Can you help me in my Retirement planning ? I am 43 yrs old !

POSTED BY sumans ON February 13, 2014 11:54 am COMMENTS (16)

Hi,

I am a new joinee in this forum just joined in yesterday only, went through some of your articles, question/answers in this forum , all an amazing eye opener and very informative. Thanks a lot.

Now coming to my query can you please guide me for my retirement plan i know i am very late but still better late then never.  I am 43 and have a LIC policy + ICICI pru tax saver SIP( for 2000, PPF account and Recurring deposit for 2000 also  but all i started was 2-3 years back only. I can invest upto 7000/- monthly more. please guide me how to work for my retirement savings.

Thanks & Regards.

16 replies on this article “Can you help me in my Retirement planning ? I am 43 yrs old !”

  1. ashalanshu says:

    Dear Suman, why do you want to complicate the thing by putting 50000 Rs. as of now in a debt fund and later on SWP to an Eq. fund. As the amount is to be invested for your retirement which is around 17Y away. You can put the money in lump sum now in Eq. fund.

    Please read my above reply, I already provided the fund’s name.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear Suman, as you mentioned earlier there is an old RD. Is it still running or not? By the way from your query it’s not clear that you are earning or saving from husband’s money?

    Please invest more into PPF to create a solid base out of your 7K. Remaining amount can be invested for long term in a large cal MF like Franklin India Bluechip.

    Thanks

    Ashal

    1. sumans says:

      yes i am working.Rd is also going on.
      Also wanted to know in which fund i should invest Rs. 50000 lumsum and then start a SWP after a year and put that money in another SIP plan. Is this OK.

      Thanks

  3. kuntal says:

    hi team ICICI PRU-
    Any specific reason for showing investment as per month & returns as per year.

    1. ICICI Prudential says:

      Dear Kuntal,

      Our response and calculations were customized as per Mr. Suman’s query. In his query he had proposed an investment of Rs. 7000 per month for his retirement.

      In this plan (ICICI Pru Easy Retirement) you can choose from Yearly, half-yearly or monthly premium paying modes most convenient to you.

      Regards,
      ICICI Prudential Life Insurance

  4. ICICI Prudential says:

    Dear Suman,

    You can consider ICICI Pru Easy Retirement a Unit Linked Pension Plan which offers equity linked growth with capital guarantee. An investment of Rs. 7000 per month for 10 years will get you a pension of Rs. 2,03,326 every year from the day you turn 63 years of age for the rest of your life.

    For more details visit our website: http://www.iciciprulife.com/public/Easy-Retirement/buy-Easy-Retirement-online.htm?UID=1007

    OR if you would like to meet our advisor pls. fill in your details here: https://onlinelifeinsurance.iciciprulife.com/digital/Others/SendMeanAdvisor.htm?execution=e1s1&SOURCE_TYPE=S050

    The above illustration is for Male, 43 years of age based on assumed rate of return of 8% p.a. At 4% p.a. your pension amount will be Rs. 74,942. The annuity amounts have been calculated based on indicative annuity rates for the annuity option Life Annuity without Return of Purchase Price and subject to change from time to time. The actual annuity amount will depend on the prevailing rates at the time of purchase of ICICI Pru Immediate Annuity.

    We look forward to serving you.

    Regards
    ICICI Prudential Life Insurance

    1. sumans says:

      You are right, we are only two members so need to plan things keeping this in mind.
      We have our own house and no other loans also .

  5. ashalanshu says:

    Dear Suman, what about your other details? Life Insurance, health insurance, family size, no. of dependents, current assets and investments, loans if any…….?

    Thanks

    Ashal

    1. sumans says:

      Hi, I have a lic policy Jeevan anand, health insurance from Apollo optime restore for 4.5 Lacs no dependents only have a car loan on going with a EMI for 13000 for another 4 years

      1. ashalanshu says:

        Dear Sumans, do you feel Jeevan anand policy is enough for your family in your absence?

        Thanks

        Ashal

        1. sumans says:

          my husband has taken 2 other LIC policies also so that will work, i want to know is how i can save and get the best may be around 50 lakhs in another 10yrs of my working life.

          1. ashalanshu says:

            Dear suman, what ‘ll your family do if you or your husband dies tonight? All the 3 LIC policies w’d be enough or you fall short of funds?

            Thanks

            Ashal

            1. sumans says:

              You are right, we are only two members so need to plan things keeping this in mind.
              We have our own house and no other loans also . We have some FD’s also as of now for amount around 4 lacs. let me know if any other details are required.

              Thanks & Regards.

            2. ashalanshu says:

              Dear Suman, what is the age of your husband? Any planning to have kid in future be it your own or adopted? You may think that what you kid has to do with your retirement? The answer is your age 43 indicates that if you now plan to have a kid, the education and career related expenses for your kid ‘ll continue even in your post retired life from here on wards.

              Thanks

              Ashal

            3. sumans says:

              sorry for not mentioning it earlier i have a son studying in 11th standard and for his career and further education we have already arranged things so the main focus is now on our retirement plan, If you can help will be great.

              Thanks.

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