I am 51 years old, I can save up to Rs 50,000 per month. What would be the right schemes for me? I am investing for wealth creation.
You have not shared your personal or financial details. So, it is not possible to offer you personal advice. You have to be extremely careful since you hardly have 10 years for retirement. Are your finances in order? Do you have contingency funds and health/life insurance? Do you have a large enough corpus? The answers to these questions will decide the kind of schemes you can consider investing to create wealth. If your financial situation is fine, you may go ahead and invest in equity schemes. However, you need to remember that every monthly investment would take five to seven years to create wealth. You should keep this point while investing money in equity mutual funds. You should also choose mutual funds based on your risk tolerance. We would ask you to stick to safer options like large cap schemes and flexi cap schemes.
You should hire a good mutual fund advisor if you don’t know much about mutual funds. You should not take unnecessary risks since you are near your retirement.