My spouse and I have a combined monthly income of 2.2 lakhs. We have combined EMIs of around 80k per month. I am 35 and my spouse is 30. We have annual expenses of around 8 lakhs (taking into account surprise expenses, so this is a slightly inflated estimate). Our current investments are as follows
- 2 term insurances
- We save around 80k per month in multiple RDs, 10k in 3 different mutual funds
- 2 money back policies with total annual premiums of 80k
We want to plan for the following
- A retirement fund
- We are planning to have a child within the next year. We need to plan for his/her education/future as well.
Can you advise as to what avenues we should look at for these two long term goals? Any other advice on our current investments is also welcome.