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About Retirement Calculator

Retirement Calculator India is a tool that helps you plan your finances for a hassle-free life after retirement. The best retirement planner is a tool that uses personal details, information on monthly expenses and pre-existing investments to calculate your finances. The tool can be used multiple times. Retirement Calculator India will guide you on how your income should be utilised in the present as well. Let us have a look at what the best retirement planner is and delve into its features.

What is a retirement calculator?

Retirement is a respite from the workloads at the age when life needs to become free from commitment to work. This is an essential element in one’s life which should not be tampered with. Retirement planner India is a tool that would help you plan your financial stability after retirement. Retirement planner India takes into account your personal details, and then uses its formula box to calculate the amount of savings you need to live comfortably post retirement. This is why retirement planning is necessary, which can be done in the simplest way using a retirement calculator or a retirement planner. Now that you know what a retirement planner is, read further to see how to use one.

How to use the retirement calculator?

The retirement calculator is a very intuitive tool for calculating retirement plans. A retirement planner allows the investor to try various methods of permutations and combinations for determining the corpus of retirement.

  • Enter basic details

The first step is to enter the basic details and answer questions related to present age, age of retirement, etc. for planning the investments needed for an independent retired life.

  • Enter your monthly expense

The next step is to enter the monthly expenses in total like the utility bills, maintenance, salaries, rent of the house, medicines, fuels, household, etc.

  • Enter your personal details

Fill in your personal details such as your marital status, smoking habits, health condition, etc. so that your retirement fund can be estimated more accurately.

  • Enter your existing investments planned for retirement

Your existing retirement fund options like ETFs, Mutual Funds, Gold Bonds, etc. have to be mentioned.

The retirement corpus calculator India, on assessing the details that you enter, would provide you with results which indicate what kind of financial management would be beneficial for your retirement planning.

How does retirement calculator work?

To use the retirement calculator online , you are required to enter the following details:

  1. The basic details which the retirement corpus calculator needs are the age at present, age of retirement and life expectancy.

  2. The retirement fund calculator also requires the monthly expenses on the basic needs like electricity, maintenance, house rent, utility bills, etc. for determining the value of these expenses in the future after retirement.

  3. The value of the costs is determined by the calculator with the use of inflation rate. The plan needs a family overview for designing the plan accordingly which the retirement planning calculator needs.

Further, for attaining financial independence during retirement, it is important to assess the current investments. The retirement corpus is determined by the retirement corpus calculator India by using the above details. Now that you have read about the steps in which you can calculate your retirement corpus, let’s look at the benefits of a retirement calculator.

Benefits of a retirement calculator

  • Hassle free process:

Retirement planning can be done without any hassle with an online retirement calculator as it helps in determining the financial structure of post-retirement life. The retirement benefit calculator helps an individual in gaining a better understanding of finances.

  • Planning investments:

The retirement planning calculator india provides the option of entering the investments which are existing, which an individual can use to their advantage by planning their investment in PF or other plans of investment upon retirement.

  • Fast results:

A retirement corpus calculator India is a tool which provides quick results and calculations.

How does a Retirement Calculator help in planning your retirement?

A retirement calculator India excel helps in planning the retirement by estimating the amount that is required in a retirement. It also helps in calculating the corpus, which helps in generating the needed income in retirement. It would also require the details of your present day investments to provide information on what else is required for financial independence in the future. A retirement calculator would also help you look for plans and options for your savings and investments, thus creating a safe post retirement life for you and your family.

Calculating Retirement Benefits using Our Calculator

Using our calculator in determining retirement plans has several benefits.

  • Calculate Compound Interest:

An early retirement calculator India uses the rules of compound interest for determining the total corpus. The calculation of compound interest manually takes a lot of time, and thus, using the calculator is not only helpful in terms of adequate results but also a faster procedure.

  • Accumulate Investments made Post-Maturity:

An early retirement calculator India helps the investor in accumulating according to the investments made post-maturity which makes it the best retirement calculator. A retirement calculator would help you recognise the plan that is best suited for your requirements.

  • Gauge Financial Accumulation:

A retirement calculator with pension helps you gauge the amount of money that you will have to invest to be financially supported after your retirement. A retirement calculator would guide you in finding the right investment opportunity.

  • Estimate Required Financial Preparation:

The retirement calculator with pension helps you financially prepare yourself now to set aside a certain amount to lead a comfortable life after retirement. It takes very little time, and provides you with just the right amount of information that you need.

Impact of Inflation on Retirement Savings

Inflation puts impact by reducing the power of purchasing of the investor because retirees depend on a fixed income. The amount that is required in the current times to survive and lead a financially-backed life would not be sufficient a few years down the line. Inflation leads to an increase in the price of products and goods thereby decreasing the value of the money that is accumulated or saved.

