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Ramalingam

Ramalingam Kalirajan  |7097 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 17, 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 - Apr 28, 2024Hindi
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Sir namaskar 10 Sal 4 Mahina Mera service ho gaya tha 58 year ke bad pension Mein contribution band ho gaya tha Uske bad bhi final withdrawal Mein reason 55 year ka reason de rahe hain Aise Mein Main Kya kar sakta hun

Ans: Namaskar! You have completed 10 years and 4 months of service. After the age of 58, your pension contributions stopped. However, during final withdrawal, you are facing an issue with the reason being marked as 55 years.

Steps to Resolve Your Issue
Contact EPFO Office: Visit your nearest Employee Provident Fund Organization (EPFO) office. Explain your situation in detail and provide all necessary documents.

Document Verification: Ensure you have all relevant documents, such as your service certificate, age proof, and any previous communication with EPFO. These will help in verifying your correct service period and age.

Grievance Redressal: Use the EPFO grievance redressal portal. Register your grievance online and track its status. This can expedite the resolution process.

EPFO Grievance Portal: EPFO Grievance Management System
Employer Verification: Contact your employer’s HR department. They can verify your service records and provide additional support or documentation to correct the age error.

Correction Request: Submit a formal request for correction in the age/years of service in your EPFO records. This should be done through your employer or directly at the EPFO office.

Additional Tips
Follow-Up: Regularly follow up with the EPFO office. Persistent communication can help speed up the process.

Keep Records: Maintain copies of all correspondence and documents submitted. This will be useful for future reference and any potential follow-ups.

Seek Help: If you face difficulties, consider seeking help from a Certified Financial Planner. They can provide guidance on managing your pension and retirement funds effectively.

Conclusion
Addressing the discrepancy in your pension records is crucial. By following the steps above, you can correct the error and proceed with your final withdrawal smoothly. Stay patient and persistent.

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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Ramalingam

Ramalingam Kalirajan  |7097 Answers  |Ask -

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

Asked by Anonymous - Apr 28, 2024Hindi
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10 Sal 4 mahine ka Mera job hai 58 year complete ho gaya hai pension bhi 58 year hone ke bad band ho gaya tha final withdrawal 19 form lagakar kiya tha reason 55 year ka de rahe hain ismein Main Kya kar sakta hun
Ans: Since you've completed 58 years of age and your job has lasted for 10 years and 4 months, it seems you're contemplating your options after ceasing your pension and completing the final withdrawal with Form 19, citing the reason as 55 years. Here's what you can consider:

Understanding Retirement Options:
1. Explore Alternative Income Sources:
Consider exploring alternative sources of income such as part-time work, freelance opportunities, or consulting services to supplement your financial resources.
Evaluate your skills and expertise to identify potential avenues for generating income during retirement.
2. Review Investment Portfolio:
Review your investment portfolio to ensure it aligns with your retirement goals and risk tolerance.
Seek guidance from a Certified Financial Planner to optimize your investment strategy and maximize returns.
3. Assess Social Security Benefits:
Determine if you are eligible for any social security benefits or government schemes that could provide additional financial support during retirement.
Consult with relevant authorities or financial experts to explore available options for accessing social security benefits.
4. Consider Delaying Retirement:
Evaluate the option of delaying your retirement to continue earning a steady income and build a larger retirement corpus.
Assess your health, lifestyle preferences, and financial obligations before making a decision to postpone retirement.
5. Seek Professional Advice:
Consult with a Certified Financial Planner to develop a comprehensive retirement plan tailored to your specific financial situation and goals.
Discuss various retirement options, investment strategies, and income sources to make informed decisions for your retirement years.
Conclusion:
As you navigate your retirement journey, it's essential to explore various income sources, review your investment portfolio, assess social security benefits, consider delaying retirement if feasible, and seek professional advice from a Certified Financial Planner. By taking proactive steps and making informed decisions, you can secure a financially stable and fulfilling retirement.

Best Regards,
K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |7097 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Nov 12, 2024

Asked by Anonymous - Nov 12, 2024Hindi
Money
Meri age 43 hai, private job h, meri month income 27000/ hain jo mere in hand 25600/- aati hain, meri koi alag se income nhi hain, Mera beta h jo abhi 8 year ka h, uska future kasie secure kru, family ke sath hi rehta hu, main aisa kya kru jisse meri monthly income bhi save ho sake. Or retirement ka koi issue na ho.
Ans: Let’s explore a comprehensive financial approach to help secure your son’s future and prepare for your retirement while saving from your monthly income. Here's a plan tailored to your unique situation.

Current Financial Overview
You are 43 years old and working in a private job with a monthly income of Rs 27,000, leaving you Rs 25,600 in hand. You have one son, aged 8, and no other income source. Ensuring a balance between saving, investing, and securing your son’s future is essential.

Steps for Financial Security and Savings
Establish an Emergency Fund
Start with building an emergency fund to cover 3-6 months of living expenses. This will ensure you’re financially protected during unexpected situations. Consider liquid funds or a recurring deposit, as they offer ease of access while keeping your funds safe.

