Current Age (Yrs) | |
---|---|
Expected Retirement Age (Yrs) | |
Monthly Expenses for current lifestyle (Rs.) | |
Expected Inflation (%) | |
Current Saving Per Month (Rs.) | |
Expected Rate of Return while Accumulation (%) | |
Expected Rate of Interest for monthly income at the time of retirement (%) | |
Output | ||
Years in retirement (Yrs) | 000 | |
---|---|---|
Inflation adjusted amount required p/m to meet expenses after retirement (Rs.) | 000 | |
Lump sum requirement for this amount | 000 | |
Amount you will accumulate with current saving | 000 |
Short fall in amount | 000 |
---|---|
Extra amount you need to save per month | 000 |
Congratulations, Your retirement corpus is more than the required amount as per your current lifestyle. |
Note: Life expectancy assumed @ 100 years |
The length of one’s life is unpredictable, making it difficult to anticipate how long the retirement lasts. In some cases, post-retirement age may exceed the number of working years. This highlights the importance of planning for retirement. Retirement planning is an art and science. Moreover this is one financial objective for which no loan is available.
Moreover the impact of inflation during retired life is significant. If current monthly expenses are Rs 1,00,000 (considering a 10% inflation rate) after 5 years, you would need Rs 161,051 to maintain the same standard of living. Imagine the effect inflation will have in the next 20-25 years. Expenses such as telephone, travel, clothing, festivals, and, of course, medical expenses are a cause of big stress during retirement.
Here’s an easy way to calculate your financial needs:
For any assistance feel free to connect with Vridhi at +919891467575