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Retirement is one of the most important element of a systematic financial planning. Know how much corpus do you require to achieve your post-work life for a cash rich retirement.
Retirement planning is an important part of financial planning for everyone. Good financial planning, money choices, and investing in retirement plans can help you live a peaceful and worry-free retired life. However, the process can get a little intimidating and stressful at the beginning and all you have to do is be patient during the bad times.
The question, how much retirement corpus does one need for retirement, cannot be simply answered like yes or no. It is a much deeper question and the answer can be manifold to it. What you need to understand is the kind of retirement corpus you are looking at, your responsibilities, your lifestyle and so many other things. Just like a term plan, your retirement corpus would also depend on your requirements so make sure you have those listed first.
All things considered, this might become a little overwhelming for many, and therefore, we have put down a simple understanding of these aspects to assist you in effectively planning the same.
It is critical to have a complete understanding of the aim, when making a long term financial investment. Investors who take inflation into account while planning for retirement find it much easier to fulfil their financial goals. As per tax and investment gurus, the easiest route to determine post-retirement funding requirements is to make a list of monthly expenses and compute the amount at the current rate. Then, using 7% inflation, compute the present total growing at 7% for the period in which they will be retiring. According to tax experts, the 4% withdrawal rule applies to the net amount required at the time of retirement.
A retirement calculator may be useful if you’re still having problems settling on a corpus for your retirement savings. An online retirement calculator demands precise information regarding current age, desired retirement age, life expectancy, etc., to predict the costs and the length of investments. Monthly costs including energy bills, housing rent, driver/maid/cook wages, maintenance, petrol, leisure, medications, marital and family status, city, area of residence, and any information on current investments are also required by the calculator. It predicts the rise and fall in these costs in the future with a roughly estimated retirement fund amount.
To summarise, the anticipated retirement corpus or savings you will require for a pleasant and serene retired life is highly dependent on your present employment, lifestyle, and future retirement goals. Therefore, careful planning, utilization of available tools, and proper research are crucial to come up with a figure that best fits your needs!
In this policy, the investment risk in the investment portfolio is borne by the policyholder.