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Retirement Calculator

Retirement planning made easy with our retirement calculator

Current Age

Yr

15Y

60Y

Age you wish to Retire

Yr

25Y

70Y

Current Monthly Expenses

Current Total Investment Only for Retirement

Expected Return on Current Investment (P.A)

%

0

60

Expected Return on Retirement Fund (P.A)

%

0

60

Life Expectancy

Yr

25Y

100Yr

Inflation

%

1%

20%

Monthly Expenses when you Retire

0

Retirement Corpus Already Present

₹0

Hurray ! No additional funds required for retirement you can continue to execute the plan without starting any SIP

Your retirement years can be enjoyable if you plan for that phase of life well in advance. This article will educate you about our retirement calculator and how it will help you plan your retirement.  

Retirement planning, explained

Like other financial plans, retirement planning ensures a financially independent and dignified life during retirement years. To achieve financial stability, individuals need a long-term retirement plan that aligns with their future goals. While saving and contributing for the future will help, they should also do proper budgeting and invest in tax-efficient instruments. 

Retirement planning calculator, defined

A retirement calculator is a tool that helps individuals plan for their retirement years. Based on their current monthly spending and their standard of living, the calculator helps users determine the amount they would need to contribute to live a comfortable retirement life. 

The working of the retirement planning calculator

The concept of a retirement planning calculator is simple. It takes into account one’s current monthly expenses and estimates the corpus one would need to build to maintain the standard of living during retirement years. To use the calculator, individuals need to input details like their age, current monthly expenses, retirement goals, and existing retirement fund investments like EPF.

Using the retirement planning calculator

A retirement planning calculator is readily available online and you just need to enter the following details. 

Step 1: Your current age

Step 2: Your current monthly expenses

Step 3: Select your retirement life goals from the options provided

Step 4: Enter your existing savings or investments

How using a retirement planning calculator can help you

A retirement planning calculator offers many benefits to individuals, giving them a clear roadmap for their financial future. Here are some ways in which it can help users.   

Helps in financial planning 

While building a keep-safe fund for the future is a good practice, it will fall short if you don’t factor in inflation. The calculator assists individuals in planning their future according to their financial needs.

Calculates your expenses into the future

The amount projected by the retirement planning calculator automatically considers the increase in inflation. The calculator assesses the current monthly expenses of an individual and provides the future value of their current expenses. This helps users save or contribute to the retirement corpus accordingly.

User-friendly 

The retirement calculator has a very user-friendly interface. The user just needs to input details such as age, monthly expenses, retirement goals, and saving/investment avenues.

A trusted friend

Besides projecting a financial roadmap for your retirement needs, the calculator will provide error-free results. Thus, it is a reliable tool you can trust. 

Conclusion

A retirement planning calculator is an important financial tool for an individual planning his retirement. It is easy to use and is widely available on several websites such as Lemonn. The calculator also eliminates manual computation and leaves no room for error. It helps users estimate the amount they will need for their retirement. Overall, the calculator enables individuals to make informed financial decisions.

FAQs

1.What is the formula for retirement planning?

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Unlike other calculators like the Fixed Deposit (FD) calculator or Simple Interest (SI) calculator, there is no fixed formula for retirement planning. However, you can use the calculator above to estimate the funds required for your retirement years.

2.How much should I save for my retirement?

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There is no ideal benchmark amount set for future savings. The retirement fund depends entirely on the lifestyle of an individual. All the person has to do is maintain the right balance in spending, saving, and investing.

3.When should I start using a retirement calculator?

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You can start using a retirement calculator anytime. There is no minimum age to start planning for your retirement. The sooner, the better.

4.What information do I need to use a retirement calculator?

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Retirement calculators like ours need some basic inputs from you, including age, desired retirement age, current income, savings and investments, and current expenses.

5.Can I use a retirement calculator if I have a defined benefit pension plan?

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Yes, you can still use a retirement calculator even if you do not have a benefit pension plan. Even without such a plan in place, a retirement calculator can still help assess your overall retirement readiness.

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