Investment planning & Review

Q & A ForumCategory: Financial PlanningInvestment planning & Review
akdsouza asked 9 years ago
Hi, I've got the following expenses & savings in place and seek advice on the goals mentioned below. 1. I've got 3 LIC policies (20 yr term) with premiums amounting to 21k yearly with sum assured 6L total (3+2+1) 2. Have a recurring deposit for 5yrs for which I put in 13k every month. This will mature at the end of this year with maturity value about 8-9L 3. PPF for which I deposit on average 50K annually. 4. Home loan of 34L since mid 2015 (term 20 years) with EMI approx 31k 5. Monthly income 1,00,000 6. Monthly expenses 30k I'm currently 30yrs old, married and plan to have 2 children in the near and foreseeable future. Goals: 1. Pay up the home loan with accumulated RD. 2. Retire at age 55-60 and have good income from savings 3. Have a children's education fund to provide for education expenses from schooling through to graduation in a technical field (say engineering) 4. Have a decent fund for children's weddings. 5. Have decent medical insurance for self, spouse & children. Please advise what could I do in order to achieve the goals and have a well planned future. How much should I save every month and where best to invest it to have a good corpus by the age of retirement taking into account inflation and cost of living.
1 Answers
Sreekanth Staff answered 9 years ago
Hi, 1 - Kindly share details of LIC policies (Plan name, commencement date & policy term). 2 - As you are planning to have Kid's in near future, you may postpone your plan to part-pay your home loan. Let it run and claim tax benefits. Also, the home loan interest rates can go southwards further.  3 - Do you & family have health insurance cover now? 4 -Kindly go through below articles/calculators and you may revert to me with your analysis; http://www.relakhs.com/retirement-planning-calculator-3-easy-steps/ http://www.relakhs.com/calculate-kids-education-goal-amount/ http://www.relakhs.com/personal-financial-planning-articles-list/  
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