Are you ready for your retirement?
Retirement is something that every one of us dreams of after attaining the age of 40s. During that time, health complications, pressure, and stress come along. It also includes a gigantic workload that makes us incapable of taking over everything.
By that time, the only thing we want is a peaceful life with a big bungalow or sometimes desire a mansion, enough wealth to survive till a longer yet fulfilled life. However, it is written in “Ikigai: The Japanese Secret to a Long, happy life” that one of the secrets behind living a fulfilling life is to never retire.
But, we, working hard enough to earn money and live a lavish life after timely upgrading our lifestyle, want a younger retirement. We all want to live a life where we can travel and explore, spend quality time with our family, live a spectacular life, and many more. For that, we want to save a huge chunk of money and stay prepared for retirement. Let us emphasize more on the stats and numbers of retirement.
74% of the Indians are financially prepared for retirement: Survey
With 2.4% of the total land of the world, Indians are known to constitute about 17.1% of the total world population. These statistics are enough to clarify the whole picture area-wise in India. However, with the total population in India exceeding 140 crores as per the US data’s world meter elaboration, India is also a country with most citizens pre-planned with their finances for retirement.
As indicated by a study directed by Canara HSBC Oriental Bank of Commerce Life Insurance, practically 74% of Indians are monetarily ready for retirement. This overview incorporates a sum of 17 nations and Indians lie in the second situation in this. From this, you can anticipate the Indian’s propensity to set aside cash for advanced age.
Do you know how much you need for retirement?
Many people save money, but they invest it in the wrong way. They underestimate the real stats, which holds them from saving a surplus amount to survive longer. There is a way to know how much one needs to save to retire peacefully. We call it Retirement Calculator India. Here, one can predict their wealth for retirement depending upon factors like current age, income, expenses, and inflation.
‘Inflation’ is something that cannot be neglected as it plays a crucial role in our daily expenses. In India, there is an increment inflation rate of nearly 3% – 4% every year. Along with this, age matters as to what age one wants to start saving. Apart from this, there can be salary increments as well, which can result in better savings or spending capabilities.
Retirement Calculator India
Here is a rough estimation of the retirement calculator based on India’s references. We take the life expectancy to be 80 years.
| Current Age | Retirement Age | Existing Saving | Current monthly expenses | Inflation | Post retirement investment return | Pre retirement investment return | Savings to survive 20 years |
| 25 | 60 | 10,000 | 20,000 | 6% | 6% | 8.5% | 36424991 |
| 35 | 60 | 10,000 | 30,000 | 6% | 6% | 8.5% | 30509206 |
| 45 | 60 | 5,00,000 | 40,000 | 6% | 6% | 8.5% | 22714852 |
| 55 | 60 | 7,00,000 | 50,000 | 6% | 6% | 8.5% | 15854807 |
Let’s check some findings of the retirement survey:
We bring you the top key highlights of the retirement survey conducted by PGIM India Mutual Fund. It emphasizes on saving and investment behavior of Indians.
- Indians prefer an outdated concept of retiring at an age of 60 after working with a stable income.
- People living in joint families consider them more financially secure.
- Retirement is not a priority anymore. However, quality of life is coming into the picture.
- There are no more than 46% of employees from the private sector who get motivated by their employers to plan their retirement.
- 51% of people have their alternate income while planning for retirement.
- The people living in urban areas are saving less compared to those living in rural areas. There is nearly 59% of income spent on living in urban areas.
- Nowadays, more and more people want to save money to live a happy and fulfilling life at a later age rather than saving money for security purposes.
Do you also want a safe yet fulfilled life till old age?
When we get wrinkles all around, turning our body loose and hair grey, then we want to live peacefully without stress and tension. For this, we make our retirement plans of buying our own house, and a car, living a decent life with family and getting ourselves engaged. The results for tomorrow need work from today. We earn money to live a happy life, indeed, growing old happily.
With age increasing numbers, our health complications also rise. Many people ignore this, but it is worthless ignoring it. At least, having health insurance is mandatory in today’s times. Sometimes, even health insurance does not work. In such cases, have some backup of finances that anyone can use in an emergency.
While saving, it is always true that the longer you save, the more you will earn. Saving and investing are entirely dependent on the period and risk appetite. You only need to approach a trusted financial planner. The leading Wealth management firm in Delhi is WC Securities Pvt. Ltd., and you can reach out to them through
Read More: How Can A Retirement Calculator Help You Plan Your Retirement?
Here, you can receive tons of services related to managing finances. It entirely depends upon your risk appetite and period. The services offered by them include investment in mutual funds, SIP, fixed deposits, PMS (Portfolio Management Services), AIF (Alternate Investment Fund), and many more.
One can opt for retirement plans by taking advice from WC Securities Management Pvt. Ltd. The financial analysts and advisors have experience of over a decade, and their clients trust them for managing their finances.
