I am 47 years and have planning for retirement in 3 months.
My lumpsum investment in
1. Bank FDs – 2.4 crores.(Getting avg of 5.5% PA interest)
2. Total MF – 3 Lakhs (DSP World Mining Fund – Regular Plan Dividend, Franklin India Smaller Companies Fund DIVIDEND, Franklin India Smaller Companies Fund GROWTH, HDFC HYBRID EQUITY FUND – REGULAR PLAN – GROWTH, ICICI PRUDENTIAL SHORT TERM FUND – GROWTH OPTION, L and T TAX ADVANTAGE FUND GROWTH, Mirae Asset Large Cap Fund Growth Plan, SBI BLUE CHIP FUND – REGULAR PLAN – GROWTH)
3.For My children higher education invested in LIC Jeevan Shri which will matures(18 Lakhs) when Son enters 12th Standard.
These have been invested over a period of last 2 to 5 years.
I don’t have any SIP at present.
My current monthly expense is 70,000.
I don’t have Term Insurance and Health insurance.
Are these sufficient to retire in 3 months?
Should the portfolio to be altered ?
Any other to be added??
Are you planning to retire after 3 months from now?
May I know if you are planning ‘not to work’ anymore? (or) have plans to pursue any other passion?
Thanks Sreekanth for quick response.
Yes, plan is to retire by 31-March-2021.
No plan to work after 31st March 2021.
1 – Suggest you to kindly take Health insurance plan for self and family immediately.
2 – Can consider taking a term insurance plan before you retire.
3 – Keep certain amount (say 2 to 3 years) to meet your monthly expenses in fixed and safe investment avenues as ‘Emergency Fund’.
4 – Advisable to calculate your expected retirement corpus using the calculators available online (or check with the one available in my blog).
5 – Same with the case of expected corpus amount for Kid’s higher education.
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Thank you Sreekanth for your valuable suggestions.