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

Ans: Person having taxable income of 50 lakhs and eligible for deduction less than 4.25 lacs from housing loan/80C/80D, can opt for new tax regime as new slab rate is likely to be beneficial as per budget proposed for FY 2023-24

Ans: If the retirement is 60 years than you need to do SIP of 55000 for next 10 years in an equity fund

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.

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.