Post Retirement investment

Q & A Forum › Category: Financial Planning › Post Retirement investment

Namishnegi12 asked 8 years ago

Hi sri, I have four years left for my service to get over from central govt sector. I have two kids ( my daughter would be 10 yrs and son would be 05 yrs old by that time). I will be having around 30 lakh in my kitty as retirement corpus besides my 35k pension /pm. I would be 42 yrs and will look forward for another source of living, My query is how to and where to invest the retirement corpus which will seal of decent future of my kids,their education and other expenses? Namish

2 Answers

0 Vote Up Vote Down

Sreekanth Staff answered 8 years ago

Dear Namish ji, May I know if you have any other sources of income? (Besides Rs 30 Lakh corpus & expected pension) Do you have adequate life cover? Is Health insurance cover available for self & family now and after your employment period? Have you made any investments like in Mutual funds, real estate, FDs? Suggested readings : https://www.relakhs.com/calculate-kids-education-goal-amount/ https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/ https://www.relakhs.com/lump-sum-investment-options-retirees/

Namishnegi12 replied 8 years ago

hi shree,
thanks for replying, i will be retiring on feb 2022,
meanwhile i have purchased land worth 40 lakhs , so far mutual fund is concern i haven’t invested since there is no idea as such where and how much to invest, i have rs 6000 pm recurring deposit which will be maturing by 2018.2019,2020 respectively.
along with this aviva sachin century plan i am investing rs 24000 per year for a period of 10 yr( which is supposed to be mature by may 2020).
for my daughter i have invested in SSA in postoffice,
now health insurance and medical expenses, i along with my wife , children are covered under CGHS scheme,which will continue post retirement as well ,
i have paternal house post retirement and there is no requirement for construction post retirement.
namish

0 Vote Up Vote Down

Sreekanth Staff answered 8 years ago

Dear Namish, 1 - Aviva sachin century plan is an ULIP. So, the life cover available under this plan may not be adequate. Suggest you to buy a Term insurance plan (for say Rs 50 Lakh at least). Can treat this as a high priority action item. Kindly read : https://www.relakhs.com/insurance-importance-life-health-accident-covers/ https://www.relakhs.com/term-insurance-plan-a-waste-of-money/ https://www.relakhs.com/best-online-term-insurance-plans-india/ 2 - Also, get adequate Personal Accident insurance cover. Read : https://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/ 3 - Maintain adequate Emergency fund. Read : https://www.relakhs.com/emergency-fund-importance/ 4 - Sukanya Samriddhi scheme is a good choice. You may try to reduce allocation to RDs and may invest the amount in one diversified equity fund and one equity oriented balanced funds for Kid's education purposes. Ex : Birla Equity fund / HDFC Balanced fund. Read : https://www.relakhs.com/avoid-fixed-deposits-rds-for-long-term/ https://www.relakhs.com/best-mutual-fund-schemes-2017/