Good afternoon. I am a retired government officer (Army Doctor) and have opened my own clinic recently. Income from the clinic is not significant as on date . Having approx ?90 lakhs in Mutual funds and invest in SIP ?20000/- per month. I have ?1Cr in FD, ? 30 lakhs in Senior Citizen Savings Scheme. Liquid cash in in bank accounts is around ? 35blakhs. I have 2 houses of which for 1 house is on rent for ?28000/- and 1 house I am paying EMI of ?35000/- and is self occupied. My pension being credited to bank is ?115000/-. I am 59y and my spouse is 54y. We don't have any children and health is covered by ECHS. Have my in laws and mother dependent. In laws covered by CGHS and mother by ECHS. Mother has a house in Kolkata self occupied. Father in law is drawing pension of ?70000/- pm. His FD and cash assets is ?60 lakhs. What is my financial health?
Ans: Good afternoon! It sounds like you've put a lot of thought into your financial setup, which is great. Let's break down your current financial situation.
Your assets include approximately ?90 lakhs in mutual funds, which is a substantial investment, along with ?1 crore in fixed deposits, and ?30 lakhs in the Senior Citizen Savings Scheme. Additionally, you have liquid cash of around ?35 lakhs, providing a comfortable cushion for any immediate expenses or emergencies.
Property-wise, you have two houses, one generating rental income of ?28,000 per month and the other being self-occupied with an EMI of ?35,000. Rental income is a reliable source of passive income, and your property investments seem well-balanced.
Your pension income of ?1,15,000 per month provides a stable cash flow, complemented by your spouse's financial support. Health coverage through ECHS and CGHS for your dependents is a significant relief, ensuring medical expenses are taken care of.
Considering your age and circumstances, it's prudent to assess your investment strategy and ensure it aligns with your long-term goals, especially with retirement looming. You may want to evaluate the performance of your mutual funds and explore diversification options to mitigate risk.
Your in-laws' financial stability, with a pension of ?70,000 per month and assets worth ?60 lakhs, adds a layer of security to your family's overall financial health.
In summary, your financial health appears robust, with a diverse portfolio of investments, stable income streams, and adequate provisions for healthcare and dependents. As you approach retirement, continued vigilance and periodic reviews of your financial plan will help maintain and enhance your financial well-being.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
