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Will my mutual fund portfolio help me to amass Rs 2 crore for retirement?

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Last Updated: Jun 20, 2019, 04.04 PM IST|Original: Jun 20, 2019, 04.04 PM IST
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I am 35 years old. I am working abroad and earn around Rs 35 lakh per year. I have investments in four mutual fund schemes:
Axis Long Term Equity Fund: Rs 2,000
Mirae Asset Large Cap Fund: Rs 6,000
UTI Mid Cap Fund: Rs 1,000
HDFC Taxsaver Fund: Rs 2,500 (Stopped)
My total investment is Rs 11,500 per month.
Let me know if this portfolio is good? I am planning to invest in more mutual fund schemes. Which funds should I choose? My horizon is minimum 15 years. I can take moderate to aggressive risk. I can invest another Rs 20,000 per month. Will it help me to achieve the following goals:
Retirement corpus: Around Rs 2 crore
Child’s education: Rs 50 lakh in 13 years
-- Deepak Aravind M

Shweta Jain, founder, Investography, responds:

To reach Rs 2 crore target for retirement, you should invest Rs 10,500 every month till the age of 60. For your kid's education, you need to invest Rs 13,500 every month to get Rs 50 lakh in 13 years. Do evaluate if the retirement corpus is going to be enough. With inflation, you may need more money for retirement. But start with this and keep increasing it every year. The funds are fine. Good combination of large and mid cap. Don’t clutter the portfolio with too many funds. You can add funds like ICICI Prudential Nifty Next 50 Index Fund or DSP Quant Fund. It will add a different aspect to your portfolio.

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