I am of 30 year and currently a central government employee. My spouse age is 24 year. We have a child of 6 months.
Monthly earning after all deduction:- Rs 49000/-
Monthly expenditure is Rs 27000/-(including rented house @ Rs 8000/-)
Retirement age 60 years
Life expectancy 80 years.
After retirement to live in self occupied house.
1. Covered under NPS with current value of Rs 5.00 lakhs. My monthly contribution incl. government towards NPS is Rs 9000/-.
2. Invested in two plot of land with current value Rs 10 lacs.
3. Axis Long term equity direct growth (SIP= 2000 from Dec-15).
4. LIC Jeevan shree of Rs 10 lacs coverage[Prem. period- 16 year, Policy period- 25 year. Started in Sep-2011]. Half yearly premium of Rs 25500/-.I am planning to stop this LIC and buy Term Life Insurance plan of Rs 1.00 crore.
5. Health & Medical benefit under CGHS(Central Govt. Health Scheme) fully reimbursable even after post retirement.
6. FD with current value of Rs 35427/-. Saving account balance of Rs 1.50 lakhs.
1. How much I should invest each month to build retirement portfolio based on my current expenditure. Also suggest name of mutual fund along with investment break up.
2. How much and which MF combination I should invest each month to build child education portfolio for Engineering after 17 year.
3. Which MF to invest as i have to buy a house after 5 year in Delhi with 80% loan from bank( Current value- Rs 50 lacs). Margin money will come from sale of plot of land.