How to Earn 1 Lakh Monthly Income after Retirement? Here is Retirement Plan!

Many would think of their retirement in totally different ways. Some want it to be a simple seaside life, while others have ideas of spending a quiet, serene life in a hill station or some quiet village. The concept of retirement in India has undergone a great transformation in recent years. With the changed times, a simple retirement life with minimal wants was no longer an option for many. Retirees today wish to live life at their best even after stopping working life. They need to travel, continue doing their hobbies, and get on with social activities.

However, for this to actually be true, careful planning with wise investment is very key. Many people wonder whether their savings would be enough for retirement and whether the savings they set aside would be enough when they finally retire. Life spans are increasing due to improvements in health care and the adoption of healthier lifestyles. To this end, we must consider incorporating this into our financial calculations.

Calculating Your Retirement Needs

To estimate how much you might need for retirement, consider the monthly expenses. Assuming you would live until 85 years of age, a 60-year-old will need roughly Rs 3 crore in order to maintain his/her lifestyle. This calculation also takes into account annual inflation. It assumes that returns on investments will keep pace with rising costs.

Healthcare Costs

One of the significant expenses will be healthcare. Medical inflation is currently at 14%, and with better technology and treatment, medical bills are going to rise further. This can be managed by investing in a full-fledged health insurance cover.

Strategies for a Comfortable Retirement

To build a large retirement corpus, you should do the following:

Build a large retirement corpus: Save and invest regularly to build a sizeable retirement fund.
Utilize financial instruments: Explore life insurance products to boost your retirement savings.
Tax benefits: Take advantage of tax benefits offered by insurance plans to optimize your savings.

By planning carefully and investing wisely, you can ensure a comfortable retirement and enjoy the golden years of your life without financial stress.

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