MY FINANCIAL POSITION-REG.

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Q & A Forum › Category: Financial Planning › MY FINANCIAL POSITION-REG.
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S.S.V.R.S. PRABHAKAR asked 7 years ago
11/2/2018 Dear Sreekanth, My age is 52 years. At present I don’t have any job. I am a B.Tech mechanical engineering graduate. My wife age is 43 years and she is homemaker. She is a graduate in commerce. I am having one daughter and one son. My daughter is studying degree final year and my son is studying 10+2. In 2019 I want to admit my son in engineering. My sources of income is given below. So please let me know that the said amount is sufficient for running of my family up to I reach the age of 80 years. I am having own flat in nalgonda town. My sources of income is :
  1. P.P.F = 15 lakhs (This is kept for my daughter’s marriage)
  2.  E.P.F = 11 lakhs ( This is kept for my son’s engineering study)
  3.  Bank F.D’S = 13 lakhs.
  4. Postal R/D = 5 lakhs.
  5. Senior citizen deposit with my attagaru = 3 lakhs.
  6. Mutual funds = 20,000/-
  7. Sovereign Gold Bonds = 5 gms gold bonds.
I am having the following L.I.C Policies:      1.   Jeevan Anand:- Sum insured Rs. 1,50,000/-. Yearly premium I am paying Rs. 13,673/-.                                                                Upto 2021 I have to pay the above premium. 2 .  Jeevan Anmol (Term Insurance ) :-  Sum insured for Rs. 10 lakhs. For this I am paying yearly premium of Rs. 8,861/-. 3 . Jeevan Anand (for my wife):- Sum insured Rs.3,00,000. For this I have to pay yearly premium of Rs. 4,380/-.                            4 . Mediclaim health floater policy (covering all of my 4 members) Sum Insured Rs. 5 lakhs. For this I have to pay yearly premium of Rs. 21,000/-. 5.   2  L.I.C policies will be matured in Jan & Feb 2019 respectively and that amount of RS. 1,50,000/- I want to deposit in P.P.F. in the month of April, 2019. I don't have any loans. Awaiting for your earliest reply.
3 Answers
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Sreekanth Staff answered 7 years ago
Dear Sir, May I know your future plan(s) regarding Job/any self-employment? Is your mother-in-law financially dependent on you? Is your corpus in Bank FDs the only source of periodic income (interest income) to meet your monthly living expenses?  
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S.S.V.R.S. PRABHAKAR answered 7 years ago
Dear Sreekanth,   Dear Sreekanth,                            I am trying for job but I am not getting job due to my age of 52 years. If I got a job even for Rs.10,000-20,000 p.m. also I will ready to do the job. My mother-in-law  financially not dependent on me. Yes sir, my bank F.D'S interest is my monthly living expenses. My monthly expenditure is approximately Rs. 15,000/- p.m. I don't have any type of loans. So please give your valuable suggestion.
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Sreekanth Staff answered 7 years ago
Dear Sir, The interest income generated on your Bank FDs may not be sufficient to meet your living expenses and any short term goals or unforeseen contingencies. Hence, you may have to take up employment for some more years at the earliest. You may use your network (contacts) well to get a job. You may also try for any free-lance works based on your previous work experience.  Kindly share details of Jeevan Anand policy - Commencement date, tenure, premium amount etc., The expected LIC policies' maturity amount can be saved in bank / liquid mutual fund towards Emergency Fund. Advisable not to invest in PPF. Related articles :    
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