I am 51 years old with an income of Rs 18 lakh per annum. I invest Rs 1.2 lakh every year in mutual funds. I have a Mediclaim policy for myself and my family. I also have Tata AIG Gold insurance, in which I have been investing for the past 5 years. I have an FD of Rs 5 lakh. I want to know what I should do about my pension.
At the age of 51, you have around 8-9 years to go before you retire. It is about time you get very aggressive about your retirement savings. You should have an accumulation scale that would translate into an adequate monthly income after you retire, even though your expenses will go down at that time. We assume that you have savings in your PF account as well, which would be the case if you're part of the organised workforce of your company. The best thing for you to do would be to consult a financial planner and start saving more for your retirement.