Gokul, a dynamic 32-year-old project manager at a prestigious IT firm, has charted a clear course for his future: early retirement at 45. His vision extends beyond the confines of his corporate career, and wants to start his own blog.
At the heart of his plans is his family – his wife, who manages the household and their five-year-old son. As the sole breadwinner, Gokul brings home a monthly salary of ₹1.2 lakh, which comfortably covers their monthly expenses of around ₹80,000 and leaves enough room for life’s little luxuries. But given his circumstances, can he afford to retire early? Let’s find out.
His son's higher education
Parents want to provide their children with the best education they can. And Gokul is no different. He wants to allocate ₹15 lakh for his son’s higher education. However, given the average inflation rate of 6 per cent in India, the same ₹15 lakh course will likely balloon to around ₹32 lakh in 13 years.
Fortunately, Gokul has the means to cover this cost, as he has accumulated ₹7.5 lakh in a few taxsaving mutual fund schemes. This amount will grow to the desired amount by the time his son gets out of school, assuming his investment increases 12 per cent each year.
Calculating retirement corpus
Diese Geschichte stammt aus der August 2023-Ausgabe von Mutual Fund Insight.
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Diese Geschichte stammt aus der August 2023-Ausgabe von Mutual Fund Insight.
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