Will investments via SIP in mutual funds help me to build retirement corpus?

I am 49 years old and I have around 11 years of service left. I am new to mutual funds. I would like to start my investment in mutual funds to build a retirement corpus and corpus for my only son’s education. He is 10 years old. Will investments through SIP for 10 years help me to achieve my objective? Which schemes should I choose? Please advise.
–Prakash Venkateswaran

Puneet Oberoi, Founder, Excellent Investment Advisors, responds:

You have 10 years for your son’s education fund and approximately 11 years for your retirement. Both your goals will fall at the same time. But what you have not mentioned is how much you have already saved for these goals and how much more do you need for these goals.

An SIP is a good way of investing regularly for 10 years. You can invest via an SIP, but how much should you invest depends on the amount you need to achieve these goals.

You can consider investing in the following funds and in the mentioned proportions through SIP

Axis Multicap Fund: 30 per cent

Kotak Equity Opportunities Fund: 25 per cent

Mirae Asset Emerging Bluechip Fund: 30 per cent

SBI Small Cap Fund: 15 per cent