Allocate for Child’s Education
Start saving specifically for your son's higher education. By beginning early, you can spread out contributions. Consider options that offer stable growth, such as child-specific mutual funds or balanced funds, which are professionally managed and aligned with long-term goals. Regular contributions through a Systematic Investment Plan (SIP) will help gradually accumulate a sizable corpus.

Focus on Retirement Planning
Retirement planning should be approached with a clear goal in mind. Assess how much you will need to maintain your lifestyle post-retirement. Aim for investments that provide growth along with some stability, like diversified mutual funds or balanced funds, as these allow capital appreciation over time. Investing regularly will help ease the burden and grow your retirement corpus without impacting your monthly income significantly.

Health Insurance Protection
Health-related expenses can strain finances. Ensure you have adequate health insurance coverage to safeguard yourself and your family from unexpected medical costs. This will preserve your savings and protect your family’s well-being.

Life Insurance for Financial Security
Opt for term life insurance to provide a financial cushion for your family. This policy would offer your family a lump sum to cover essential expenses in case of an unfortunate event. Avoid investment-linked insurance as it may not give optimal returns compared to pure investment options like mutual funds.

Maximising Your Investment Returns
Mutual Fund Investments
Actively managed mutual funds can offer potentially higher returns than index funds. With an experienced Certified Financial Planner, you can choose funds managed by experts aiming to outperform the market. Through a Systematic Investment Plan (SIP), you can invest small amounts regularly, making it easier to save consistently.

Avoid Direct Funds; Choose Regular Funds
Direct funds can seem cost-effective, but they lack the benefit of expert guidance. Investing through a Certified Financial Planner helps you make informed choices, balancing risk and returns. Regular funds, guided by a CFP, ensure professional management and support, especially in adapting to market changes.

Tax-Efficient Investing
The recent changes in capital gains tax are important to understand. For equity mutual funds, long-term capital gains above Rs 1.25 lakh are taxed at 12.5%, while short-term capital gains are taxed at 20%. For debt mutual funds, both short-term and long-term gains are taxed as per your income slab. Planning your investments to align with these tax rules will help you maximize post-tax returns.

Budgeting and Expense Management
Set Up a Budget to Track Savings
A budget will help you control expenses and save more. Separate essential expenses like household needs, utilities, and education from non-essentials. Aim to save at least 10-15% of your monthly income towards investments.

Automate Savings
Automate your SIPs and other recurring savings. This disciplined approach ensures that savings are set aside first before other expenses. Automation also reduces the chances of missing contributions, allowing your investments to grow steadily.

Regular Financial Reviews
Review Your Financial Plan Annually
Review your financial plan and investment portfolio yearly. Adjust your strategy if there are changes in your income, expenses, or goals. A Certified Financial Planner can provide valuable insights and updates to keep you on track.

Final Insights
A structured, disciplined approach is key to building a secure financial future. By focusing on your son’s education, retirement, and emergency savings, you’re laying a foundation for financial independence and security. Remember, small but consistent efforts will help you achieve your financial goals with time.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

..Read more

Latest Questions
Radheshyam

Radheshyam Zanwar  |1054 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 21, 2024

Asked by Anonymous - Nov 21, 2024Hindi
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Career
Hello, I am 3 yr neet dropper.in 2025 it will be my third attempt... I'm trying my best to crack neet ...i don't know what will happen will i score good marks or not ... please help me in suggesting good career options if not crack neet .....there are many options through neet marks also like bhms , veterinary...etc. i will also give entrance exam also like cuet ,gbpuat ,....but i want that what to choose which course will be best for me ...i want to make my life good and happy... having a good degree, good job ,...
Ans: Hello.
Have you analyzed your failure in 2 successive attempts in the NEET examination? If yes, then the question is what you have done for improvement and not then again the question arises why not? Here, I would like to suggest you focus now only on the NEET examination which is your 3rd attempt. Don't think about any other options right now till May 2025. After the NEET exam is over, you have ample time to explore the options available. Depending on your score in NEET 2025, we will guide you at that time. But yet, if you are confused, then looking towards your question and anxiety, you need personal counseling where you can express yourself face-to-face. Only after the NEET exam is over, you contact a counsellor for one-to-one counseling. Till then, keep mum and focus only on NEET. Take this exam as your mission and project. Work on this project, apply forces from all sides, success is there which is waiting for you eagerly.
Best of luck for your bright future.

Some tips: (1) Analyse separately Phy, Che, Bio (2) Prepare a list of hard topics (3) First focus more on the topics which are easy for you and then try to excel in hard topics (4) Appear more and more online/offline examinations (4) Prepare your short-cut file for all subjects (5) Prepare a file for each subject having only synopsis of all chapters (6) Try to solve the problems at the lightening speed and observe the period on regular basis (7) Create your time table to revise the topics on regular basis (8) Do not hesitate to ask your difficulties to your teachers, if you have joined to offline classes (9) Keep the habit of marking the answers which you know 100%. Don't guess the answers and mark them, as there is -ve marking scheme. (10) Be calm, quite, and smiling all the time to release the tension and always have a healthy chat with your friends.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
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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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