Worried about your retirement? We have got your back!
Financial stability is the most important pillar of our life. Planning your future, today itself will make you strong enough to deal with any uncertainties.
Retirement marks a significant life transition, and planning for it is crucial to ensure a comfortable and fulfilling future. In this write-up, we’ll try to cover different age bracket requirements to ensure a smooth journey.
But, firstly let’s consider some important points that affect your retirement planning.
a. Your current Age
b. Age at Retirement
c. Life expectancy
d. Current monthly expense
e. Expected Inflation Rate
f. Pre Retirement Returns (expected)
g. Post Retirement Returns (expected)
1. Supposedly, you are starting your journey at the age of 25.
At 25, retirement may seem like a distant dream, but it's never too early to start crafting a personalised roadmap for your golden years. Below is a breakdown that’ll help you create a tailored plan that aligns with your goals, aspirations, and financial situation.
For example, your current age is 25 and your expected retirement age is 60. Your current monthly expenses are Rs 30,000. So as per 7.5% inflation rate (approx), you will require a lumpsum amount of Rs 8,17,23,434 at the age of your retirement.
So to meet the goal you can invest in two ways;
a. Starting a “Systematic Investment Plan” of Rs 7,607 per month until 60.
b. Investing a lumpsum amount of Rs 6,61,756 at once.
2. Supposedly, you are starting your journey at the age of 35.
At 35, life is in full swing – career aspirations, family planning, and personal growth are likely at the forefront of your priorities. Amidst these demands, it's crucial to carve out time for strategic financial planning, especially for your retirement. Below is a breakdown that’ll help you create a tailored plan that aligns with your goals, aspirations, and financial situation.
For example, your current age is 35 and your expected retirement age is 60. Your current monthly expenses are Rs 80,000. So as per 7.5% inflation rate (approx), you will require a lumpsum amount of Rs 10,36,59,815 at the age of your retirement.
So to meet the goal you can invest in two ways;
a. Starting a “Systematic Investment Plan” of Rs 39,147 per month until 60.
b. Investing a lumpsum amount of Rs 33,23,345 at once.
3. Supposedly, you are starting your journey at the age of 45.
At 45, you find yourself at the midpoint of your career and potentially at the peak of your earning potential. It's a crucial time to assess your retirement goals and solidify a personalized roadmap that ensures financial security and fulfilling post-career life. Below is a breakdown that’ll help you create a tailored plan that aligns with your goals, aspirations, and financial situation.
For example, your current age is 45 and your expected retirement age is 60. Your current monthly expenses are Rs 1,00,000. So as per 7.5% inflation rate (approx), you will require a lumpsum amount of Rs 6,16,33,327 at the age of your retirement.
So to meet the goal you can invest in two ways;
a. Starting a “Systematic Investment Plan” of Rs 1,02,168 per month until 60.
b. Investing a lumpsum amount of Rs 78,23,384 at once.
Creating a personalized retirement roadmap is a dynamic process that requires careful consideration of your goals, financial situation, and lifestyle preferences. Stay tuned to learn more details on creating the most suitable roadmap in our next blogs.
Popular on Finoster
.jpg)
