Increase your investments every year to reach your retirement corpus early
Equity as an asset class is recommended for creating long-term wealth, and SIP is a good strategy to create that wealth
I am investing via systematic investment plans (SIPs) for the last two years. I invest through SIPs of ₹1,000 each in Aditya Birla Life Tax Relief 96 Fund, HDFC Mid-Cap Opportunities Fund, Mirae Asset Large Cap and SBI Magnum Multicap Fund. I also have SIPs of ₹2,000 each in Kotak Standard Multicap, L&T India Value and ICICI Bluechip. All these are growth option funds. The investments are for my retirement, and I want to build a corpus of ₹1 crore in equity through these funds. Are these funds suitable for my long-term retirement goal, or would you suggest any other investment?