Retirement Planning Online Advisor

Everyone will retire from work one day, but only few plan their retirement life. Before you start investing for your retirement, you should know how much corpus/ funds you will need to maintain the same life style after retirement. Try our free online retirement advisor, which will help you in your retirement planning.

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About Retirement Planning in India

We feel that retirement is an extended vacation when we can enjoy ourselves and indulge in leisure activities. While theoretically, this thinking is correct, have you thought about the financial aspect of retirement? Doesn’t a vacation cost you money?.

Though a vacation, one can enjoy retirement only if one has financially planned for his retirement. Finances play a very important role after retirement because we do not have any source of income. However, the daily expenses of our life and also the medical expenses continue. Such expenses even rise because of the impact of inflation. How would we be able to meet with such increased and regular expenses if we have not created a retirement fund? Have you thought about that?

Retirement Planning is essential and if you want your retirement to be a vacation, such planning should be your primary focus if you have not thought about it. For those who were farsighted enough to start a retirement planning portfolio, you should review your retirement planning. You should estimate the sufficiency of your targeted corpus and if there is a shortfall, you should make provisions for the deficit

If you understood the importance of retirement planning, you must be thinking where to start. But before you start, do you know how much would be your retirement expenses? Do you know how you can build up a suitable retirement fund? No? Don’t worry as we are here for your rescue. We have designed the best retirement planner through an online retirement calculator. Our online retirement calculator is the best retirement calculator as it provides a detailed retirement planning guide. This online retirement calculator works like your virtual retirement advisor and helps you in calculating your targeted retirement corpus and also the ways to build such a corpus.

Though this online retirement calculator works wonders, let us first understand your basic expenses after retirement? Would they be the same as they are today? Of course, not! Inflation is a constant factor and the expenses on retirement would increase due to such inflation. How would you know the expected expenses? The answer is our online retirement calculator. Here is an illustration showing the expected retirement expenses calculated using our calculator:

Mr. A is 40 years old and has a current monthly expense of Rs.50, 000. He seeks to retire at 60 years of age and wants to know what would be the level of monthly expenses if he wants to continue the same standard of living. Using our retirement plan calculator online, his monthly expenses on retirement work out to Rs.1.60 lakhs approximately if we consider an inflation of 6% per annum. His monthly expenses tripled over 20 years and he would have to start a sound financial plan for his retirement if he were to face such expenses.

Our retirement calculator is the best retirement planner in the industry. The calculator acts as a retirement advisor and details the requirements clearly. Anyone can use this retirement plan calculator online for knowing and building his retirement portfolio.

How to calculate your retirement requirement?

Using our best retirement planner, you can easily calculate the money which you would require once you retire so that you can live your dreams. The calculator requires some information in order to calculate the retirement corpus and the contribution required to build such a corpus. By providing the required information, you can easily calculate the required fund and the associated contributions. The information required in this online retirement calculator includes the following details:

Best Retirement Planning Calculator

Using our best retirement planner, you can easily calculate the money which you would require once you retire so that you can live your dreams. The calculator requires some information in order to calculate the retirement corpus and the contribution required to build such a corpus. By providing the required information, you can easily calculate the required fund and the associated contributions. The information required in this online retirement calculator includes the following details:

• Work profile – the first detail required would be your occupation. Whether you are a salaried employee and if so whether employed in a private or a public organization, whether you are a self-employed businessman or a self-employed professional, are you a home-maker or a retired individual, student, etc. In short, this detail seeks to understand your source of income.

• Age – the next information is your current completed age. Age is an important deciding factor as it ascertains the years left to your retirement. Sooner you start retirement planning, the more time you would have for investments and you can accumulate the corpus easily

• Location – your current city of residence is also important to ascertain your lifestyle expenses.

• Monthly expenses – under this category, three expenses are expressly required – your expenses on food and grocery, monthly bills and expenses and other miscellaneous expenses. These expenses, aggregately,give an estimate about the future expenses and are vital in ascertaining the corresponding expenses upon retirement

• Existing savings – if you have made investments for a retirement corpus, the value of such investments would be required. These investments would help in lowering the retirement corpus required.