Hence, investors should keep this in mind while calculating through a retirement calculator with inflation. So, invest a good amount of money that would financially support you considering inflation rate for the certain geographical area that you reside in.

How Much to Save for Retirement?

Being aware of the risks of inflation is necessary, and so is knowing how much savings are required. For living off the fixed income with independence, a sum of 4 lakhs of income investment each year till the desired retirement age is deemed to be enough for the retiree. If an investor is 25 year old, and his earning is 5 lakhs per year, they can save half of it per year for fifteen years and get 7% annual return on those savings. A retirement calculator would help you calculate the amount of money you need to save, taking into account your current financial situation, and the time you have left until your retirement.

Best Retirement Investment Plans

The best retirement investment plans that can not only help you save but also earn, are:

  • Mutual funds:

This is an investment option which is available for the fulfillment of financial goals.

This plan was initiated by the government of India for providing the benefits of retirement to all the citizens of India.

  • Public Provident Fund:

This is an option of long term investment which offers returns guaranteed by the Ministry of Finance which are regulated.

It is a pension plan which is deferred which is made for the sectors which are unorganised.

  • Bank Deposits:

The safest investment option which is available and this guarantees great returns.

An ULIP or Unit Linked Insurance Plan is a life insurance cum investment plan which allows you to invest in various funds, thus providing a safety net.

Comparison of Best Retirement Investment Plans

 

Equity Mutual Funds

National Pension Scheme

Public Provident Fund

Employees Provident Fund

Fixed Deposit

Rate of interest

12 to 15 per cent

8 to 10 per cent

7.10 per cent

8.50 per cent

5.5 to 7.75 per cent

Lock-in period

  • None for open ended funds.

  • 3 years for ELSS funds.

Till retirement

15 years

  • Can be closed when you quit working at a company

  • Transferable when you shift jobs

5 years

Risk profile

Market related

Market related

Low risk investment

Low risk investment

Low risk investment

Taxation

  • Investment is tax free under section 80C

  • Maturity: 10% tax on long term capital gains

  • Investment is tax free under section 80C and 80D

  • Maturity: 60% tax-free, 40% taxed in the receipt year

  • Investment is tax free under section 80C

  • Maturity and interest amount not taxable

  • Investment is tax free under section 80C

  • Tax-free after 5 years of opening the account

  • Investment is tax free under section 80C

  • TDS on interest and interest is taxable according to the income tax slab rates

What are the Best Retirement Plans as per your age?

There are various options that you can avail, and different strategies you can keep in mind while planning your retirement. Depending upon your age, there are varied options you can choose from for better results. People belonging to different age groups can start saving up for their future:

  • Starting in your 20s

If starting in their 20s, an investment or saving of 5% of their income for their retirement is enough.

  • Starting in your 30s

People in their 30s can start with 10% saving which they can increase to 40%. This is the age where the responsibilities of the individual in the financial field will reach its peak so saving 10% will be sufficient which should gradually increase.

  • Starting in your 40s

In the 40s, an investment of 15% should be mandatory.

  • Starting in your 50s

In the 50s, a 20% investment from the salaries of people should be saved.

Common Mistakes to Avoid While Planning For Your Retirement

There are certain mistakes that people commonly make while planning for their retirement, some of which are listed below:

  • Do not buy multiple policies:

Buying a lot of policies is another mistake which can be avoided if the investor invests in term insurance and term life cover

  • Estimation of life expectancy:

Not estimating life expectancy which results in consequences like a huge corpus not being able to be sustainable for their life

  • Depreciation of the value of money:

Investors do not consider the depreciation of the value of money which may lead to inflation which can cause fatal consequences

  • Investors starting to save too late in their age is another mistake which should be avoided while planning

Glossary

  • Retirement fund:

An amount that you invest for your income post retirement

  • Retirement annuity:

An amount used for long term stable income post retirement

  • Individual Retirement Account (IRA):

An IRA is an account of investment for saving up for retirement

Our Recommended Retirement Plans

FAQs on Retirement Calculator

  • ✔️How does inflation affect retirement savings?

    The impact of inflation increases as per the decline of full time work which results in problems adjusting the savings for accommodating the rising costs.

  • ✔️How should people in their 60s plan their retirement?

    In the 60s, a handful of people might have a regularity in the income where they can save 30% from their assets and 70% from their debts.

  • ✔️What are some of the best retirement plans?

    Some of the best retirement plans are Mutual Funds, National Pension Scheme, Public Provident Fund, Employee Provident Fund, etc.

  • ✔️Is investing in my 20s too early for my retirement?

    It is never too early for investing in a retirement plan. The earlier you begin investing, the larger the sum you can accumulate.

  • ✔️Why is my health status required to calculate my retirement fund?

    To be more accurate about your required retirement fund, your health condition is required. Moreover, providing details on your smoking habits, marital status, and more can be helpful.

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