Alright, let’s assume you don’t ever work again from hereon. Now, I’ll calculate some numbers to help you decide if you should work again or not.
When you are retiring, that means you want to cover all the future expenses from the 37 lakhs (97L - 60L) which you are looking forward to invest in mutual funds. Considering the life expectancy to be 85 years, we need to see if 37L invested will be sufficient for next 60 years.
Suppose you need Rs. 15,000 per month to cover your basic expenses. Considering an inflation rate of 5% per year, you will need ~ Rs. 24.4K per month after 10 years, ~Rs. 40K per month after 20 years, ~Rs. 65K per month after 30 years and Rs. 2.8 Lakhs per month by the age of 85.
To generate a regular income from your investments, Income mutual funds looks like the thing to go with. Income mutual funds might give you about ~8% return per annum. These mutual funds aim to generate a regular income for you. If you invest in equity oriented mutual funds which aims for growth in your capital, those will not be the right option for you as you need money monthly to survive. There is no guarantee of generation of income from Income mutual funds as well, but still probability is high.
Anyway, if your mutual fund is giving you 8% return per annum, to have the lifestyle equivalent of Rs. 15K per month throughout your life, you need to invest ~ Rs. 68 Lakhs today.
If you invest Rs. 37 Lakhs, you will be able to afford a lifestyle of ~Rs. 8200 per month.
Looking from the other side, if you want to manage a lifestyle of Rs. 15K per month throughout your life by investing Rs. 37L, you need an annual return of ~12% per annum consistently. This is unlikely with Income mutual funds.