Dear Mr. Sreekanth,
I am 57+ years old man, approaching towards my retirement after 30 months. After retirement I don\’t want to work (8AM to 7-8PM) any more. Since I am in construction industry, so I missed my social life during my career; which I want to restore and enjoy rest of my family life.
During my retired life I want an uninterrupted regular income of 70-80K per month. I am settled in Mumbai. Currently my savings are as follows: Bank FD 70 Lakhs NSC 15 Lakhs MIS 9 Lakhs Mutual fund 9 Lakhs [SIP of 25K ongoing] current value Share Market 20 Lakhs (approx) I HATE any kind of INSURANCE. So I have no insurance and don\’t want to invest in any kind of Insurance product. For my emergency medical requirement I kept 5 Lakhs separately and adding 20K every year (this is to avoid any medical insurance) My liability is to arrange marriage for my only son. No other liability I do have.
In this condition please suggest me, where I can keep my savings to earn my target money after retirement.
Regards, P K Biswas.
Dear Mr Biswas,
1 – May I know your investment horizon (from now) for your Mutual fund & Stock investments? Are they Equity funds only?
2 – Advisable to have Health Insurance cover. May I know if you have any dependents?
3 – Suggest you to kindly use below calculator to understand about the retirement corpus and kindly revert to me with your analysis;
Dear Mr. Sreekanth,
Greetings for the day and Thank you for your quick response.
Refer to your query, my responses are given below:
1 – May I know your investment horizon (from now) for your Mutual fund & Stock investments? 5 years from now. Are they Equity funds only? Yes purely Equity funds.
2 – Advisable to have Health Insurance cover. Already I’ve explained that without health Insurance how I’ve made a corpus for emergency medical expenditure. I can double the money in next 6-9 months time (if required). But not interested to spend my money against Insurance. May I know if you have any dependents? (My wife is only my dependent. My only son is working and he is going to marry within a year time.)
3 – Suggest you to kindly use below calculator to understand about the retirement corpus and kindly revert to me with your analysis; Sure, I’ll go through the calculators and revert you back.
P K Biswas.
Dear Biswas ji,
1 – If you do not want to take high risk, you may slowly move from high risk pure Equity funds to Hybrid funds in next 2-5 years or so and then to safer investment avenues after say 5-10 years.
2 – You may also use the wonderful calculators available in the portal http://www.freefincal.com .