To secure a comfortable monthly income of Rs 1 lakh after retirement, planning ahead is crucial. Just saving money every month might not be enough to ensure financial independence later in life. So, here’s what you need to do: Free Consultation
- Time Matters: First, figure out how many years you have left until retirement and how long you expect to live after retiring. This helps in crafting a tailored retirement plan.
2. Inflation Matters Too: Consider the rising cost of living due to inflation. For example, if you spend Rs 12 lakh annually at age 50, to maintain the same lifestyle in 10 years, you’d need Rs 21.49 lakh annually with a 6 percent inflation rate. Inflation erodes the purchasing power of money over time.
3. Start Now: Don’t delay your retirement planning. Starting early is key. If you’re 25 and want a monthly post-retirement income of Rs 1 lakh at age 60, you’d need to save around Rs 28,912 per month for 35 years. If you’re 40, the required monthly savings would jump to Rs 78,425, and if you’re 50, it would skyrocket to Rs 1.88 lakh.
So, the sooner you begin planning and saving for retirement, the better your chances of enjoying a financially secure retirement life.