Shopping & Dining – Include monthly average amount spent on garments, dining out, electrical appliances, electronics, furniture, etc.
Household Expenses – This would include salaries for household help, groceries, personal care, commute, water, and electricity.If staying in an own house, mark it as zero. Monthly Rent – Monthly rent if staying in a rented house.Identify expenses, such as house rent, bills, salaries to household help, fuel, maintenance, medicines, etc. Hence, the calculator will account for these expenses, the yearly rising inflation, and your standard of living. It determines the future value of these expenses and future cost of living. Due to inflation and reducing purchasing power of money these expenses will become costlier over a period of time. Your current monthly expenses will define your lifestyle and accordingly how much amount you will need post retirement to maintain your lifestyle. The longer the period after retirement the higher the investment and corpus you need to build for your retirement. Let’s say you wish to retire at 60 years but you wish to plan your investment for 20 years after retirement. Your ‘Plan For Age’ is the number of years after retirement. Many investors consider just the retirement age and forget about the life span after retirement during which you will not be earning a substantial income. This is a common mistake made by many investors. Provide the age for which you wish to plan your retirement. Hence, the gap between the current age and retirement age plays a vital role in retirement planning. On the other hand, if you start at an age of 35 years then you will have 25 years to build your corpus for a retirement age of 60 years. For example- if you are starting very early at an age of 20 years and you wish to retire at the age of 60 years then you have 40 years to build your retirement corpus. Your retirement age and your current age will help in determining the period available for building your retirement corpus. Provide the age at which you want to retire. Therefore, the corpus is determined by knowing your current age. While an investor beginning at 45 years is likely to have a less aggressive portfolio. For example, an investor starting their retirement savings at 30 years may have a more aggressive portfolio. In other words, a retirement fund would vary from person to person. Let us see how one can use the online retirement calculator in India to maintain a comfortable retired life in India. Also, it allows investors to try various permutations and combinations to determine their retirement corpus. Scripbox’s Retirement Calculator online is an intuitive tool.
#Retirement living expenses calculator how to#
How to Use Scripbox’s Online Retirement Calculator? Therefore, Retirement Calculator India makes it easy for investors to determine their retirement corpus and start investing in it. Mostly, income during retirement would be either through government pensions or employment-related sources or personal investments.Īll this is easier said than done.
While financial planning will help estimate whether one has adequate retirement funds to achieve the kind of retirement that they are envisioning. ‘How would you want to spend time during your retirement?’ Personal Planning can be done by answering a fundamental yet powerful question yourself. Personal planning determines satisfaction during retired life, while financial planning helps in budgeting income and expenses based on the personal plan. Retirement requires a combination of Personal and Financial Planning. The retirement calculator helps in figuring out how much one needs to grow their wealth before retiring. It is better to start planning the retirement funds needed for a stress-free lifestyle post-retirement and start investing in it. Know More What is a Retirement Calculator?Ī Retirement calculator is an online tool that helps in determining the retirement corpus. Are you investing in the 'right' funds for your retirement?
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