BackReview your portfolio every 6 months; take corrective measures if funds underperform
In case your previous employers are not able to provide the UAN or the member id, you can first try to check out from your old salary slip just in case you have the same as many times the EPF number is mentioned on the salary slip
PremiumI work in the manufacturing sector with a take-home salary of ₹65,000 and my wife is employed in the IT sector with a take-home salary of ₹60,000. We need to repay a home loan EMI of ₹44,000 for the next 12 years. My daughter is one-and-a-half years old. My primary aim is wealth creation for a few goals such as retirement corpus, child’s education and her wedding.
For the past year, I have been investing around ₹26,000 a month via SIPs. Now, I want to increase the SIPs by 10%. Please advise if my investment plans are alright or do I need to make any corrections.
—Joshua
The investment rationale and the process you are following are in order. You are right in starting the monthly investments and doing well when you say that you want to increase your monthly investments by 10% after a year of investment. This is important and should be followed religiously (the % of the increase in savings may change).
In addition, you need to ensure that you review your portfolio once in six months and take corrective measures if required, i.e. in case of any underperformance, the scheme may require a change.
Also, ensure that nominations for all investments are all in place.
Further, as both of you are working and are having a loan to repay, ensure that you are well protected by having life term insurance protecting both of you. This can be seven-eight times your annual income.
In addition, you should be having health insurance for all your family members.
My previous employers had deducted EPF contributions from my salary. However, I never bothered to note down the account number. Now, I wish to withdraw the amount but my old employers are finding it difficult to locate my EPF number. Is there a way I can search for my account number?
I have always furnished my PAN card number at every job, and have also filed tax returns right from the beginning.
—Raj
In case your previous employers are not able to provide the UAN or the member id, you can first try to check out from your old salary slip just in case you have the same as many times the EPF number is mentioned on the salary slip. In case this is not an option or is not written on the salary slip, try using the facility offered by the EPFO portal where you can access the number by using your Aadhaar number or your PAN number along with your personal information, i.e. name, address, email id, etc.
If this option also does not result favourably, you will be required to visit the EPFO office. You need to ensure that you carry a personal verification proof of your employment along with your PAN/Aadhaar card.
Surya Bhatia is the managing partner of Asset Managers.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
