Have I selected right mutual fund schemes for my retirement?

I am planning to invest in the following schemes from September. I am 53 years old and I am planning to invest for the next five years for my retirement life.
1 – UTI Small Cap Fund – Rs 20,000
2 – UTI Focused Equity Fund – Rs 20,000
3 – HDFC Banking & Financial Services Fund – Rs 20,000
4 – DSP Global Allocation Fund – Rs 15,000
5 – SBI Balance Advantage Fund – 25,000

Please advise if my selection is correct.

— Deepak Khanolkar

We advise our readers to invest in equity mutual funds only if they have an investment horizon of seven to 10 years. This is extremely important as the market is near its historic high and everyone is talking about a correction at any point. In fact, many seasoned investors have been asking investors to be extremely cautious in the current market as there are a lot of uncertainties to deal with in future. You have to be doubly cautious considering you are nearing your retirement. You have not shared your financial details. So we cannot offer a definitive answer to you. However, we would advise caution. Make sure you will not jeopardise your retirement.