I have been investing in 2 SIPs (Sbi Small cap and Sbi Magnum equity) Rs 2500 each from 2018. Right now I am 31 years. Now I am planning to start 2 new SIPs of Rs 2500 (making a total of Rs 10,000 in SIPs). My plan is to make a good corpus for my retirement at 60. Kindly suggest 2 more SIPs to invest and whether my current investment is good enough?

Ans: Your SIPs are fine, and the corpus can be creates as required

Ans: Monthly SIP of Rs. 40000 is adequate to build a corpus of Rs. 1 crs in 10 years.

Please continue with existing Tata, Mirae, Axis and can consider UTI Equity Fund -  Growth, Axis Bluechip Fund – Growth and DSP Mid Cap Fund – Growth

Ans: Your current SIPs are a good mix of equity funds. They provide you with exposure to a variety of asset classes and investment styles but we suggest you also maintain your asset allocation according to your age, risk profile, and goals.

Your current asset allocation is 100% in equity funds, and you don’t have any debt investments. So, we suggest you to change your asset allocation and add some hybrid/debt funds in your portfolio.
For the additional Rs. 5,000 SIP, we suggest investing in the Aggressive Hybrid category or Balanced Advantage category for the purpose of diversification and asset allocation.

Here are a few suggestion for aggressive hybrid and balanced advantage category:

Aggressive Hybrid - Mirae Asset Hybrid Equity Fund
Balanced Advantage – Edelweiss Balanced Advantage Fund

The best SIP for you will depend on your investment goal and risk tolerance.

Ans: Your current SIP portfolio appears well-diversified across different categories like large-cap, mid-cap, and flexi-cap funds, which is good for long-term wealth creation. Since you have a 7-year investment horizon, you may consider the following suggestions:

Review Asset Allocation: Ensure your asset allocation aligns with your risk tolerance and financial goals. Since you're in your early 50s, you may want to tilt slightly towards more conservative options while still maintaining exposure to equities for growth potential.

Consider Adding Debt Funds: Given your age and investment horizon, consider adding debt funds to your portfolio to reduce overall risk. Debt funds can provide stability and income generation while complementing the growth potential of equity funds.

Regularly Monitor and Rebalance: Keep track of your portfolio's performance and periodically rebalance if needed to maintain your desired asset allocation. As you approach your investment goal, consider gradually shifting towards more conservative investments to protect your capital.

Seek Professional Advice: Consider consulting with a financial advisor who can provide personalized recommendations based on your specific financial situation, goals, and risk tolerance. They can help optimize your portfolio for better returns while managing risk effectively.