Retirement planning: How much will you need to retire?

No matter your age, work profile (salaried or consultant) or income level, these 9 easy questions will help you calculate the nest egg you need to build. 

Experts say retirement planning should start from the day you start earning. It’s sound advice that almost nobody follows. That’s why TOI is bringing you a simple do-it-yourself guide to find out how much corpus you really need to live happily after you retire. No matter your age, work profile (salaried or consultant) or income level, these 9 easy questions will help you calculate the nest egg you need to build so that you don’t just retire, but retire in comfort.

Age makes a difference in your spending pattern. For example, education takes a lion’s share of expenses when you are between the 30s and 50s and have kids. It falls to zero afterward.

Unlike past generations, most modern urban Indians now spend a lot more on travel and recreation after they stop working full time. Hence, a higher allocation to these heads after age 60.

These relative shifts in expenses affect retirement corpus and are explained in point No.4 below. You also have the option to not change your spending pattern after retirement. 

The amount of money you should invest for retirement doesn't depend on how much you can invest.

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.

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