This is the question related to a 30yr old married and started career 5yrs back and want to take insurance and plan for retirement.
His monthly expenditure is around 25k and he is expecting a kid by march 2011. He has some fixed assets (few acres of land and house) which he is going to get from his parents after them, which are worth 3-4 crores (current value).
How should he plan for his retirement and insurance considering these assets?
He is planning to take insurance (term) for about 60lakhs and doing retirement planning to create wealth of around 2 crores by the time he retires. He doesn’t have any liability such as loan other than family.
Now my question is does he require that much insurance and also does he require to create that much corpus for his retirement when we consider the fixed assets he has at the moment. I mean do we consider these fixed assets for the future requirement corpus after retirement?