I am 34 years old, and my income is Rs 30,000 per month. I have invested all my money in real estate. I bought a plot woth Rs 10 lakh. I want to retire at 50, which means I have 16 years. After retirement, I need a pension of Rs 35,000 per month. I also need Rs 20 lakh after 15 years for my daughter’s education and Rs 10 lakh for her marriage after 20 years. Plz suggest me an SIP programme that will help me fulfill all my goals. I can take a little risk.
— Kumar Maheshwari
Veena Malgonkar, certified financial planner, KM Wealth Solutions, responds:
16 years seem to be a bit early to meet all your financial goals.
1. First step is to consult a financial adviser to accurately determine your financial needs, especially retirement.
2. To create a retirement corpus of Rs 60 lakh that will give you a monthly income of Rs 35,000 – at 14 per cent for 16 years, you need to invest Rs 8,500 per month.
3. For Rs 20 lakh education corpus in 15 years, you need to invest Rs 3,000 per month
4. For Rs 10 lakh marriage corpus in 20 years, you need to invest Rs 1,000 per month.
For long term investing, the risk is in not investing in equity. You need to build up a portfolio of a large cap, multicap and small cap funds.
– Axis Blue Chip Fund – 40 per cent of SIP amount
– Mirae Asset India Equity fund – 40 per cent of SIP amount
– Reliance Small Cap fund – 20 per cent of SIP amount.
