Your current monthly household expenses
Your future monthly household expenses
(Your monthly expenses will increase annually by %)
Your current investment amount
Future value of your current investments
Future corpus amount needed to meet expenses
Rs. - Rs. (Future value of your current investments) = Rs.
Number of years you need to invest
Lumpsum amount you need to invest
SIP amount you need to invest
Retirement planning is essential for every citizen, whether you are salaried or self-employed. However, certain aspects must be clear in your head because those questions will make it easier to plan your retirement.
The following are the primary factors to consider while determining retirement readiness:
MFOnliner has a retirement planning calculator that would help you determine how much you would need to retire comfortably.
A retirement calculator in India is beneficial for the following reasons:
For example, a 30-year-old would like to retire at the age of 60 and have monthly costs of Rs. 40,000/- for the next ten years after retirement. Taking into account annual inflation of 3%. After retirement, the individual will require a corpus of Rs. 58.18 lakhs. To begin saving for retirement, you would need to invest about Rs. 4000 every month.
Simply enter the relevant information in the designated area, and the calculated result will appear immediately.
The MFOnline calculator is a financial tool that can determine the exact amount you need to save each month. It will also assist you with long-term investment planning. The following are some of the advantages:
Yes, anybody who wishes to plan for their future retirement or get peace of mind once they retire can use the retirement services.
The first and foremost thing to consider is rising inflation every year. Keeping that in mind, a corpus of Rs. 1 crore is enough, but it takes years to accumulate such wealth, and honestly, it requires investing wisely.
Suggested investment options for maximum returns are as follows.
When you reach the age of 55, you have the option of taking a lumpsum payment of some or all of your pension. The first 25% of your retirement money can be taken tax-free, but any further withdrawals will be subject to tax. If you don't take your entire pension in a lump sum, you could pay less tax.
In India, a middle or upper-middle-class family needs a minimum monthly fund of Rs. 50,000-60,000/-. However, how comfortably you wish to retire ultimately relies on your own needs.