Estimate how much you need to save for retirement
The Retirement Calculator is a tool designed to help individuals in India estimate the total corpus needed for a comfortable retirement. It takes into account various factors such as current age, retirement age, life expectancy, current savings, monthly expenses, inflation, and expected returns on investments.
The Retirement Calculator estimates the amount you need to save for retirement by considering the following inputs:
Let's assume the following details:
Using these inputs, the Retirement Calculator estimates the future value of your monthly expenses, your total retirement corpus, and the additional savings needed to reach your goal.
Follow these steps to use the Retirement Calculator:
The calculator will display your future monthly expenses, the total corpus needed at retirement, and the additional savings required to meet your retirement goals.
Using a Retirement Calculator offers several benefits:
Future Monthly Expenses: The monthly expenses, currently ₹50,000, will grow to approximately ₹287,175 by the time you retire at 60, assuming an inflation rate of 6% per annum.
Future Value of Current Savings: The current savings of ₹5,00,000 will grow to about ₹50,31,328 by retirement, assuming an annual return rate of 8%.
Total Corpus Needed: To sustain the desired lifestyle (₹287,175 monthly expenses) from age 60 to 85, you will need approximately ₹3,67,86,290.
Additional Savings Needed: Considering the future value of your current savings, you need to save an additional ₹3,17,54,961 to reach the total required retirement corpus.
The Retirement Calculator is an essential tool for anyone planning their retirement in India. By understanding the factors that influence your retirement savings and using the calculator to project your future needs, you can take the necessary steps to ensure a comfortable and financially secure retirement.
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