What kind of mutual fund investments should I make to accumulate a comfortable retirement corpus?

I am a 64-year old doctor with savings of around Rs 1.5 crore. My monthly income is Rs 2-2.5 lakh, I want to work for another five years. What kind of mutual fund investments should I make to ensure a comfortable retirement?

Rajiv Bajaj, Chairman & MD, Bajaj Capital says, "Assuming a monthly income of Rs 1 lakh and inflation at 3% per annum thereafter, you may need a corpus of around Rs 3 crore. If this is invested in debt instruments yielding 6%, it shall be sufficient to generate monthly cash flows of Rs 1 lakh, growing at 3% for the next 30 years, along with relative safety of capital. Your existing savings of Rs 1.50 crore can grow to Rs 2.2 crore in five years at a return of 8% annually. To provide for the remaining Rs 80 lakh, an SIP of Rs 1.10 lakh per month in hybrid funds for five years can grow to Rs 80 lakh at a return of 8%. At the time of retirement, in order to get regular cash flows you can invest the Rs 3 crore corpus in a mix of high quality debt funds (with SWP facility) and other instruments like corporate deposits, annuity plans, SCSS, etc. The present savings of Rs 1.5 crore and SIP of Rs 1.1 lakh should be invested in dynamic asset allocation or balanced advantage funds like DSP Dynamic Asset Allocation, ICICI Prudential Asset Allocator, Motilal Oswal Dynamic, SBI Dynamic Asset Allocation and Kotak Balanced Advantage."

I am 33. After paying home and personal loan EMIs, I am left with Rs 60,000 every month. I also earn Rs 8,000 as rent. I have a Rs 1 crore term insurance plan and Rs 26 lakh in NPS and PPF. I invest Rs 24,000 per month in NPS. I have Rs 5 lakh in savings account as contingency cash and Rs 7 lakh in stocks. I invest Rs 4,000 in HDFC Small Cap, Rs 3,500 in HDFC Top 100, Rs 2,500 in HDFC Balance Advantage Fund, ABSL Frontline Equity and UTI Midcap each, and Rs 2,000 in SBI Long Term Equity. All these go towards the goal of my child’s education after 14 years. I am planning to buy a car of around Rs 15 lakh within a year with 50% loan. Should I use emergency cash towards financing the car and reduce the loan amount? Do you suggest any change in my investments in MF?

Prableen Bajpai, Founder, Managing Partner, FinFix Research & Analytics says, "Your current mutual fund allocation of Rs 17,000 per month will be able to create a corpus of approximately Rs 67 lakh for your child’s education in 14 years, assuming 11% CAGR. With a home loan and a decent NPS contribution, you are already exhausting your 80C limit. Hence, you need not invest in a tax-saving mutual fund. Considering your investment horizon, you can realign monthly investments across four schemes, one from each category—index fund, multi-cap, midcap and international fund—in a 30:25:25:20 proportion. While it’s not a good practice to use the emergency cash towards expenses such as buying a vehicle, given that you are in a government job, you can consider using part of it to bring down the loan amount. Replenish the contingency fund as soon as possible and preferably park this corpus in a liquid fund."