Please validate my financial planning

POSTED BY Dineshkumar ON May 11, 2014 11:18 pm ONE COMMENT

I am a 33 year old single living with my parents. I am working in a private organization and my monthly salary is 55k per month. I had the following savings as well as investments. Please validate it and do suggest me any changes to be made. My monthly expenses right now is Rs. 27000. (Inclusive of SIPs’ for mutual funds)

The following is my current status.

1) LIC Unit linked Endowment plan with SA of 550000 with an yearly premium of 25500 for 20 years and this is started in 2009. Matures in 2029.

2) PPF account on my name with an yearly payment of 28000 and i had started this in the year 2008.

3) A total of Rs 4000 per month is spent on SIPs of 3 equity mutual funds. This will continue till 2023 as i had kept the duration of the SIPs as 15 years.

4) My company is providing me a health cover of 4 lakhs and i had an another health policy of 3 Lakhs and a Personal accident policy for 15 lakhs.

5) I do not have any loans and plan to take a housing loan for 40 lakhs next year with a duration of 15 to 20 years.

6) Planning to take a term policy this year for 1 crore.

I plan to retire by the age 55 and my plan is to have a minimum montly income of 40000 post retirement. After my monthly expenses, I am just transferring my remaining amount to my savings bank account every month.

So now my question is what additional things i need to do to achieve my retirement goal and what changes i need to do in my existing savings.

Also please suggest any good Term policy and should i take any pension plans?

Kindly suggest.


One reply on this article “Please validate my financial planning”

  1. ashalanshu says:

    Dear Dinesh, please sit with a paid financial planner to get the best out of your situation.

    You may have a look of this for a better understanding.

    jagoinvestor. com/forum/finacial-planning-faqs



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