Hi ! I am 32 years old. Married with 1 years old kid. My only investment is 10 K p.a in LIC Insurance from past 2 years. Currently I earn 33K pm but my expenses 20 K as 6 family members are depended on me. I 'm planning to go for home loan or invest in real estate. How should I plan for retirement at 45yr and my child education .
Before going for real estate investment please remember that at today's rates even if you go for a 20 lakh house your emis would be easily 15-20 per month, which you can pay out of ur disposable income (13000 ie 33k-20k). Hence just invest in shares, MF, FD, etc and build up a huge corpus first. Later when you have enough back-up consider real estate.
With respect to education, you can try educational loans from banks and also cliam tax benefits for the same. But if you want to invest now for future higher education invest in equity MF with a long term perspective.
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First of all you can take an addiqute insurance and than you can invest in mediclaim for all family members, than invest in MF for long term with 60:40 rasio in divesified and balance MF As per your said you can invest atlist Rs. 13000 pm. make he plan like that.