I’m 35 and earn Rs 2 lakh a month. How much and in which mutual fund schemes should I invest? (2024)

FAQs

How much to invest to get 2 lakhs per month? ›

Some experts recommend at least 15% of your income. Setting clear investment goals can help you determine if you're investing the right amount. If you're new to investing, you might be asking yourself how much you should invest, or if you even have enough money to invest.

Someone between the ages of 31 and 35 should have 1.1 times their current salary saved for retirement. Someone between the ages of 36 and 40 should have 1.9 times their current salary saved for retirement. Someone between the ages of 41 and 45 should have 2.8 times their current salary saved for retirement.

Investing ₹2000 per month in SIPs for 20 years is a powerful way to build long-term wealth. You can pave the way for a financially secure future with a disciplined approach and the right choice of mutual funds. So why wait? Invest in these options today and make 2024 a year of SIPs!

It said the ideal amount to save by 35 is 2x your income at 35. For instance, if you are earning Rs 10 lakh at 35, your savings by 35 should be at least Rs 20 lakh. Trying to save 2x by 35 is an excellent target. By the time you are 35, you should have at least 4X your annual expenses saved up.

The best ways to build wealth in your 30s include paying off debt, making regular contributions to qualified retirement accounts, such as a 401(k) or an IRA, and taking advantage of an employer match if it's offered. Retirement plans are a proven way to build wealth.

It's never too late to start saving money for your retirement. Starting at age 35 means you have 30 years to save for retirement, which will have a substantial compounding effect, particularly in tax-sheltered retirement vehicles.

One common benchmark is to have two times your annual salary in net worth by age 35. So, for example, say that you earn the U.S. median income of $74,500. This means that you will want to have $740,500 saved up by age 67. To reach this goal, at age 35 you may want to have about $149,000 in savings.

It's intended to make sure you have a safe retirement withdrawal rate and don't outlive your savings in your final years. By pulling out only 4% of your total funds and allowing the rest of your investments to continue to grow, you can budget a safe withdrawal rate for 30 years or more.

How much do most 35 year olds have saved? ›

The average savings for individuals under 35 is $11,200. Individuals between the ages of 35 and 44 have an average savings of $27,900. Those aged 45 to 54 have an average savings of $48,200. The average savings for individuals between 55 and 64 is $57,800.

Yes, it's very possible to retire comfortably even if you start saving at 40. Regular contributions to your retirement accounts will go a long way toward making that dream a reality. Take advantage of catch-up contributions after the age of 50.

Here is a fund which has delivered superior returns over a five year period outperforming the index it is benchmarked against. An investment of Rs 10,000 per month via systematic investment plan (SIP) route over a period of five years in Quant Small Cap Fund's growth is worth nearly Rs 19 lakh today.

Assuming Rs 1 lakh monthly withdrawal, `1 crore corpus could last 15 years with 10% return. Adjusting for a 6% inflation, the corpus may last nine years with increasing withdrawals. To ensure sufficient funds for 15-18 years, reduce monthly withdrawals to Rs 60,000-70,000.

Earning $2,000 in monthly passive income sounds unbelievable but is achievable through dividend investing. However, the investment amount required to produce the desired income is considerable. To make $2,000 in dividend income, the investment amount and rate of return must be $400,000 and 6%, respectively.

McClanahan noted that even combined with an average Social Security benefit, $250,000 in savings is only likely to produce $2,632 a month over 25 years, when inflation and other factors are considered. That would mean a difficult struggle for many Americans.