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How Much Can I Save on an Income of 60 Lakhs?

Yogendra

Yogendra Arora  |34 Answers  |Ask -

Tax Expert - Answered on Mar 27, 2025

Yogendra Arora is the founder of Y Arora Associates And Chartered Accountants, a tax consultancy firm based out of Kanpur.
He has over 11 years of experience in auditing and consultancy.
Before starting his own consultancy, Yogendra, a commerce graduate from CSJM University, Kanpur, worked with ICICI Bank and Indusind Bank as credit manager between 2013 and 2018.... more
Asked by Anonymous - Feb 01, 2025Hindi
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How much one saves on an earning of 60 lakhs

Ans: your question is not very much clear but trying to reply you.
your net of tax income will be Rs 4455600 with assumption of salary income & AY 2025-26 in new tax regime,
savings depends on your life style and locations you preferred.
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

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I am 45 years old with 2 kids ages 17 an 14.wife is homemaker and earn 2.1 lacs pm. I have some investment worth 1.1 crore in mf and stocks. How much would i need by 60 with kids marriage and higher education. Currently doing a sip of 60k per month
Ans: To estimate how much you'll need by the time you're 60 for your kids' marriages and higher education, we'll need to consider several factors:

Current Expenses: Determine your current monthly expenses and adjust for inflation to estimate your future expenses.

Education Costs: Research the current costs of higher education and estimate how much they might increase by the time your kids reach college age. Consider tuition, living expenses, and other related costs.

Marriage Expenses: Research the average costs of weddings in your region and estimate how much you might need for each child's marriage.

Investment Growth: Estimate the potential growth of your current investments over the next 15 years until your retirement age of 60.

SIP Contributions: Calculate the future value of your SIP contributions over the next 15 years, assuming a reasonable rate of return.

By considering these factors and making some assumptions about investment growth and future expenses, you can estimate how much you'll need by the time you're 60 to cover your children's education and marriage expenses. It's also a good idea to periodically review and adjust your plan as needed based on changes in your financial situation and goals. Consulting with a financial advisor can also provide personalized guidance based on your specific circumstances.

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Ramalingam

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Mutual Funds, Financial Planning Expert - Answered on Apr 17, 2024

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I wana retire with 60L at 46 years of age. I need a monthly income of 40k. Please suggest
Ans: To retire with 60 lakhs at 46 years of age and generate a monthly income of ?40,000, you'll need a well-planned investment strategy. Here's a tailored approach for you:

Certified Financial Planner (CFP): Consult a CFP to create a personalized retirement plan considering your goals, risk tolerance, and time horizon.

Investment Strategy:

Equity Funds: Invest a significant portion in diversified equity funds for long-term growth potential.
Debt Funds: Allocate a portion to debt funds to balance risk and generate stable returns.
Systematic Withdrawal Plan (SWP): Opt for SWP from debt funds or balanced funds to generate monthly income post-retirement.
Increase SIP Amount: Gradually increase your SIP amount annually to boost returns and achieve your retirement corpus.

Retirement Corpus Calculation: To accumulate ?60 lakhs in 19 years (by 46 years of age) with an average annual return of 10%, you'll need to invest approximately ?10,000 to ?12,000 monthly.

Emergency Fund: Set aside 6-12 months' expenses in a liquid fund to cover unexpected expenses during retirement.

Health Insurance: Ensure you have adequate health insurance coverage to avoid any financial burden during medical emergencies.

Review and Adjust: Regularly review your retirement plan with your CFP to track progress and make necessary adjustments based on changing goals and market conditions.

By following this approach and investing diligently, you can aim to retire with Rs 60 lakhs and generate a monthly income of ?40,000 at 46 years of age. Consult your CFP for a detailed plan tailored to your specific needs and circumstances.

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Nayagam P

Nayagam P P  |4474 Answers  |Ask -

Career Counsellor - Answered on May 02, 2025

Asked by Anonymous - May 02, 2025
Career
Can I get NIT Trichy ECE with 98%ile in JEE MAINS 2025 ?? EWS rank 4146
Ans: Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories both Home State (HS) i.e. State you belong to & also Other State (OS).
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in, separately for HS & OS Categories for a quick reference.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.

Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, preparation strategies, and engineering career options, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your admissions!

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Physiotherapist - Answered on May 02, 2025

Asked by Anonymous - Apr 30, 2025
Health
My mother is having diabetes due to which she got frozen shoulder for the past 8 months. I am taking her for physiotherapy sessions but also she is unable to move her hand completely.
Ans: Dear Madam/Sir. Thank you for your question. Sorry to hear about your mother’s condition. Frozen shoulder, or adhesive capsulitis, is a common complication in people with diabetes and can be quite painful and limiting. Since it has been eight months, she may be in the frozen or early thawing stage, where pain might reduce but stiffness remains. It’s good that she is undergoing physiotherapy, as consistent therapy is essential in managing this condition. Make sure her treatment includes passive and active-assisted range-of-motion exercises, joint mobilizations, and stretching techniques specific to the shoulder capsule. Applying heat before therapy or using ultrasound can help relax the joint and make exercises more effective. Maintaining good blood sugar control is also crucial, as uncontrolled diabetes can worsen inflammation and delay healing. If progress is slow, consult her doctor about additional options like corticosteroid injections, hydrodilatation, or even manipulation under anesthesia in resistant cases. Encouraging her to perform gentle home exercises daily, even if painful, is important to prevent further stiffness. Recovery from frozen shoulder is often slow and can take 12 to 18 months, but steady improvement is possible with the right approach. I wish your mother a smooth and speedy recovery.

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