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Amol
Amol
Ramalingam

Ramalingam Kalirajan3710 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 30, 2024

Asked on - Aug 27, 2023Hindi

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My age is 47 years and retirement will be at 58th age. I have 2 daughters one at college and second is school level studying. My current monthly minimum required expenses is Rs.30000/-. Currently my investment in EPF is Rs.25 L, Mutual fund Rs.10 L, Leave encashment balance is Rs.6 L, Gratuity Rs.5 L approx., FDs Rs.3 L, life Insurance saving Rs.2 L. My question is apart from above additionally how much should I invest per month to keep my current lifestyle aftery retirement. I am residing at my own home but though building is strong age has reached 30 years old.
Ans: Considering your current expenses, age, and retirement goals, it's essential to plan your investments carefully to maintain your lifestyle post-retirement. Here's a rough estimate to help you determine how much you should invest monthly:

Calculate your post-retirement expenses: Estimate your expenses after retirement, factoring in inflation, healthcare costs, and any additional expenses you may incur.
Determine your retirement corpus: Based on your post-retirement expenses and expected lifespan, calculate the corpus you'll need to support yourself and your family during retirement.
Assess your existing investments: Take stock of your current investments and determine how much they are likely to grow by the time you retire. Consider consulting a financial planner for a detailed analysis.
Calculate the shortfall: After considering your existing investments, calculate how much additional corpus you need to accumulate by the time you retire.
Determine monthly investment required: Based on the shortfall and the number of years until your retirement, calculate the monthly investment required to bridge the gap and achieve your retirement corpus goal.
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