This is for my mom...she is 50 now, annual income 4 lakh..our monthly expense is about 25k..how much would be her ideal retirement Corpus (she will have pension)...current investment is in gpf (6k/mnth)(6 lakh)+ppf(3k/mnth)(2 lakh accumulation)+mf (5k for now and hope to increase at least 1000 /yr) monthly..having a fd,nsc of 8 lakh..is it on track and how much should she aim to achieve???
2 Answers
Hi,
Kindly go through below article :
https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/
Does she has any family member(s) as dependents and/or has any financial liabilities??
Actually my salary is 3 lk/ yr…we(me&mom) both manage expenses…thus we are partially dependent on mom…I have my family(wife nd son)…apart from her pension we probably need 20k more to manage expenses….we set a target of 50 lakhs for mom’s retirement…will it be okay???
Hi,
May I know if you have used the calculator available in the above article. It will roughly give you an idea about the required amount of savings to achieve your desired corpus.
You can start investing with whatever you can now and gradually increase your yearly investment amount.
Also, in case, you do not have adequate life insurance cover, suggest you to buy a Term insurance plan at the earliest.
Related articles :
https://www.relakhs.com/insurance-importance-life-health-accident-covers/
https://www.relakhs.com/best-online-term-insurance-plans-india/
https://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/
Thank you…I have got a rough idea about the retirement corpus…I have already verified my portfolio with you previously… already taken insurance… thank you again…
You are welcome! Keep visiting ReLakhs 🙂
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