Hello Sreekanth.. Again me with you regarding my doubt which I am having for years. For this question, you only can guide me with proper advice.
Now I am at 42. and I want to retire at an early stage say by 50 and want to spend my time for my children. Being in a tension full job, I want to have a life as per my wish with some fixed monthly income . All liabilities are cleared including housing loans which I took for my 2 houses. Having cash of 25 lakhs invested now (all in Equities only as aggressive mode but only in BSE/NSE stocks) and planning for work for another 10 years, whether my plan is workable. ? I am expecting 1 lakh per month as fixed income during my retired age say after 51 years.
In case of any short fall to achieve this plan, I can sell one house for 40 lakhs and I can use that money to invest to have this fixed monthly income if extra corpus is needed means. Whether this plan is workable.? Where to invest to get that 1 lakhs fixed monthly income till end with that much of corpus?
Based on your suggestions, I make my future decisions. Can I have to retire at age 50 or whether I should continue in case if my above plan is not workable means. My entire future is now based on your advice only.
Kindly suggest.
1 Answers
Hi,
Thank you having a trust in my advice and suggestions, means a lot to me!
You are referring to 'retirement plan' only, what about the expected education and/or marriage expenses goals of your children? Have they been taken care of?
Is there any provision to get Pension? Retirement does not mean giving up your work totally. You can always plan to work in a part-time one or as a free-lancer or as a consultant based on your expertise and work experience.
May I know if you have adequate Life cover and health insurance cover (for self + family)?
Kindly go through below articles, calculate the required corpus and you may revert to me with more queries;
https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/
https://www.relakhs.com/calculate-kids-education-goal-amount/
https://www.relakhs.com/personal-financial-planning-articles-list/
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