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Ramalingam Kalirajan3710 Answers  |Ask -

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

Asked on - Aug 27, 2023Hindi

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.
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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