Retiring comfortably is not an impossibility if you know how to invest and save wisely. To know how much return of investments you will be able to gain, you need the services of a retirement calculator. Remember that planning for the future is a mixture of both fiscal and investment prudence.
Retirement planning is essential for every citizen and especially for salaried and self-employed. Groww has a benchmarked retirement planning calculator which is at par with the best in the business.
A retirement calculator in India is beneficial for several reasons such as:
The calculator uses rules of compound interest to determine the total corpus you will be able to accumulate as per the investments made post-maturity.
These values are given below alongside figures provided for illustrative purposes –
| Total monthly expenses (in Rs) | Rs. 40,000 |
| Your current age (in years) | 30 |
| Your retirement age (in years) | 60 |
| Average life expectancy (in India) | 70 |
| Average inflation rate every annum | 3% |
| Existing investments for retirement (including EPF contributions) | Rs. 2,00,000 |
| ROI | 7% |
The figures above are only for illustrative purposes.
According to our formula, the person still has 30 years more of gainful employment and savings plus 10 years more post-retirement. An outlook of requirements and savings post-retirement –
All you have to do is input values in the designated slots and the calculated value will be displayed instantly.
Like most reliable online retirement calculators, this Groww calculator is a specially designed financial tool to help you determine the precise sums you need to save each month. It will aid you in long-term investment planning too.
Here are some other advantages –