The years you spend post retirement are said to be the golden years of your life. It’s important to prepare for them so that you can realize all the dreams and hopes you have for this special time in your life.
Safeguarding your future takes some planning, which can be done with the help of a pension calculator.
A pension calculator helps you calculate your income requirements post-retirement on the basis of your age, annual income, savings, nature of accommodation, and the expected growth rate (the percentage by which India’s GDP varies from year to year). As you start planning for your retirement, you can take the help of a calculator to determine the monthly amount you should be putting aside per-retirement.
Here is why you might need a pension calculator when planning your future:
Increased life expectancy
With improved medical and healthcare facility, the life expectancy in our country has also increased. The need to plan well and gather funds in advance to sustain a longer life has increased. Use a pension calculator to help you save up for your life post-retirement.
Insufficient employer-sponsored pension
If the pension funded by your employer will be insufficient to fulfill your post-retirement needs, you might need a little boost from your own resources. Back your employer-funded pension up with a self-maintained pension plan that you can construct with the aid of a pension calculator.
Maintaining your lifestyle post retirement
As you plan on your retirement, you will also need to plan on providing for your family and ensuring that they enjoy a similar kind of lifestyle once you retire.Retirement funds help you fulfill these desires while ensuring your future financial independence. Use a pension calculator to help you determine how much this will cost you.
You will need to factor in inflation when estimating how much more income you may need between now and when you reach retirement to keep your standard of living intact. Use a calculator to help you figure this out.
Remember, planning for a happy future takes a little patience and a lot of perseverance – but it is always worth it.
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.
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