of your employment history helps in estimating your pension accurately. You worked in a private company in India from 1991 to 2007 and have been working abroad since then. Your last drawn basic salary was Rs. 8,510 and Dearness Allowance (D.A.) was Rs. 6,051.

Basics of Employee Pension Scheme (EPS)
Eligibility:

Service Period: Minimum of 10 years of service is required to be eligible for the pension.
Age: Pension starts at the age of 58, but you can opt for early pension at 55 with a reduced amount.

Pensionable Salary:

It is the average salary of the last 60 months before exiting the EPS scheme.
For simplicity, let’s assume your last drawn basic + D.A. as the pensionable salary, which is Rs. 14,561 (8510 + 6051).
Pensionable Service:

Your service period is from 1991 to 2007, which is 16 years.
Early Pension Reduction
If you opt for early pension at 55, there is a reduction of 4% per year before 58. So, if you start at 55, it’s a reduction of 12% in total.

Calculating Your Pension
Without Reduction (at age 58):
Monthly Pension =(14561×16 / 70)=Rs. 3,327

With Early Pension Reduction (at age 55):
12% reduction for starting 3 years early:

Reduced Pension=3327×0.88=Rs. 2,928

Factors to Consider
Inflation: The calculated amount may seem small due to inflation over the years.

Additional Savings: Consider building a supplementary retirement corpus through other investment avenues.

Current Employment: Check if your current employment abroad provides any pension benefits or savings plans.

Recommendations for Financial Security
Mutual Funds:

Equity Mutual Funds: Invest in equity mutual funds for long-term growth to supplement your pension.
Debt Funds: These provide stability and reduce overall portfolio risk.
Systematic Investment Plan (SIP):

Discipline: Start a SIP to ensure disciplined investing.
Diversification: Allocate investments across different mutual fund categories for risk mitigation.
Reassess LIC Policy:

Surrender: Consider surrendering any traditional LIC policies and reinvesting in higher-return mutual funds.
Term Insurance: Opt for term insurance for adequate life cover at a lower premium.
Emergency Fund:

Essential: Set aside 6-12 months’ worth of expenses in a liquid fund for emergencies.
Regular Review:

Monitor Investments: Periodically review and adjust your portfolio based on market conditions and personal circumstances.
Seek Professional Advice: Consult a Certified Financial Planner (CFP) to optimise your investment strategy.
Conclusion
With your pensionable service and the pension formula, your estimated pension amount at age 55 is approximately Rs. 2,928 per month. This amount is relatively modest, so it’s crucial to supplement it with additional savings and investments. By investing in mutual funds through SIPs, maintaining an emergency fund, and considering term insurance, you can build a secure financial future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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

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Good day Sir, I am working in a MNC company for last 17 years. I am going to retire 30 th January 2025. My Basis salary is Rs 28089/- & my contribution to PF is Rs 3371/- per month & as per procedure same amount also contribute from my employer towards my PF account. I have joined this organisation on 10 th Dec 2010. & expect a contribution nearly Rs 190000 in my Employees Pensoins Scheme. Request what will be my my monthly pension after retirement.
Ans: Since you've been working in the organization since 2010, you'll be eligible for a monthly pension from this scheme.

The pension amount is calculated based on your service years and average salary during the last five years of employment. The maximum salary considered for this calculation is Rs 15,000, irrespective of your actual salary.

Pension Calculation
For your case, the pension amount under EPS can be estimated using the following factors:

Service Years: 14 years (from December 2010 to January 2025)
Average Salary: Rs 15,000 (since it is capped under EPS)
The formula used by EPS for calculation is:

Pension Amount = (Service Years) * (Average Salary) / 70

So, based on this formula, your pension is calculated as:

Monthly Pension = 14 * Rs 15,000 / 70 = Rs 3,000 per month (approximately)

This amount is an estimation and may vary slightly depending on other factors considered by the EPS at the time of your retirement.

Provident Fund Contribution
Your contribution and your employer’s contribution towards the PF will also create a significant corpus. With 17 years of service, the accumulated amount in your PF account should be substantial. Once you retire, you can either withdraw this amount or opt for periodic payouts to supplement your pension.

Recommendations for Post-Retirement Financial Planning
Maximize PF Benefits: Ensure you withdraw your PF in a manner that maximizes your benefits. If you don't need a lump sum, consider periodic withdrawals.

Invest Wisely: Invest your PF withdrawal in diversified mutual funds to generate a stable post-retirement income. A Certified Financial Planner can guide you in selecting the right funds based on your risk tolerance and financial goals.

Health Coverage: Ensure you have adequate health insurance to cover medical expenses post-retirement. Relying solely on pension and savings might not be enough for unforeseen medical costs.

Budget Planning: Create a detailed budget for your post-retirement life. Factor in regular expenses, medical costs, and leisure activities. This will help you manage your finances efficiently.

