# Case Study: Retiree Portfolio Restructure

## Starting point
62-year-old retired bank manager, spouse 58, one independent child. ₹1.2 Cr total:
- 17 mutual funds across 6 AMCs
- 4 endowment policies (sub-5% IRR), still in premium-paying mode
- ₹15L in a single bank FD
- 80% equity exposure at age 62
- No personal health insurance after retirement
- Expected monthly expense: ₹70,000

## Problems
1. Wrong asset allocation for life stage
2. Endowment drag — ₹2L/year going into sub-FD-return policies
3. No health cover post-retirement
4. No income mechanism (ad-hoc redemptions)
5. 17 funds = 4 versions of same Nifty 50 + 6 sectoral fads

## Plan
1. **Protection** — Family floater ₹15L + ₹40L super top-up (~₹38K p.a.); senior policy ₹10L for spouse.
2. **Right-size equity** — from 80% to 45% via tax-aware switch over 18 months.
3. **Consolidate** to 4 funds — 1 flexi-cap, 1 large&mid, 1 short-duration debt, 1 conservative hybrid.
4. **SWP for income** — ₹85,000/month from conservative hybrid; tax-efficient via LTCG exemption.
5. **Endowments** — 2 made paid-up, 2 surrendered after IRR analysis; freed ₹1.4L/year cash flow.

## Outcome (18 months)
- Stable, tax-efficient ₹85K/month SWP
- 45% equity (age-appropriate)
- ₹55L family + ₹10L senior health cover
- 4 funds (from 17)
- Annual reviews + crash-triggered check-ins

> "For the first time in 20 years, I actually understand what I own and why."

*Names and details changed. Illustrative — not a guarantee.*