• Monthly affordable savings – the last factor tries to understand your affordability of monthly contributions. It aims to know how much monthly savings you can contribute currently towards retirement planning. You should enter a number which you would be comfortable contributing every month as retirement planning is a long and on-going process and does not finish in a few years.

By providing these details, you can easily work out your retirement corpus required and the corresponding contributions which should be made.

The calculator then processes all the details, takes into account your existing savings, the rate of inflation and the expected rate of return and presents a realistic figure of retirement corpus which is generated as the calculation result. It also shows the monthly contribution which would be required to build such a corpus.

Advantages of the calculator

When I remarked that this calculator is the best retirement planner tool or the best retirement calculator, I had specific reasons. Such reasons point to the advantages of this calculator and prove why the online retirement calculator should be used. So, here are my reasons a.k.a. advantages of using this calculator:

• Actual figures – the calculator is not an abstract retirement advisor. It bases its calculations on actual figures and presents a lucid result. The calculator shows how much of the corpus would be required and also states the reason of such computation. The monthly expenses required after retirement are also depicted as the current expenses adjusted for inflation. The rate of inflation used is conservative and relatable. Thus, the corpus generated is not just a random figure but a result of actual and correct computations.

• Easy to understand – the calculator points out the contributions which should be made in easy to understand terms. The contributions are depicted as a percentage of the monthly income and are easy to understand even to a layman.

• End-to-end facility – not only does the calculator tell you the exact retirement amount in lump sum, the monthly contribution and a detailed analysis, it also provides you with the option to compare retirement plans online. If you want, you can compare the quotes of the available plans, analyze the plan features and then make a decision of buying the best suited plan. Thus, the calculator tells you how to do your retirement planning and also helps you in taking the first steps towards such planning by enabling online investments.

How can you make the best use of this online retirement calculator?

For you to be making the best use of the calculator, beside the required information and data, go through the detailed analysis and the report which the calculator generates online. As you scroll down the page of the result, you would find a detailed analysis encompassing the monthly expenses, the proportion of your income which should be deducted towards building your retirement fund every month, the expected time horizon and also whether you can claim tax benefits on your investments. Studying such an analysis and then making an informed decision should be your practice.

All in all, our retirement advisor helps you plan your retirement in a step by step manner and also lets you to start with your retirement planning process, all under the same portal. So, what are you waiting for, calculate your retirement expenses, the required corpus and the associated investments today!

While planning your retirement you have to consider three most important factors before starting your retirement plan.

1. Total Funds You need at the time of Retirement

The entire process of retirement planning begins with how much savings or financial corpus you need at the time of retirement. With these funds, you should be able to generate enough income to fund your retirement expenses. The average life expectancy in India is expanding, therefore you should be living at least 30-40 years in your retirement life. You should ensure that sufficient savings or funds are available not only at the point of retirement, but also to to insure that you maintain the same or better standard of living in your retirement life. These retirement savings does not include the house that you live in.

2. Your Current Yearly Expenses

Calculate your current household expenses, the calculator assumes that you own the house that you stay in or by the time you retire you will be staying in your own flat and the same is debt free, that means there is no EMI on the house. Therefore, please do not include your home loan EMI in calculating the yearly expenses. Only consider expenses like food, travel, daily needs, regular bills and other misc expenses towards living expenses. The calculator does not include expense like Child’s education/ marriage, personal loans, assets purchase like car, bike, TV, fridge etc.

3. Time left for retirement or Investing years

The time left for retirement is calculated based on your current age and the age at which you will retire i.e age 60. The difference is the time left for retirement or the time left for investment. The greater the difference, the better the chance you will achieve your retirement goals easily with less contribution. The calculator assumes a 6% rate of inflation

4. Starting & Comparing the best Retirement Plans

Once you know your future retirement amount & the amount you need to invest from today to achieve your financial goal, you can select the best retirement solutions available from the market and start a retirement plan. There are many options to achieve your retirement goal i.e through mutual fund investment, Pension plans & retirement insurance plans from insurance companies. You can request a free retirement quote with policyadvisor.in and compare retirement plans from top companies, evaluate and choose the best retirement plans which suits your risk profile or investment strategy.

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