I am 37 and self-employed. My wife, 36, assists me in my business. We have a three-year-old son and two-month-old daughter. I plan to quit doing business by 60. Please suggest an investment plan for me. I have health insurance for ₹3 lakh.
Navaneeth
With your current surplus you can comfortably reach your goals. But if revenue from your business declines it will make it difficult for you to meet financial goals.
Marriage : Since you will retire earlier than the goal, accumulate the needed funds before you retire. To meet expenses of ₹1.62 crore, invest ₹13,000 for the next 23 years.
Retirement : You need ₹4.6 crore for monthly expenses. If you redeploy the fixed deposits in a portfolio that delivers 11.8 per cent it will be ₹3.9 crore by the time you retire. To meet the shortfall, you must save ₹5,900 every month. Increase your health insurance by ₹5 lakh and buy a term cover for ₹1.5 crore.
The writer is a financial planner and founder, myassetsconsolidation.com Send your queries to Blinefp@gmail.com