I am 47, self-employed and have the following SIPs under myself, wife and daughter since 3 years.
Large Cap | AXIS BLUECHIP -REG | 5000 |
Multi | AXIS FLEXICAP | 2000 |
Large& Mid | MIRAE ASSET | 4000 |
Large | AXIS FOCUSSED 25 | 5000 |
Mid cap | L&T Midcap Growth | 5000 |
Focussed | ABSL MNC | 3000 |
Large& Mid | DSP EQUITY OPPO FUND | 2000 |
Small Cap | DSP SMALL CAP | 5000 |
Flexi | Parag Parikh Flexicap | 5000 |
Mid cap | PGIM Mid Cap | 5000 |
International | Axis Global Innovation | 5000 |
Flexi | Nippon Flexi Cap | 4000 |
Small Cap | Kotak Small cap | 5000 |
International | Motilal Oswal Nasdaq | 5000 |
Please suggest whether to continue same or add/delete any to prepare for a corpus of 2 Cr for retirement, 1 Cr for daughter education and 1 Cr for daughter’s wedding. If need to increase the SIP contribution to achieve the target, which ones to top up or add?
Ans: Considering tenure as 16 years for retirement (47 years old) and last 3 years (3+13) for retirement, daughter’s education and marriage will be much earlier: 5-8 years (education) 10 years marriage
- For Retirement --- Rs. 32,000 SIP for 16 years
- For Daughter’s Education (considering 8 years) – Rs. 60,000 SIP for 8 years
- Daughter’s Marriage ( 10 years) – Rs. 40,000 SIP for 10 years
Hence Rs. 1.32 lakh SIP per month is required, or, start with lower amount with 10k to 15k top up every year