Consider Professional Guidance: As you approach retirement, professional financial advice becomes more crucial. Consulting a Certified Financial Planner will ensure that your retirement funds are managed optimally.

Finally
Your pension from the EPS will provide a steady income, but it may not be enough to cover all your expenses. Therefore, it’s crucial to plan ahead, invest wisely, and ensure that your financial future is secure.

Best Regards,

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Chief Financial Planner,

www.holisticinvestment.in

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We two brothers have inherited a property on 200 sq yard by registered will of our father in 2020. The property was purchased by our father in 1970 and redeveloped in 1990 into three story building. Ground floor is with my brother and first floor. Third floor without roof rights was sold by our father at the time of redevelopment . Me and my brother have terrace rights as per registered will of our father ( each has 50% roof/ terrace rights). My brother is US citizen and want to sell his share for four crores. The expected rental income from the ground floor will be Rupees 60 thousand per month. The circle rate of the property is Rupees 7 lakh per yard. My interest in the ground floor of the property is mainly to live peacefully without any interference by unknown new buyer. I am 65 and my question is from financial point should I purchase from my brother by paying Rs. 4 crore or keep the amount in bank as fixed deposit/ RBI bonds at around 8 percent per year. Second question is if he sell it to other buyer how he will sell terrace as the terrace is undivided and we both have inherited it by registered will. Thirdly there are many builders who want to redevelop the property into four floor with basement and stilt parking. What will be the right option . I have only son .
Ans: Dear Friend,
If you’re considering whether to purchase your brother’s share of the inherited property for ?4 crore, weigh peace of mind against financial returns. Buying his share gives you full control, eliminates potential disputes with a third-party buyer, and ensures no interference in your peaceful living. However, the rental yield of ?60,000/month (~1.8% annual return) is significantly lower than the ~8% return you could get by investing ?4 crore in fixed deposits or bonds, which would generate ~?2.67 lakh/month.

Regarding the terrace, your brother cannot sell his 50% share independently since it is undivided and jointly inherited. Any sale requires your consent, limiting his ability to transfer full terrace rights to a new buyer.

Redevelopment of the property is an excellent option, offering increased value and rental income. Builders are likely to provide additional floors or cash components in exchange for development rights, enhancing long-term financial benefits and ensuring modern amenities.

If your priorities are peace of mind and control over the property, purchase your brother’s share. Otherwise, invest in safer financial instruments and consider redevelopment to maximise the property’s potential. Consult a lawyer and financial advisor to ensure the best decision. Your Financial adviser can deeply evaluate all your assets and liabilities and provide a solution which will give you more leverage.
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Myself and my sister as joint owner of a property enteredvinto joint development agreementvwith a builder for construction of 8 flats in 4800 sq. Ft land. 2400 sq. Ft was retained for us with 4 flats constructed by builder to be given free of cost and 2400 sq. Ft UDS sold to builder thro PGPA for him to sell 4 flats. After selling 3 flats with 1800 sq. ft UDS by builder, we cancelled GPA and registered with SRO for retaing 600 Sq. ft UDS for our use with the consent agreeing to pay compensation for this cancel of GPA. Now I want clarification as to the ownership of the above said cancelled UDS of 600 Sq. ft as Joint owner or myself as per Joint developement agreement with a rider that myself will take possessionof 600 UDS by cancelling GPA later with builder and paying compensation st the mutually ahreed price. Builder says that myself is the owner for the cancelled 600 Sq. ft retained. I want to know whether I hv to register settlement deed for partingvwith 600 Sq. ft UDS by my sister or the statement of builder as myself will be the owner for 600 UDS regisyeted by cancelling GPA signed by the builder and both of us. Pl. Clarify.
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Hi sir/mam, I'm 32 years old working in a private firm as Manager. I own 9 lacs in FDs, accumulated 17 lacs in Mutual funds through SIP of around 23k pm (currently XIRR at 15-16% in with 75% in equity). I also have 2.5 lacs in PPF and 1.2 lacs in NPS. For tax savings I do yearly investments in PPF and NPS of about 1 lacs and rest I cover with ELSS (part of my SIPs). I want to retire at the age of 50, my current salary is 1.2 lac per month in hand, and receive few incentives of 1.5 lac a yr. I live in Mumbai with my wife and plan to buy a house of 60 lacs (out of which 20 L I'm borrowing from family, and rest of it will be loan with about 35k EMI). I also have a flat in NCR worth 80 L (purchased at 35 lacs), for which I have an EMI of 11k per month which is covered by rent I receive from there. I don't have kids yet, but I plan to have two of them. What should be my plan of investing that I can retire by max between 50 and 55 yrs of age with an upper middle class lifestyle in either Mumbai or NCR. How much should my corpus be? My current expenses are around 60k including rent in Mumbai, and my parents are independent. I have both health and life insurance of 1 cr+ cover.
Ans: Dear Friend,
To retire comfortably at 50-55 with an upper-middle-class lifestyle, you’ll need a retirement corpus of ?5 crore. Currently, your mutual funds, PPF, and NPS are projected to grow to ~?1.82 crore by 50. To bridge the gap of ?2.18 crore, increase your SIPs by ?30,000/month in equity funds, which can grow to ~?2.25 crore at 12% CAGR in 18 years. Prioritize repaying the ?20 lakh family loan after buying the Mumbai house, ensuring the ?35,000 EMI doesn’t hinder your additional investments. Post-retirement, rely on rental income from your NCR property and a 4% systematic withdrawal strategy from your corpus to cover inflation-adjusted expenses. Maintain ?5-6 lakhs in an emergency fund and continue tax-saving investments like ELSS, PPF, and NPS. Regularly review and rebalance your portfolio to stay aligned with your goals. With disciplined savings and investments, you’re on track for a secure retirement.
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Hello sir, I am 35yo with 2 (4yo, 1yo) children. Can I retire now, with following corpus: mutual fund and stocks : 3.5 crore, lands: 50 lakh, PF&PPF: 80 lakh, FD: 25 lakh, SGB &Gold:50 lakh. Currently doesn't own any house. Monthly expense is around 1 lakh.
Ans: Your corpus and monthly expenses show a solid foundation. Retirement at 35, however, requires careful assessment. Let’s analyse your situation step by step.

