Retirement Planning Calculator: Make Your Golden Years Count

Retirement is the time in life when you finally hang up your boots. It is the point at which your working days are over, but your expenses are not. So, do you have a financial plan in place for your golden years? Have you made the necessary investments to build a corpus that will last you your lifetime? If you're still confused about the funds that can be generated through retirement policy to lead a comfortable life, we can help.

According to a retirement readiness survey conducted by PGIM India Mutual Fund, nearly 51% of participants do not have a pension policy. Typically, people lack the necessary knowledge of how to calculate the appropriate amount of retirement corpus. It is for this purpose that the retirement planning calculator available online becomes a handy tool. Continue reading to learn more about the online retirement calculator's applications.

What is the Retirement Planning?

Retirement planning is a process of determining retirement income goals as well as the actions and decisions required to meet those goals. Identifying sources of income, expenses incurred, enacting a savings plan, and managing risks and assets are all part of pension plans in India.

Retirement planning begins with your first income, and the corpus is built over time through the power of compounding, these plans can assist you in meeting your expected corpus. However, a pension plan calculator can be a helpful tool in your financial planning journey.

What is Retirement Planning Calculator?

A retirement planning calculator is an online tool that calculates the amount of money needed to build a corpus for your comfortable life after active work. It takes a variety of factors into account for calculation, including

age and desired retirement age

details of current income

savings and investments

Expenses

The online calculator has a formula box. The applicant has to enter personal details to calculate the approximate retirement corpus amount.

Benefits of Using a Retirement Planning Calculator

Here are some of the benefits of using a retirement calculator:

• Assists in financial planning

The calculator's primary function is to inform you of the amount of money needed for retirement. Whether you are falling short of your expectations and what corrective actions are required to secure your future.

• Better financial clarity

The calculator provides a clear picture of your finances after you enter your personal information. It informs you about the amount of money you will have post-retirement.

• Comparing your options

An online calculator can also assist you in gaining a better understanding of what to expect. You can choose the best retirement plan for your financial needs after comparing it to others.

• Simple tool

The calculator is a free and easy-to-use tool. Simply entering the required information generates an instant calculation of the amount of money you need to save for retirement.

How to Use the Calculator

This tool can assist you in calculating your annual income after retirement. It is used in the manner described below.

Enter the current age

Enter the retirement age(as you desired) and life expectancy

Enter the monthly income post-retirement, followed by expected inflation and ROI.

You will be given a figure for the required annual income after retirement, as well as other details.

There are numerous pension schemes in India that provide lucrative returns to secure your financial future after retirement. An online calculator can help you in determining the best scheme for your needs.