Plan Wisely For Life Goals

The Sain family should liquidate one real estate asset and invest in aggressive hybrid equity funds, says Mumbai-based Financial Planner

- Pankaaj Maalde

Noida-based Sameek Sain, 40, and his wife Madhumita, 35, both engineers, want to stop working a couple of years before the usual retirement age. Both plan to retire at 55 and need to build a retirement corpus of nearly 5 crore for their golden years. They are also planning to put together 50 lakh for the education of their four-year-old son Sayonav and another 15 lakh for his marriage. Besides, they want to go on a dream vacation in 2022, which will cost around 5 lakh.

The couple brings home a combined monthly salary of 2.39 lakh and also have assets worth 1.54 crore, including two residential properties (54 lakh and 40 lakh) and a commercial property (worth 32 lakh), bank balance of 1.5 lakh, 21 lakh in EPF and PPF and an investment of 6 lakh in equity mutual funds. They have an outstanding home loan of 26 lakh for which they pay an EMI of 27,000. Household expenses cost around 66,000 while Sameek contributes 10,000 a month to his dependent parents. The couple has purchased four traditional life insurance plans and pays a total annual premium of 1.37 lakh. Plus, there is a family health insurance plan worth 5 lakh for which an annual premium of 30,000 has to be paid. The monthly outflow leaves a surplus of 1.06 lakh.