Current Financial Assets and Allocations

Mutual Funds and Stocks: Rs 3.5 crore

This is a significant part of your corpus. Equity investments offer high growth potential.

Lands: Rs 50 lakh

Real estate investments are illiquid. Consider them only for long-term growth or inheritance.

PF and PPF: Rs 80 lakh

These provide stability and assured returns. These are good for meeting long-term goals.

Fixed Deposit: Rs 25 lakh

FDs are low-risk and ensure liquidity. This is beneficial for emergencies.

SGB and Gold: Rs 50 lakh

Gold is a strong hedge against inflation. It also offers diversification.

Monthly Expense Analysis

Your monthly expense of Rs 1 lakh equates to Rs 12 lakh annually.

Accounting for inflation, this expense will grow over time. Planning for this is crucial.

Core Observations

Your total corpus is Rs 5.55 crore. This is substantial for your age.

Inflation and rising expenses over time will impact your corpus.

Without a house, rent becomes a recurring expense. Factor this into your calculations.

You have no guaranteed income sources post-retirement.

Key Areas of Improvement

Housing

Consider buying a house if feasible. Owning a house ensures stability and reduces rent.

Do not invest excessively in real estate as it is illiquid.

Corpus Utilisation

Avoid over-reliance on equity investments for withdrawals. Equity is volatile in the short term.

Use a mix of debt and equity for regular withdrawals.

Children’s Education and Marriage

Both are major financial goals. Plan dedicated investments for these.

Use long-term instruments for education and marriage funds.

Emergency Fund

Maintain an emergency fund of at least 12 months of expenses.

Keep it in liquid funds or high-yield savings accounts.

Recommended Financial Strategies

Asset Allocation

Diversify your portfolio across equity, debt, and gold.

Maintain 60% equity, 30% debt, and 10% gold as a starting point. Adjust as needed.

Mutual Fund Investments

Continue with actively managed funds. These can outperform index funds in emerging markets like India.

Avoid direct funds if you lack time or expertise. Regular funds offer advisor support and insights.

Debt Investments

Increase debt allocation for stability. Consider high-quality debt mutual funds.

Ensure these align with your withdrawal needs.

Tax Planning

Monitor tax implications of mutual fund withdrawals.

LTCG from equity funds above Rs 1.25 lakh is taxed at 12.5%.

Plan withdrawals to minimise tax liabilities.

Insurance Needs

Ensure adequate health insurance for your family. Cover at least Rs 25 lakh for each member.

Check if you have term insurance. Secure Rs 2-3 crore coverage for your family’s financial safety.

Inflation and Lifestyle Adjustments

Inflation can erode your purchasing power. Plan investments to counter inflation.

Avoid lifestyle inflation. Stick to essential expenses wherever possible.

Income Generation Options

Systematic Withdrawal Plans (SWP)

Use SWP from mutual funds for regular income.

Choose hybrid funds for better stability and returns.

Rental Income

Invest part of your corpus in commercial properties.

Ensure this aligns with your liquidity needs and risk profile.

Freelance or Part-Time Work

Consider light work for additional income. It can extend your corpus.

Use your skills to generate flexible income streams.

Monitoring and Review

Review your portfolio annually. Adjust allocations as goals evolve.

Work with a Certified Financial Planner for periodic checks.

Final Insights

Retirement at 35 is ambitious but achievable with meticulous planning. Your current corpus is strong, but consider the following:

Plan for inflation, children’s needs, and healthcare costs.

Diversify investments and secure guaranteed income sources.

Avoid premature decisions. Evaluate thoroughly before retiring.

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K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment

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