Hello Hardik Bhai
I am at 54 years in MNC. My monthly take home ~ ₹1.4 lacs + I have 2 flats that fetch rental income of ₹ ~ 50000/-. PF accumulation is around 60 lacs. Have home emi of 61000/- monthly and I am in a government flat (my wife government employee she has another 7 years of service). Make all effort to ensure that her salary is not touched.. have a daughter at 22 years. Based on her academic appetite and success have earmarked ~50 lacs for her higher education. Have investment in equity 15 lacs worth and gold around 50 lacs. Assuming I retire in another 6-7 years, how much I should ensure monthly income to maintain a present standard of of life without dependency. Your views on mutual fund etc. will be appreciated..
Thanks
Ans: Considering your profile and aspirations, here's a strategic overview:-
1. Current Income and Assets:
Monthly take-home: ?1.4 lacs
Rental income: ?50,000/-
PF accumulation: ?60 lacs
Equity investment: ?15 lacs
Gold holdings: ?50 lacs
2. Liabilities:- Home EMI: ?61,000/-
3. Future Goals and Commitments:- Daughter's higher education fund: ?50 lacs
4. Retirement Plans:- Target retirement in 6-7 years
Considering your retirement goal, let's outline a strategic approach:-
Monthly Income Requirement:- Assess your current monthly expenses and lifestyle to determine the income needed to maintain your standard of living. Factor in inflation for accurate projections.
Investment Diversification:- Given your time horizon, consider a balanced portfolio across mutual funds, including equity and debt. Diversification helps manage risk.
PF Utilization:- Evaluate the possibility of utilizing PF wisely for retirement income. Understand withdrawal rules and tax implications.
Real Estate Planning:- Given your rental income and property assets, review their potential for contributing to your retirement income.
Daughter's Education Fund:- Ensure your earmarked amount aligns with the expected cost of her education. Consider investment options with a medium-term horizon.
Risk Management:- Review your insurance coverage, including health and life insurance, to safeguard against unforeseen circumstances.
Financial Planner Consultation:- Engage with a certified financial advisor to create a detailed retirement plan. They can tailor strategies based on your unique situation and goals.
It's essential to periodically review and adjust your plan based on evolving circumstances. Connect with your financial planner for goal-based planning and a detailed explanation tailored to your unique situation.
