Is my current monthly SIPs enough to meet my long term goals

Glad to note that you are investing Rs 24,000 through monthly SIPs to meet your various long term goals. Let us now analyze if your monthly SIPs are enough to meet your various goals.

Goal 1 - Rs 50 Lakhs after 12 years - Assuming 12% annual returns, monthly SIP of Rs 15,400 is required for 12 years.

Goal 2 - Rs 1 Crore after 22 years - Assuming 12% annual returns, monthly SIP of Rs 8,000 is required for 22 years.

Goal 3 - Rs 4 Crore after 28 years - Assuming 12% annual returns, monthly SIP of Rs 15,700 is required for 28 years.

As you can see your current SIPs can only help you meet your Goal 1 and Goal 2 respectively after 12 and 22 years. Though you need not continue to save for the Goal 1 after 12 years and Goal 2 after 22 years and these amounts can be earmarked for meeting the Goal 3, but this can help you meet the Goal 3 partly. Let us see an example how you will have difficulty in meeting your Goal 3 -

- Your current month SIP is Rs 24,000 and this is meant for Goal 1 (Rs 15,400) and Goal 2 (Rs 8,000). But after 12 years you can continue the SIP of Rs 15,400 for another 16 years towards Goal 3. How much you can accumulate in 16 years? It is Rs 89.50 Lakhs.

- Likewise, after 22 years you can continue the SIP of Rs 8,000 for another 6 years towards Goal 3. How much you can accumulate in 6 years? It is only Rs. 8.50 Lakhs.

- Therefore, though your current monthly SIPs are enough to meet Goal 1 and Goal 2, but as far as Goal 3 is concerned it can help you accumulate only Rs 98.00 Lakhs (Rs 89.50 Lakhs + Rs 8.50 Lakhs) against your target of 3 Crores.

- Therefore the shortfall of Rs 3.02 Crores can be achieved only if you start another SIP of only Rs 11,800 per month for next 28 years.

(We have assumed annual returns of 12% and used these calculators to know the SIP values

https://www.advisorkhoj.com/tools-and-calculators... AND

https://www.advisorkhoj.com/tools-and-calculators... AND

https://www.advisorkhoj.com/tools-and-calculators...

As your fund selection is okay we are not commenting on that.

Hope you find the above suggestions and example useful. Wishing you long term investing success.